What are some examples of consumer innovation?

What are some examples of consumer innovation?

Consumer innovation refers to new products or services created by consumers themselves. A great example is the rise of DIY home improvement projects, where consumers use online platforms to share ideas and tutorials.

Can you give me more specific examples?

Sure! One specific example is the popularity of meal kit delivery services like Blue Apron, which allow consumers to cook gourmet meals at home with pre-portioned ingredients.

What about technology innovations?

In technology, the rise of smartphone apps for personal finance management, like Mint, is a prime example. Consumers innovated how they manage their budgets and expenses.

How do these innovations impact businesses?

These innovations often force businesses to adapt quickly, leading to improved products and services, as they must meet the evolving demands of informed consumers.