In the growing industry of personal care and cosmetic, brands and manufacturers need to continuously create and innovate. The collection turnover is getting shorter due to seasonal constraints and fast-evolving consumers’ needs. To answer this changing demand, businesses must reduce their product time to market and costs while being innovative.
Food regulations are continually evolving with significant differences from one country to another, impacting each and every department of a company. In fact, those regulations impact every step of a product development, from R&D to marketing through procurement and quality. Non-conformity in product composition, labeling or claims can be both costly and damaging to a brand image.
To ensure an efficient product development with a fast go-to-market for targeted countries, it is essential to set up and follow regulatory frameworks to comply to local rules all along the product life cycle . It requires an international network of regulatory experts in order to share structured information, ensure data continuity from suppliers to consumers, and elaborate an efficient collaboration facilitated by optimized processes.
When it comes to cosmetics, product safety is one of the biggest concern of either legal administrations, consumers or manufacturers. Indeed, manufacturers have the responsibility of ensuring that each product sold is safe for consumers. It also determines brands credibility and product quality. As consumers expect the product they buy to be efficient and conform to its description. The better the quality perceived is the better it is for brand’s image and sales.
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Clean Label is there to stay. As said by Lu Ann Williams, Innova Market Insights: “It’s not really a trend anymore, it’s the new rules of the game”. Over the past few years, consumers have been looking more and more for products with cleaner label. It has been a wake-up call for the food industry to create or re-formulate some of their products that fit in consumers' wants. This desire for cleaner label might also go in pair with actions undertaken by governmental authorities to help customers better understand what they are exactly consuming, such as the new Nutrition Fact Label set by the FDA in the US.
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Product life cycles are getting shorter as the world market becomes more and more competitive. Therefore, being early in the development and marketing of a new product can be a serious competitive advantage as well as a financial one.
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There isn’t anything that says speed and efficiency like an organization and a global view. Just as it is true in normal everyday life it’s also true for product development and large scale companies, no more mess, means way less stress.
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Innovation has been changing the whole world since the beginning of time. But it can be hard to keep up with all of the competition out there always creating new things. Lascom Solutions can help your product development and innovations in this increasingly regulated market.
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Last June we launched a survey to better understand the expectations of the food industry and consumer products on the theme of ROI of innovation and in particular the perception of companies. I invite you to discover the key figures that emerged from this study.
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Due to consumer demands companies need to be able to manage their innovation projects and profit from the experience of past innovations to renew their product portfolio as often as possible. By observing the innovation as a global cycle, companies can view their project from idea to product as a cycle with individual steps that can be reproduced and used as experience for future projects.
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According to an Aberdeen Group survey, the top five pressures driving the FMCG companies are:
Below
volume of companies evaluating the issue as important while developing new
products, in %
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