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Welcome to Innovate Africa With Dotun Adeoye

Infinite, sustainable growth ideas and examples for strategic thinking executives every Sunday

THE BLOG

Innovate Africa With Dotun Adeoye Every Sunday

Infinite, sustainable growth ideas and examples for strategic thinking executives every Sunday

Living Crisis 1

The Global Cost Of Living Crisis; Opportunities For Product Innovation

The cost of living is skyrocketing, and it’s a worldwide phenomenon. Even though some countries are seeing higher inflation and cost of living increases than others, the trend is shared across all nations. There are two ways that companies can leverage this phenomenon: by offering solutions to lower costs or by creating new products that make life easier for consumers in their target market. In this article, we’ll explore both of these approaches and some innovative ideas that you can use to take advantage of today’s international cost of living crisis!

The rising cost of living

You may have heard that the cost of living is rising in some areas faster than others. This is global.

The phenomenon manifests differently depending on where you are. In some parts of Europe and Asia, for example, there’s been an influx of refugees who’ve moved into cities and put their own needs on top of those of locals. Does that mean more demand for housing, food and other services; the result? Higher costs.

In other areas like New Zealand or Japan (which have smaller populations), the problem isn’t so much an influx of newcomers as it is a lack thereof—a shortage of young people who could replace retirees as consumers for products like cars and houses—which then drives up inflation.

This Is A Global Issue

The global cost of living crisis is an opportunity.

The world is facing a severe problem: the rising costs of everyday essentials (food, housing, transportation) are making it difficult for people worldwide to maintain their current lifestyles.

But suppose you’re a leader of a global corporation or an entrepreneur looking for ways to innovate products and services that can help solve this problem. In that case, one thing stands out: a global economy means many people with different needs in different parts of the world—and they need innovative solutions!

Opportunities

The global cost of living crisis is an opportunity for product innovation, business growth, and consumer empowerment.

For businesses: the coming wave of urbanisation will create opportunities for companies that can provide low-cost solutions. Companies that innovate with products that lower costs or increase efficiency in areas such as energy or transportation will prosper as populations move from rural areas to cities.

For consumers: reduced incomes and higher costs have forced many households worldwide to make difficult choices about what they consume—and how they consume it. These changes are driving demand for efficient technologies such as solar panels and more sophisticated intelligent appliances that can reduce energy consumption while improving quality of life.

For governments: With countries facing substantial debt burdens due to ageing populations (in some cases), Post Covid 19 issues,  governments need new ways to pay for their social programs without raising taxes or cutting essential services such as healthcare delivery and education funding at a time when people can least afford it; innovative ways would be precious here!

Product innovation opportunities

The world is facing a crisis of rising global costs. The cost of living is spiralling out of control, with the average person struggling to get by on less and less money. Yet, at the same time, our carbon footprint continues to grow as we seek more and more ways of making our lives easier and more enjoyable.

What if there was a way for you to reduce your global cost of living without having to give up anything? What if you could enjoy life just as much as before but at half the price? These are potential innovation opportunities in 2023 and beyond!

Takeaway:

The cost of living crisis is a global problem. It’s not just affecting the poor or the young—the entire world is being affected by it. So this provides an opportunity for product innovation to solve this problem and improve people’s lives.

The biggest winners in global business are usually companies innovating with solutions to the challenges of daily living.

The global cost of living crisis is a severe issue, but there are ways to tackle it. Product innovation can help people save money and make the most of their income.

Who am I?

I am Dotun Adeoye, a Business Growth Strategist & Author of the 5 Pillars of Business Growth.

I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 29 years.

Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, ensure business continuity and achieve a legacy.

Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718

 

 

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Innovate Africa

With Dotun Adeoye

Every Sunday

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 Teaching business leaders how to grow their businesses & leave their legacy.