COVID-19 has paved the way for the “new normal”, wherein people adopt new ways of meeting physical, social, and economic needs. Personal protective equipment (PPE) are now being routinely used to ensure health and safety, virtual shopping is at an all-time high due to qurantine and lockdown, and physical interactions have been limited to mobile and online platforms.
There are products that have become in demand because of the current pandemic, primarily because there have been drastic changes concerning consumer needs. People now prioritize products and services that allow them to continue working and doing business despite the health crisis. So, what are the in demand products during this time of pandemic that both budding and seasoned entrepreneurs may want to consider manufacturing or distributing?
These are some of those:
1. Medical Products.
It is obvious that the most in demand products during these trying times are related to the medical or healthcare industry. The demand for personal protective equipment (PPE) and other medical devices has especially skyrocketed.
Manufacturing medical devices involves various materials and processes, including plastic injection molding. It’s a manufacturing process wherein medical-grade molten plastic is injected as base material into a mold in order to produce parts of medical devices, laboratory equipment, and healthcare facility equipment.
Medical industry manufacturers and suppliers can benefit from the injection molding manufacturing process because of its cost-efficiency. Also, this process has exceptional accuracy, durability, and contaminant resistance. Check here for more details on injectiion molding.
Check out the following in demand medical products:
Personal Protective Equipment (PPE): Some examples of PPE include face shields, face masks, and lab gowns. These PPE products are used to avoid and contain viruses, such as coronavirus. During the first two months of the COVID-19 outbreak, the demand for face masks and alcohol increased dramatically because a lot of people were panic buying. And, even with the new normal, PPE products will remain in demand.
Laboratory Supplies And Equipment: Rapid testing kits, syringes for drawing blood samples, and other laboratory supplies and equipment are also soought-after as these help diagnose and monitor patients with COVID-19.
Assistive Devices: Global Market Insights, Inc. estimates in their recent report that medical products will have a very high global market valuation, crossing 30 billion US dollars by 2026. One of the significant factors that boost this specific demand is the growing geriatric or aging population. Assistive products include wheelchairs, bed safety rails, and bathroom assistive devices.
2. Electronic Devices.
Lockdown and community quarantine have increased the demand for electronic devices because people are restricted from performing outdoor activities. More people are spending their time indoors and turn to indoor entertainment to meet psychological and social needs.
Check out the following electronic products that are in demand today:
Smart TV: One way to combat social isolation is getting entertained at home through watching TV. A smart TV enables you to do social media streaming, gives you access to tons of online workouts, as well as allows you to play games and even create videos. All these things are possible because a smart TV can be connected to Wi-Fi or any Internet source to access certain apps, like YouTube and Netflix.
AI Speakers Or AI Assistive Devices: Aside from watching TV, many people resort to online shopping. That’s why artificial intelligence is an in demand technology nowadays, and more and more people are using AI products for greater convenience. Some examples include AI assistive devices, such as Alexa and Siri.
Mobile Devices: Shopping and paying bills online are more convenient using mobile devices. More people prefer to stay at home and use their mobile devices to complete business transactions.
Computers: Both Best Buy and Stables said that there have been a surge in the sales of work-from-home products, such as laptops, keyboards, and computer monitors, since the COVID-19 outbreak. Many students and professionals have been forced to create home offices or study areas to finish tasks and comply with requirements.
3. Digital Products.
Digital products, like business management software, cloud-based data storage systems, and communication apps, are also in demand.
Here are some of the most in demand digital products today:
ERP Software: Enterprise resource planning (ERP) software is a business management tool with customer relationship management capabilities, human resource (HR) features, as well as sales and marketing and employee management tools. Software as a service (SaaS) is an integral part of ERP that businesses use nowadays to stay automated, competitive, and thriving. Being able to offer such products, along with using remote hosted desktops, can provide enormous revenue during this pandemic crisis.
