Technology is sparking innovation across all walks of life and the consumer goods sector is no exception. From health and beauty, to food, to e-commerce, cutting-edge technology is enhancing products and bringing greater convenience and efficiency to consumers’ lives.
The consumer packaged goods industry is harnessing IT to create direct relationships with consumers, manage demand-driven supply-chains and accelerate the development of new products, among many other uses. Meanwhile, in the world of online apparel retail, AI is being utilized to increase customer satisfaction and reduce costly returns by tailoring subscription boxes to customers’ style and fit preferences.
As the birthplace of many of the world’s most innovative technological solutions, it is no wonder that the Startup Nation is at the forefront of this growing trend. Harnessing its technological strength, Israel is delivering innovative consumer products across a wide range of sectors.
Here are a handful of examples:
- Founded over a century ago, SodaStream produces products such as sparkling water and machines that can make soda water at home. Recently acquired by Pepsi for $3.2 billion, the company is making waves in the consumer product industry. With the global movement to reduce plastic waste beginning to pick up pace, SodaStream may well find its products in even higher demand as people seek out plastic-free alternatives to their favorite soft drinks.
- Strauss Group, the largest food company in Israel, takes the most basic of raw materials and turns them into wonders. Since the 1930s, the company has been at the forefront of innovation in food manufacturing, responsible for the production of household names including Sabra Hummus and Strauss Coffee. Using technology to find solutions to key food industry challenges, Strauss Group invests an average of over $3 million each year in product innovation around the globe. In 2012, the Group launched the Alpha Strauss initiative – a community for inventors, entrepreneurs, nutrition specialists and food scientists in Israel to come together to solve key challenges in the food industry, including quality and safety, sustainability and productivity.
- Frustrated by the online search for products and services to meet their specific requirements, Ezra Daya and Eyal Hurwitz founded Aspectiva in 2013, to help shoppers find the products that best fit their needs. Using Artificial Intelligence technology, Aspectiva analyzes consumer opinions, turning them into comprehensive and valuable insights, thereby helping eCommerce visitors make informed decisions. Its recent acquisition by US retail giant Walmart is testament to the company’s continued global growth.
The wide variety of the consumer goods industry offers a wealth of opportunity for technological growth and innovation. As the industry booms, Israel will be at the heart of the technology behind it.
For more information, please visit http://www.itrade.gov.il/ or contact your local Israel Economic Attaché.