Product of the Year awards reveals that product innovation stagnates
Winners of the Product of the Year awards, a third-party endorsement programme that aims to help consumers find the best new products and services in the market while also recognising quality and innovation, were announced last week. This year SA had winners in just 18 categories, compared with more than 30 categories in the US. Preetesh Sewraj, CEO and chief innovation analyst at Product of the Year SA, says these awards are a good barometer of the state of consumer innovation in SA. “We focus only on new products – products that have innovated in some way,” he explains. “Innovation has been hard hit by SA’s economic situation. Low consumer confidence and a negative ratings outlook have resulted in many companies reducing their innovation pipeline and focusing on their core lines.” Sewraj says this is never ideal, as it translates into less choice for consumers. “The number of Product of the Year categories is testament to reduced innovation in the country. Rising cost pressure fro...
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