Word: consumerized
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For now, IFF and Givaudan are thriving. The global market for flavored packaged foods tops $1 trillion, and consumers spend hundreds of billions on scented cleaning and hygiene products. In the flavor-and-fragrance industry, the toughest battles are fought not behind the perfume counter but on grocery-store shelves...
With the amount of detail available to us through consumer-generated reviews, have we reached a state of perfect information?
Online user reviews have been around over a decade. In 1995, Amazon.com began offering its visitors the ability to post reviews on available books, setting in motion a new phenomenon where everyone can easily become a critic. Other sites quickly followed, expanding reviews into music, products and services. Some of...
Online review activity has become so popular that several new sites have appeared that center around the consumer-empowered voice. Yelp.com, a new social network, joins user reviews with the ability to network, rate and share critiques. Still in its growth phase, Yelp reviews are becoming popular in major metropolitan...
Given this weakness, professional restaurant critics and other review sources will continue to thrive as trusted sources to help guide us through the explosion of consumer commentary. But harnessed in the right way, this new phenomenon can swing the balance of power in favor of the consumer.