Companies rush new product developments (NPD) as demand increases

New Ideas in MarketingEssential news for marketers, summarised by YouGov
June 19, 2020, 1:34 AM UTC

But encouraging consumers to try something new is proving to be rather difficult for brands.

This article notes with the pandemic having impacted supply chains and manufacturing, companies are now pushing for innovation in NPDs to meet demand. Most brands are focusing on rationalising product range, simplifying supply chains and increasing volumes to meet demands.

Many suppliers are favouring extensions to existing ranges instead of launching new products, as NPDs are proving to be a challenge. Innovation in certain categories like alcobev has been prioritised like, BrewDog transferring its sales to online and retail from bar estate.

Further consumer trends are also driving NPDs, as ecommerce sales and DTC offers for brands like Eatlean and The Meatless Fram Co have increased. However, small suppliers and challenger brands are facing setbacks in NPDs, as they are more focused on fulfilling demand than innovating.

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