As most of Europe still feels the fiscal repercussion’s from the debt crisis, some companies are leveraging this to target the fiscally conservative consumer. Consumer spending power has declined which means companies are pressed to find ways to squeeze every penny out of the consumer. Many companies are changing the packaging of products to accomplish this.
globalEDGE Blog - By Tag: packaging-series
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Back in 1965, Fred Smith wrote a paper for his Yale undergraduate economics class that proposed an overnight package delivery service in which one carrier would be responsible for a piece of cargo from pick-up to delivery. This idea was unorthodox in the delivery of packaged materials at the time, as cargo shipment in the supply chain was handled by a multitude of companies. Smith received a grade of “C” on the assignment, because the professor told him that the idea was “not feasible”. Fast forward nearly 50 years, and Fred Smith is the founder/CEO of FedEx, a $28 billion company that transformed the way packages are delivered. His idea would revolutionize the package transportation industry, but this was not an overnight success story; at one point the company was kept alive by Smith turning the company’s last $5,000 into $27,000 with a gambling trip to Las Vegas. The packaging industry as a whole has changed a lot in the past few decades, thanks in part to massive innovation brought on by people like Fred Smith.
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We were always taught not to judge a book by its cover, but packaging experts know that building a positive connotation and allure around a good is crucial to its marketability. Companies take many factors into consideration when packaging their product: environmentally responsible, flawless presentation, exceptional quality/quantity, and cultural sensitivities. Balancing the variables of material, size, imagery, color, and design is the challenge facing most firms. And they only amplify as companies expand to the global marketplace.
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In an era where globalization perpetually extends the frontiers of international business, a company's ability to have their products reach markets in developing, or even remote, locations has become an increasingly important factor for success in global markets. Statistics support this claim, seeing as the share of gross domestic product as a percentage of the international market in 2012 has clearly shifted from developed countries to nations just emerging in the global economy. This trend has resulted from the growing middle classes of third-world economies having the ability to purchase goods for a higher quality of life, such as safe food, clean water, and secure pharmaceuticals. The astounding international demand for consumer goods has elevated the packaging industry to deliver these goods in frontier markets, while simultaneously trying to reduce their environmental impact during this time of expansion.
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Packaging is seldom thought about throughout the course of the day, yet we come into contact with some form of packaging constantly. For as long as there has been goods that needed transportation there has been packaging – beginning with woven baskets and ceramic vases. Throughout the centuries since then packaging has continued to evolve, and continues till this day.