A new global study from UL (Underwriters Laboratories), a world leader in advancing safety, reveals that a majority of high-tech manufacturers believe that while product reliability is the key to success now, staying ahead of innovation will be crucial to future success. The new study, "Navigating the Product Mindset," explores the connections and contradictions between perceptions of consumers and manufacturers on issues of safety, innovation, performance and sustainability. Global perceptions were collected from consumers and manufacturers in China, India, Germany and the U.S. across industries in high-tech, food, building materials, and household chemicals. In addition to the study, UL has created industry-specific reports for each of those verticals.
"As a facilitator of global trade in the high-tech arena, UL has a good read on industry challenges and decision drivers," said Tetsushi Miyazaki, general manager for global high-tech industry at UL. "Through studies such as the 'Product Mindset' we are able to recognize technology manufacturing trends, such as the growing need to strike a unique balance between product safety and dynamic innovation. By understanding the constraints and demands of the industry and the expectation of the end consumers, UL is able to best educate and deliver services to meet the needs of its customers and in turn, the end consumer and the industry at large, all of whom rely on the trusted UL mark."
Other key insights from the study include:
• Although regional differences can be of influence, the largest supply chain challenges for manufacturers include timely delivery and rising costs.
• High-tech manufacturers are most satisfied with their company's consistent delivery of reliable, safe products.
• Manufacturers feel it is their responsibility - not government agencies, retailers or consumer agencies - to communicate key product safety information to consumers.
• High-tech manufacturers agree that consumers are becoming more empowered and consumer claims are the most valuable endorsement.
• Consumers agree that high-tech products have improved in terms of safety in the past few years. However, they also feel that higher quality products come from more developed markets than emerging ones.
Specific findings include:
• Only 4 percent of high-tech manufacturers feel that their company is behind the curve regarding product safety.
• 81 percent of high-tech manufacturers believe that product safety is becoming more important.
• More than 60 percent of high-tech manufacturers agree that there is a direct relationship between product quality and country of origin.
• 72 percent of consumers state they are always or usually aware of the country of origin for high-tech products.
• Approximately 61 percent of manufacturers consider environmental products profitable or somewhat profitable. Chinese manufacturers are the most optimistic, while U.S. manufacturers demonstrate the largest concern in the area of environmental product profitability.
Click here to obtain the full study with all key findings.
