In the analysis in our latest Future Of Retail Report, the PSFK Consulting team found that retailers and brands are inviting their customers to participate in various aspects of the decision-making process, providing input into which products are made and sold, and what new services are offered. By allowing consumers to participate in the pre-production process, companies are receiving valuable feedback and input, while helping guarantee a viable marketplace and engaged customer base when products and services are finally released. At the same time, customers benefit from the promise of better products and services that are designed to meet their needs.
Five key manifestations of the Crowdsourced Product Range trend include:
How can businesses leverage this Crowdsourced Product Range trend? In PSFK’s Future Of Retail report we feature a list of possible opportunities including:
- Incorporate voting into the shopping experience, allowing customers to determine not only which products are made, but what specific features are included as well.
- Turn to loyal, VIP customers for new product or service recommendations, and once a suggestion is ‘greenlit’ allow the wider audience to optimize certain aspects.
- Reward participation in the product design or voting process by giving customers discounts on or exclusive access to new product launches.