Innovation in the market, and how to keep up
The history of innovation is as old as humanity itself. What started with fire now seems to know no limits. The generation of new ideas is very important to a business in order to be able to improve its processes, bring innovative products and services to market, boost its efficiency; and, most importantly, increase its profitability. However, innovation is a double-edged sword. On one side, there are the continuously changing products and services, but on the other hand, you might be left out and lose to your competitors if you do not keep up with it. The vaping market is no different. According to “Global E-Cigarette and Vaporizer Market Analysis & Trends – Industry Forecast to 2025” report, the e-cigarette, and the vaporiser market are projected to grow 20.8%, reaching into an approximated 61.4 billion dollar market by 2025. Therefore, the innovation in this market is quickly progressing to provide the ultimate vaping experience and keep up with the industry’s demands.
Vaping has come a long way from its modest and hard beginnings, but through innovation it has totally changed the smoking culture. We have all witnessed how the vaping culture and its products have developed since it was first introduced in 2006. What started with a cig-a-like in China and vaping pens it has developed to vaping devices whose temperature and power range is manually adjusted according to the vapers’ desires. The innovation brought to the market wide range and user friendly vaping products that were hard to imagine before.
Furthermore, the new laws on banning smoking in public areas provided new opportunities to the vaping industry. Through their constant and smart innovation, e-cigarettes designers and producers have been able to successfully adapt to new laws in power and to the new reality. They have made possible the flourishing of this industry and have provided to vapers devices and juices that satisfy their demands. They have also been able to successfully compete with the old tobacco industry giants, who now seem to have accepted the new reality and are producing their own vaping mods and juices.
As the trend of cigarette smoking continues to decrease, the trend of vaping is increasing. It is believed that vaping is a healthier alternative to smokers, and it has helped them quit smoking for good. Vaping represents a modern and better alternative to smoking. Moreover, research has shown that differently from traditional cigarettes, e-cigarettes have no negative effects on passive smokers. As a result, it has become very common to see people opting for vaping instead of smoking on the street and bars.
Another aspect of development and innovation in the vaping industry is the wide range choices of e-liquids. At first, the only juices available were the pre-filled e-liquid which came with the cig-a-like e-cigarettes. However, the constantly innovative and evolving market has generated and supplied an unlimited range of flavours to vapers, from summer fruits to blueberry pancakes. They satisfy the needs of the people who like to stick to their favourite flavour, but also to those who like to experiment with different flavours; transforming their daily habit into a lifestyle.
Market competition is leading companies to try and deliver new innovative supply channels. During the past years, there has been a major expansion in terms of the numbers of retailers and online stores entering the market. The industry is a concrete example showing how innovation is the only thing a business can do in order to stay ahead. Listed below are some ideas that could enable the vaping business to thrive in an ever-evolving market.
Innovation is an ongoing process
In order to take a full advantage from the growing industry, vape stores should constantly build and expand their range of products and delivery channels. Finding new alternatives as well as independent suppliers will help them be on the top of their game. Consumers’ demands are always changing. In order for you to keep up with your customers’ needs, you must continuously broaden your selection of vaping products in order to stay in the business.
Meet Customer Needs
Customers are the backbone of any business. Their demands need to be satisfied, at the same time, they have constantly changing needs. Today they might want exactly what you are offering, but tomorrow they might want a totally different thing. Therefore, it is your duty to keep up with new products and services and introduce them to your customers. You cannot maintain your customers, let alone increase your customer base, if you are not innovative. You have to follow the trends that satisfy your customers’ demands if you want to be successful.
Cooperate with your customers
Businesses should link their innovative ideas with their customers. A successful innovation links together their great product with the ones who are going to benefit and use it the most. Gaining feedback and listening to your customer is also very important, only in such a way you can adjust your new ideas and innovation to their needs.
Adapt to new realities
You want your store to be a destination, where all the vapers and those who are shifting from cigarettes to vaping, to turn to. While new devices and e-liquid flavours are hitting the market all the time, you have to keep up with new trends and shifting customer needs. Therefore, in order to successfully adapt to new realities you need to be knowledgeable on vaping products, consumer’ needs and keep your staff updated on the new developments in the industry.
In conclusion, vaping has overcome a long road of obstacles; not only have the designers and producers fulfilled the vapers’ needs and provided them with a great vaping experience, but also they have to adapt to the consequences of legislation that affects their business. Keeping an innovative mindset is the only way to satisfy your customers and overcome the limitations that derive from regulations on vaping.