The annual Consumer Electronics Show (CES) 2024, which concluded last month in Las Vegas, is one of the world’s largest and longest-running technology shows, featuring over 100,000 attendees and 4000 exhibitors.
It offers the public a glimpse into the latest and coolest technology gadgets in the marketplace. Microsoft debuted its Xbox video game console at the 2001 show while the Digital Video Disc (DVD) was first unveiled at the 1996 show. This year, CES’ showcase included a transparent television that almost disappears when turned off and a pillow that uses artificial intelligence to detect snoring.
Inability to meet consumer needs
But, amidst the excitement, there is also a looming question. Can all these products stand the test of time? Despite the initial fanfare, Nintendo’s Virtual Boy failed due to its poor graphics and ergonomic design. At the same time, the Segway mobility bike never took off with sightseeing companies.
A glaring factor in the demise of once-promising products is their inability to fulfil consumer needs. Some technologies, despite dazzling features, failed to address real-world challenges or strike a chord with their intended customers in a sustainable way. A case in point – iSmell. It was a concept introduced in the early 2000s that aimed to add scent to digital experiences like movies, games, and music. However, it failed to gain traction as consumers did not see a real need for such a product.
Market readiness is also an important consideration when developing a product. It is vital to study the market and determine if it is the right time to introduce a product. Although virtual reality (VR) headsets were first launched in the early 90s by video game companies, it was not until the mid-2010s that technological advancements and consumer interest coalesced, propelling VR into a viable commercial realm. Oculus, Sony, and HTC then seized the moment, unveiling their VR headsets to satisfy a market that hungered for immersive experiences.
Scalability is another important factor. Issues such as manufacturing constraints and distribution bottlenecks can stymie widespread adoption. Sony’s PS5 video game console faced production shortages due to pandemic-induced factory closures, shortly after it was launched. PS5 was not a failure. More units could have been sold if not for the supply chain challenges.
Building a story
Hence, it is not just about building a product that looks cool. It is about creating an inspiring story that resonates with users and meets their needs.
Take GoPro, for instance; they excel in fostering a passion for capturing adventure. The makers provide tools and platforms that empower individuals to document and share their exhilarating experiences effortlessly. With their cameras, GoPro promises everyone to create compelling stories of their journeys and even embrace their inner action hero.
In today’s world, consumers are not just purchasing products but buying into stories, experiences, and values. A product that can evoke emotions, inspire curiosity, and align with the aspirations of its target audience stands a far greater chance of success.