In an era of rapidly changing consumer trends, thousands of new products are launched into the market every year. Taking FMCG as an example, according to Nielsen’s market monitoring, more than 20,000 new products emerge in China’s FMCG market every year, and these new products account for a market share of 17 billion yuan, accounting for 46% of the growth of FMCG.
Successful new products can often stimulate consumers to enter the store and buy, resulting in more transaction volume. For example, in industries such as personal care and beauty, clothing and household appliances, which are highly driven by new products, the growth rate of new product sales can exceed 200%, and the proportion of transactions that drive sales has also reached 36%. China’s fast-growing economy and huge consumer market provide important prerequisites for merchants to release List of Consumer Mobile number new products. Relevant data show that in the past five years, the per capita disposable income of Chinese residents has grown by about 9%, which is higher than the 5% rate in the United States. In addition, the “surging back waves” represented by Generation Z also provide unprecedented opportunities for the growth of emerging brands.
At present, the consumption amount of “Gen Z” in China, aged 20-30, has accounted for more than 30% of the total amount, and has become the main force in the consumer market. As of 2020, there are as many as 200 million new product types on the Tmall platform throughout the year. Although new products come out one after another, industry research data shows that the success rate of new products is only about 5%. So, in the current environment, how can brands successfully bring new products to market? Ruo Yuchen made the following summary with the two brand product cases he served: 1. Differentiated positioning and concept creation 1. Differentiated positioning Win more customers from older categories with larger market size through opposing positioning. A new sleep aid tablet is launched under a pharmaceutical brand we serve, which is a new category of sleep health care products.