As one of the world’s most popular industries, packaging has plenty of growth potential for old and new businesses that are in the market. However, despite its potential for constant growth, the industry experiences a large unequal distribution of profit between its players.
For large suppliers, the competition is scarce, and it doesn’t take much to gain resources, brand loyalty and significant profit. Unfortunately, for smaller companies, it’s quite a tough industry to navigate and the playing field can become hard to compete in.
In an article published by Packaging Strategies, key tips and tricks are discussed on how smaller companies can help differentiate themselves from larger suppliers within the industry. One of these tips includes being competitively different, meaning companies must use materials and other indicators to set them apart from other packaging contenders.
As more and more consumers continue to search deeper into their brand’s products, companies must take a step back and a look into their products to ensure they coincide with growing consumer behaviors.
According to the article, more people today are socially conscious and pay closer attention to the environmental impact of a product than ever before. In a study by Nielson, 60% of global consumers have reported they would pay more for goods that are produced sustainably.
These changing behaviors mean companies must adopt new innovative products that meet consumer demands in order to stay competitive in the market. Products such as our EEASY Lid – which provides new accessibility, convenience and inclusion within the jar lid market – will allow CCT, like other smaller companies, to stand out amongst large national brands.
Additionally, our CCT team is also looking to launch a new product in early 2021 that will also meet the growing sustainability demand that is spreading throughout the packaging industry. As more consumers begin to take notice of the products they are buying, the more companies in the packaging industry must adjust their goods.