Communication Apps: Because remote or online communication is crucial during this time of pandemic, app developers develop new apps and enhance existing ones to appeal to their target audience. Some popular examples of communication apps include Skype, Slack, Basecamp, and Zoom. These apps are used by teams to collaborate and pitch sales through digital channels. Being able to offer better communication apps can provide promising revenues for app developers and companies.
E-Learning Tools: Electronic learning or e-learning tools are utilized by educational institutions to be able to offer online classes and courses. Also, companies are using them to onboard new hires and even for continuous learning. Web developers and IT companies can offer e-learning tools to supply the digital needs that private organizations and governments immensely need.
4. Product Shipping Packaging Products.
Because the e-commerce industry is working at its peak during this COVID-19 pandemic, more and more companies are sourcing for more reliable and cost-effective shipping packaging products, such as carton boxes, bubble wraps, and liquid containers, as well as packaging tapes, product labels, and adhesives. Businesses can manufacture these products to fill in the needs and demands of various businesses.
Check out these shipping packaging product considerations:
- Understand the design and manufacturing process, including the packaging layers and prototyping.
- Gather feedback as to the most sought shipping packaging products used by manufacturers or factories, fufillment centers, carriers, and the overall e-commerce industry.
- Shipping packaging should possess long-term sustainability and greater functionality. It should provide utmost protection to intended goods, withstanding pressure, temperature, and other environmental factors affecting product state during transport and logistics.
- Ensure high-quality material sources, such as medical-grade materials for packaging medical supplies and equipment, and food-grade materials for packing perishable goods and other food products. Always follow international standards to meet consumer health and safety needs.
Tips And Important Considerations When Choosing Products To Sell.
While you already have an idea of in demand products during this pandemic crisis, it’s still imperative to conduct a careful study as to what types of merchandise are applicable for you and your target audience. By doing so, you’ll better meet your business goals and reap enormous rewards.
Here are some tips when choosing in demand products to manufacture and sell:
1. Stay Unique With Category Design.
Category design refers to an innovative business strategy that can help your company dominate a new product category. While you already have an idea of in demand products, you can use it as a basis in developing your own unique product. This new product fills in a need to resolve a problem brought about by the drastic changes caused by the COVID-19 pandemic. For example, if your company is into creating digital products, you might want to develop a new app that has never been seen on the market based on existing ones.
2. Never Miss The Importance Of Product Prototyping.
Prototyping is crucial in the manufacturing industry. So, if you’re planning to launch similar products stated above, yours must be more durable, efficient, and cost-effective because these are the things that consumers demand nowadays. With prototyping, you can make product feature changes easily without wasting too many raw materials, as well as ensure that your products are of top-notch quality.
3. Study Your Target Audience.
Guesswork is never acceptable when doing business, more so during a pandemic. Everything needs to be accurate and precise, so studying the buying behavior patterns and stages of your target audience in the sales funnel is crucial to attain success.
Before manufacturing and selling in demand products, you have to study the demographics, economic status, and other relevant factors that may affect the purchasing decision of your target audience. Remember that priorities may change because of tight financial situations, like prioritizing food and safety more than luxury items.
4. A/B Testing And SWOT Analysis.
Continuous auditing, like A/B or split testing, to determine if a specific product would still be in demand once you start manufacturing and distributing them is a must. The product market you might want to venture in is overly saturated, so creating an edge is essential if you want to pursue it.
Also, SWOT analysis is an excellent way to determine the strengths (best features and benefits), weaknesses (flaws and drawbacks), opportunities (new markets and target audiences), and threats (like cybersecurity threats) of your new product.
Innovate And Resolve.
With millions of products and companies manufacturing and selling through physical stores and online channels, entrepreneurs should be more innovative in order to resolve and supply the needs of consumers. Aside from asserting quality, you also have to be creative when marketing or advertising your new product.
Conclusion.
The in demand products during this time of pandemic include medical tools and equipment, electronic devices, digital products, and shipping packaging products. These types of merchandise have surged in sales as they meet some of the world’s most basic, most essential needs during this current global health crisis.
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via https://www.AiUpNow.com/ by admin, Khareem Sudlow
