Eight. That’s the average attention span of a human, which, if you’re wondering, is one second less than that of a goldfish.
For brand owners, it’s no wonder so much emphasis is placed on product packaging. Almost immediately, potential buyers form their very first impression. To stand apart among a crowded sea of competition, brands must appeal to a consumer base hungry for choices.
That means striving towards countless variations of products and products sizes. Great for consumers, but not so great for brands, who must deal with pressures to increase speed to market while battling excess packaging waste, warehousing costs and supply chain complexities.
For converters that can help brands overcome these hurdles while making products come to life on store shelves, big opportunities await.
Unboxing the Growth Potential in Digitally-Printed Packaging
One solution gaining traction is digitally printed packaging, which enables just-in-time delivery, reduces warehousing, adds value through variable data and can infuse brand protection features.
In fact, digitally printed packaging is already considered to have one of the brightest futures across all print applications.
Consider the retail value of printed packaging, which globally sits at more than $400 billion, according to Smithers PIRA. Less than 3% of that today is derived from digital packaging, yet it is forecasted to grow at a compound annual growth rate (CAGR) of 16% from 2015 to 2019.
Some of the fastest-growing digital print categories include folding cartons (expected to achieve a 40% CAGR), flexible packaging (with a projected 32% CAGR) and on-shape printing (forecasted to see a 44% CAGR).
Gauging the Pulse of Brand Owners and Package Converters
Many brand owners and converters are noticing the benefits digitally produced packaging can deliver.
In a global survey, brand owners were asked to indicate their agreement to several statements related to marketing and digital engagement on a scale of 1 to 10 (with 1 being ‘not in agreement’, and 10 being ‘fully agree’).
For the statement, “Customized or personalized packaging has a positive effect on our product sales today”, brand owners responded with a resounding 7.0 score. Similarly, when asked whether they feel pressure from retailers to produce more versioned packaging, this group gave an average score of 6.2.
Meanwhile, converters weighed in on why they feel their customers buy digitally produced packaging. Among the leading responses were: More frequent ordering (60%), faster turnaround (56%) and shorter runs (52%). All of these are features are not only relevant – but they are gaining importance, especially considering the average time between brand owner product refreshes is just 6.6 months!
Getting Started
This is just the tip of the iceberg. From industry trends, market insights, and practical advice to capture opportunities – be sure to download our Digital Packaging eBook.
Want more? Our Market Segment Series provides key insights and strategies to help you unlock new growth in seven business-boosting application segments – including Direct Mail, Marketing Services, Photo Publishing and more.
