FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Edison Nation Partners with Juiced2Go to Donate Emergency Mobile Phone Batteries to the Bahamas.”
Edison Nation, Inc. (NASDAQ: EDNT), a multifaceted ecosystem which fosters innovation and drives IP, media and consumer products, today announced that they are joining Bahamas’ disaster relief efforts by partnering with Juiced2Go to donate emergency mobile phone batteries.
Juiced2Go (http://www.juiced2go.com/) develops disposable emergency mobile phone batteries, designed to connect to both iPhones and Android devices to generate up to 8 hours of talk time when other forms of power are unavailable. Edison Nation is partnering with them to send 5,000 batteries to families in the Bahamas currently suffering from power outages.
Edison Nation, Inc. (EDNT), is a multifaceted ecosystem which fosters innovation and drives IP, media and consumer products. Edison offers innovation sourcing, product design, sales, manufacturing and fulfillment services. Edison Nation’s model is to source innovative ideas to launch internally or license to brand partners. Edison Nation hopes to leverage its television property, “Everyday Edisons,” to become the recognized leader in the innovator community.
The technological advancements ongoing within the consumer products industry are now allowing companies to engage with consumers in new and innovative ways. Consumer product (CPs) companies are committed to providing customers with current market trends, understanding their preferences, and deepening connections with customers, according to Deloitte. With the coming of the digital era and the increasing competition, CPs are forced to adapt and implement cutting-edge innovations. As such, it is imperative for CPs to continually adopt new technology in order to stay ahead of the competition. Deloitte now expects CPs to develop their own proprietary technology, to accentuate the growth of direct-to-consumer brands, emergence of pop-up stores, and online retailers. Moreover, Deloitte also projects CPs to invest in smart packaging as well as innovative trends such as neuro-nutrition and biohacking. Furthermore, the use of technology also makes on-demand access to information possible, allowing companies to employ customer habits in product segments. Additionally, CPs are also implementing fulfillment services and smart manufacturing techniques in efforts to broaden their consumer base while maximizing operational efficiency. Consequently, the combination of these methodical practices will increase consumer engagement and satisfaction. In 2019, the U.S. consumer goods market is estimated to be valued at USD 635 Billion, according to SelectUSA, citing data by Statista. It is also likely that, in 2019, many CPs will advance beyond their current technological standpoint as evidence of new technology has already permeated throughout the industry.
The combination of fulfillment services and smart manufacturing is helping to improve many companies’ supply capabilities while also minimizing their resource usage. In particular, many small-to-medium-sized enterprises are leveraging both. Specifically, many enterprises are establishing fulfillment centers as well as strong regional footprints in order to further their consumer penetration. Fulfillment services handle inventory operations such as management, order picking, and shipping operations. And these services are now heavily demanded because of the emergence of e-commerce businesses. According to Orbis Research, the global service fulfillment service is expected to reach USD 8.08 Billion by 2025, registering a CAGR of 10.2% from 2019 to 2025. However, some corporations are able to handle the entire supply chain by themselves. For instance, international-scale e-commerce businesses manufacture their own products such as electronics and home appliances. International operators are then able to ship their products globally because they have fulfillment centers across various regions. However, operating at the large of a scale can often increase production expenses. As such, the growing emphasis on increasing production efficiency and gaining visibility across the value chain is further promoting the smart manufacturing market. And according to Grand View Research, the smart manufacturing market is projected to reach USD 395.24 Billion by 2025, while exhibiting a CAGR of 10.7%. Now, companies that independently operate both fulfillment centers and manufacture their products eliminate the need for third-party services, thus allowing them to deliver products at a much faster rate. “Yes, fast does beat big. Reacting more quickly to the needs of the consumer will ultimately drive consumer satisfaction, bring untapped revenue to the bottom line, and open up unrealized opportunities for innovation. But to make that happen, consumer products companies need simplification, standardization, and automation – not one or two of these elements, but all three,” said Paul Larson, Industry Principal for Consumer Products at SAP. “Let’s face it: Scale is useful if you’re a big organization with a diverse range of brands, but it can get you only so far. Consumer products companies need to start acting fast and driving the agility to connect with your entire ecosystem to boost revenue and customer satisfaction.”
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