Product development has been a hot topic for this past two years and it seems challenging not to join the debate as it has been trending lately and there is a widespread of hiring expert product managers and changes in the development aspects.
Whether you’re building a physical product or a digital one, we have a list below of product development trends that you should consider.
2022 is a transition year between pandemic and return to normal and this transition can make or break your market positioning in developing products and serving customers.
Product Development: Top Trends You Need To Know
Here are the top 6 trends to keep in mind for product development in 2022.
- The key to business success is with digital products
- Demand in sustainability in product development
- Need for specialized product managers
- Need for wireless tech
- Personalized products drive development
- Businesses rely on data gathering for rapid product development and feedback
Digital Products: The Key to Success
In 2020, many physical businesses had to adjust to a digital environment. Businesses that were already doing business online saw a significant increase in demand while offline stores had to make an effort to evolve their businesses digitally. Other sectors like government and healthcare created digital products for the demands of the consumers.
While product managers of the past would need to focus on adapting their products, new marketing strategies have made this task easier and faster. With a digital-first approach, major businesses now achieve rapid adaptation in the market faster than ever before. While 2020 saw a demand for more widespread digital experiences for both customers and business workers alike, this trend has continued through 202 as well.
Demand for Sustainability in Digital Products
As a consumer, you want guilt-free products that are environmentally friendly. More and more people are wanting sustainable packaging designs. Sustainability has been difficult to produce until now because it requires an integrated phase across all aspects of business strategy most importantly, supply chain management and marketing.
As for their environmental priorities, 48% of consumers in the US would switch their products or habits to reduce hazardous effects.
Businesses looking to adapt to these new product development trends, should create products for people that are environment conscious and do not want to sacrifice product service.
Expect more sustainable products in 2022 and beyond.
The Need for Specialized Product Managers
To be a successful product manager, you have to understand the entire product development process and be able to manage a broader team. As more organizations branch out into developing new products, they will need to hire product managers with specialization as well.
Product specialists will focus on the aforementioned components to help grow and improve the company.
Businesses will go through a few transitional problems before they find the right talent to fit in the specific role. Still, it’s really unlikely that you can find the perfect person for your business. The best thing to do is identify and prepare yourself for the changing requirements of your company.
Demand for Wireless Tech
Devices of today no longer require plugging and charging, using cable connections. Instead, they use wireless connections. Wireless technology will be essential for the future of many devices and is the trend that intelligent consumers are following.
The total collection for the smart home automation market will be $72.30 billion in 2021 and increase to $163.24 billion by 2028 at a CAGR of 12.3%. Product managers, who design and create smart devices, must take a strategic outlook on how digital experiences can make their products more successful. Wireless technology is beginning to become popular in the smart devices market as a new favorite over voice assistants, lighting, and security.
Personalized Products Drive Development
As we know, customers prefer customized products and they are happy to pay extra for this. 20% of consumers will pay more for a premium subscription that gives them personalized services.
The one-product-suits-all narrative is shifting, and following the changing demands of business. Now, businesses are building products with made to order features tailored in response to individual consumer requests.
For example, companies in the beauty and hygiene industry customize their products according to consumer lifestyle and medical history. These feedbacks are integral to the product development lifecycle. eCommerce and apparel providers often provide catalogs that are tailored to different body types and style preferences in order for customers to find their best fit.
Anticipate personalization to play a big role in product development as business accumulate more data on buyer preference
Businesses Use Data Gathering for Rapid Product Development Feedback
The adoption of IoT devices is driving the market. Data collection has become a vital tool for business research and consumer targeting, hence the low catch. With this data, the development process of new products has sped up which consequently reduced the time it takes to make a new product.
It’s vital that businesses gather data from their consumers in order to thrive in the changing market. One in every three businesses is driven by their consumers to innovate.
More than half of searches on the internet are for product feedback. The number of product researchers has increased by 47% in the last five years. To meet these demands, businesses need to use the products themselves to collect data from customers.
Despite the heavy data dependence in products nowadays, not all business can significantly convert information into action.
As a product evolves, external competitors also evolve. It becomes more important to obtain data in the earlier stages of development. If businesses do not try to create content that is relevant to their audience, it will be obsolete soon.
