In today’s fast-paced, highly competitive market, companies must be more proactive in their approach to new product development to stay ahead of the competition.
In the past, many companies took a one-size-fits-all approach, resulting in a flood of similar products that failed to excite consumers. This was especially obvious in low-choice markets where there were few options to start with.
However, in today’s competitive landscape, shrinking market share has forced many brands to refocus on more targeted demographic sets to preserve market share rather than grow it. This approach has spawned a proliferation of varied products in diverse markets. But it’s also led to higher failure rates and quicker product turnover.
New technology in NPD
Looking ahead, companies must take a more strategic approach to new product development if they want to compete. By leveraging global data and artificial intelligence tools to identify target consumer segments and formulate products that cater to their preferences, brands can boost their chances of success. Additionally, by thinking in terms of product portfolios rather than individual products, companies can create a range of offerings that cater to a broader range of consumer tastes rather than trying to appeal to everyone.
AI in food and beverage on-demand
This on-demand webinar led by Gastrograph AI’s Global Innovation Manager, Bénédicte Bimont, takes you through how AI is being used in the food and beverage industry. Keep up with today’s changing trends and explore the ever-changing world of AI and how you use this technology for your products.
Watch & learn:
- The past, present, and future of new product development and the growing role AI has played in the process.
- How AI can help companies slash failure rates, cut time to market, and increase the overall success of their products.
- How you can make informed decisions about which products to pursue and how best to bring them to market by employing machine learning algorithms to analyze vast amounts of data and better identify patterns and trends.
- The crucial role AI can play in the future of new product development by helping companies create innovative, high-quality products that meet the needs of global consumers.