A good read on strategic implications on design and development of new products and services with unprecedented changes seen in the balance of global markets.
Most recently, India surpassed the United States to become the world’s second largest market for cellphones after China. Suddenly, the world’s largest, most sophisticated consumer market has been overtaken in a high tech product category by what were recently considered developing nations.
What are the strategic implications of these trends on the design and development of new products and services for global markets? How can companies leverage these shifts for competitive advantage? Where are the opportunities for inspiration, insights and innovation? Environmental impact, poverty and culture are the three emergent trends that proactive, forward thinking companies should consider for insights and inspiration for sustainable growth and revenue strategies in the future.
* Purchasing power has traditionally influenced the design and development of new products and services. As India and China come to dominate the market for new goods and technologies, design will adapt to reflect changing trends and conditions. Developing culturally and socially relevant new product and service offerings will be crucial for any significant competitive advantage in these evolving markets.
* Size of the market by volume has increasingly become more important than revenue share as attention shifts from the saturated markets of developed world to the “other 4 billion” in developing nations. Design for “the other 90%” must then address the specific needs, conditions and constraints of the bottom of the economic pyramid. The issues of sustainable development coupled with rising disposable incomes and aspirations of emergent consumers are factors that will need to be considered for any successful sustainable strategy.
* Planetary climate change, scarce natural resources and environmental degradation are becoming global issues that influence the design of products and services directly. Sustainable design and compliance with environmental regulations and ecodesign directives are a must for competitive advantage.
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