Abstract
Overview
Introduction
Innovation is a major driver of growth yet statistics suggest that around
80-90% of all new products fail and industry executives are generally
disappointed in their ability to stimulate innovation. This report is designed
to help by effectively aligning NPD activity with substantive consumer trends.
It does so by identifying ' on-trend' opportunities that arise from the
convenience mega-trend.
Scope
- Identifies consumer needs and ' on-trend' product and marketing
opportunities that arise from the constantly evolving convenience consumer
mega-trend.
- Global coverage: offers examples of ' on-trend' innovation from across the
globe both within and outside of consumer packaged goods.
- Detailed recommendations and interpretation offering practical strategies
based on the trends and insights uncovered in the report.
- One of a series of six trend specific reports designed to help FMCG
companies innovate more successfully.
Highlights
One of the major problems associated with innovating successfully is capturing
consumers' imagination. The annual US based "Most Memorable New Product Launch
Survey 2007" found that even among those with strong brand names, 77% of
respondents could not name one of the top 50 new products of 2007 on an
unaided basis.
The convenience mega-trend reflects the increased time pressures, stresses and
work-life balance problems that consumers increasingly experience. A desire to
overcome the pressures of a hectic lifestyle and free up time for leisure
activities or relaxation are the main drivers for sales of goods that provide
consumers with convenient solutions.
Four core issues deal with the topical aspects of convenience for consumers,
namely: the speed which a consumer can utilize a good or service; the
locations in which it is possible to do so; the size of the product; and the
way the product is delivered to the consumer through the packaging. Successful
products deliver in many or all of these.
Reasons to Purchase
- Ideation and inspiration: spark new ideas by learning from innovative
on-trend products and marketing campaigns in the FMCG industry.
- Trend understanding: familiarize yourself with the key convenience related
sub-trends that should be driving NPD and marketing efforts.
- Understand the most pertinent opportunities to drive brand growth and NPD
investment.
Table of Contents
- DATAMONITOR VIEW
- ANALYSIS
- INTRODUCTION: Using trend frameworks develops the means to boost the
quality and frequency of insight generation and new product planning
- There is a funnel approach to identifying the manifestation of trends
- TREND: Innovation is a major driver of growth but is a challenging process
- A number of internal problems can lead to ineffective approaches to
innovation
- One of the major hurdles to successful innovation appears to be
capturing consumers' imagination
- TREND: The hectic lifestyles of contemporary consumers render convenience
products essential
- TREND: Time scarcity has resulted in consumers outsourcing tasks and
' speed shopping'
- INSIGHT: Time constraints and the unpopularity of domestic chores drive a
consumer need for convenience products
- DATAMONITOR VERDICT: Successful manufacturers will be those answering
consumers' desires to limit the time-intensity of less emotionally
meaningful or mundane tasks
- INSIGHT: Goods which simplify consumers' lives by offering multiple
benefits will increase in popularity
- DATAMONITOR VERDICT: Consumers feel more productive if they are solving
two problems at once
- TREND: Superior packaging benefits and alternative delivery formats have
changed the dynamics of consumer expectations in allaspects of life
- INSIGHT: Versatile packaging formats provide consumers with more options
in their daily lives
- DATAMONITOR VERDICT: Investment in and technological development of
packaging plays a central role in facilitating and promoting convenience
- INSIGHT: Consumers want to alleviate the feeling of stress associated
with mealtimes
- DATAMONITOR VERDICT: Winning strategies will match reduced complexity
of food preparation with consumers' particular need states (health &
wellness, indulgence / premiumization)
- INSIGHT: Personal beauty products need to be convenient to stay ahead in
a saturated market
- DATAMONITOR VERDICT: There is no shortage of convenient beauty products
as consumers demand to be pampered away from home
- TREND: Consumers are becoming more aware of a need for smaller products
and highly value product sustainability
- INSIGHT: Health, storage and environmental issues have increased consumer
demand for smaller products
- DATAMONITOR VERDICT: Packaging and product has to reflect a change in
social attitudes
- APPENDIX
- Definitions
- Methodology
- Further reading and references
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Figures
- Figure 1: Datamonitor' s mega-trends are having along-term and
substantive impact on the marketing landscape and can be grouped into two
- Figure 2: Consumer behavior and the innovation stargeting it inevitably
fit into a ' trend hierarchy'
- Figure 3: There are four different approaches to innovation and six kinds
of innovativeness rating
- Figure 4: Attitudes towards innovation vary markedly and influence the
inability of new products to capture the imagination of CPG shoppers
- Figure 5: Convenience pervades all aspects of consumers' lives as time,
energy, and space-saving benefits are increasingly sought
- Figure 6: Manufacturers are finding innovative ways of making household
chores more bearable
- Figure 7: Multi-functional products can make use of innovative packaging
designs to useful effect
- Figure 8: Packaging formats are improving in an attempt to offer more
versatility to the consumer
- Figure 9: What does a consumer understand by the term' Convenience' ?
- Figure 10: Pressures on mealtimes motivate continuation of the
convenience trend in cooking behaviors
- Figure 11: There are new ways of consuming meals,whether they be
interesting restaurant experiences, pre-prepared foods, or drive-thru ordering
- Figure 12: On-the-go beauty is a burgeoning concept expanding at a
phenomenal rate
- Figure 13: Consumers want more from their products as they go become more
environmentally and spatially aware