In this era of digital disruption, consumers – particularly millennials – are making demands for the continued innovation of products and experiences.
At a talk last week by the French Macau Business Association titled “Connected Consumers: Innovate or Die”, Anson Bailey, head of Consumer Markets of KPMG China, stressed that some companies – predominantly traditional firms – still fail to innovate, thus risking extinction.
“Today the speed of change is so rapid that companies are going to get left behind if they stay in the same place.” he said.
As long-established companies are much more conservative than startups or young entrepreneurs, they are more likely to be risk-averse and consequently fail to innovate.
The consumer market expert believed that the challenge traditional firms face today is anticipating the market’s movements, and observed that such firms are still operating on old technological platforms – refusing to take advantage of new platforms that have since been made available.
“They have the technology but they simply did not use it,” Bailey said regretfully, citing the downfall of Kodak.
“I think it’s a big issue. I think there are a lot of traditional companies…