As technology and consumer preferences advance, some products become outdated and lose their place in the market. This is known as product obsolescence. In this post, we'll dive deeper into what product obsolescence means, why it happens, and how businesses can combat it.
Product obsolescence occurs when a product becomes out of date or irrelevant due to advancements in technology or changes in consumer preferences. It could also happen because the company decides to discontinue that particular product.
There are various reasons for which a product can become obsolete:
Here are some different ways that companies categorize different types of product obsoleteness:
This refers to when new technological advancements make existing products seem old-generation.
When customer's demand shifts from one generation style-based looks like design or color.
Another type of observed on manufacturing side .planned-obsolecense referred as scheduled-product-up gradation that forces you buy replacement parts.
It’s important for businesses dealing with any sort of physical products must have coping mechanisms available against such produt attrition ,such as:
Product obsolescence is a fact of life for many businesses. Keeping up with the latest trends and consumer mindset changes can be quite challenging, but it’s important to develop strategies that will help combat this issue. It's worth developing counterstrategies against technical,double-planed or other types of obsolences in order to stay ahead.