KIC Survey: Many Businesses Prioritize Following Trends Over Product Innovation
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Growing local companies, or rising brands, generally prefer to follow market trends rather than create new products.
This is recorded in *Beyond the Digital Frontier*, a research report from a collaboration between the Katadata Insight Center (KIC) and the social commerce service provider Evermos.
KIC surveyed 32 rising brands that contributed the largest gross merchandise value (GMV) on the Evermos application.
The results show that 41% of these rising brands prioritize adaptation strategies and following market trends.
Then there are 38% that prioritize adding online marketing channels, such as through social media and other digital systems.
Meanwhile, rising brands that prioritize new product innovation, improvements in human resources (HR), or research and branding, have a much smaller proportion, as shown in the graph.
According to KIC, several conditions may hinder businesses from innovating, ranging from limited resources to a reluctance to take risks.
However, these challenges need to be addressed to drive business growth and build the company's competitive advantage.
"There are various methods for innovation. First, innovation involves developing new products or updating existing ones," said the KIC team.
"Second, innovation can also come in the form of new marketing strategies. Innovative marketing strategies allow a brand to attract consumer attention and create a lasting impact on their minds," they continued.
KIC mentions that innovative marketing strategies can be implemented through the adoption of digital technology or through creative marketing campaigns.
"Without innovation, it will be difficult for a brand to stand out and differentiate itself from numerous competitors," said the KIC team.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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