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Should We Perform ABC Analysis On Emerging Trends?
Supply Chain professionals are adept at applying ABC analysis to various parts of supply chain operations. Should we do it to analyze emerging trends as well? I have seen many companies analyse only the top trends and pay far less attention to the smaller ones. Is it a good practice?
Trends can be leveraged better if we start seeing around the corner and pay attention to those which are still small. These are limited to a small segment of consumers, often called a niche market. Can we leverage it and make it relevant to the mainstream consumers?
A small segment of elderly people has been requesting the local kirana stores for home delivery. The trend has existed for many decades but remained confined to a niche segment and unexploited.
Amazon saw it early on and extended the benefit of ‘convenience’ sought by the niche segment to the mainstream consumers. Of course, it required many digital innovations in ordering, delivery and payments.
If you think your current markets have matured, look for an emerging trend around the corner and see how the benefit currently sought by a few can be extended to other mainstream consumers!