Under the old model which took around two to three years to implement, the company used to develop a product based on consumer insight and then testing it in some small town and then correcting it before going forward. The incubator model’s turnaround time is only 12 weeks.
Beverage major Coca-Cola plans to launch 10 new products in India this year through its incubator which uses insights based on consumer feedback.
Besides, the company would also come out with new product range in the dairy segment, said a top company official.
“The idea of the incubator is to ensure that we can do many products,” said Coca-Cola India and South West Asia President T. Krishnakumar.
He further said: “Our present target is to really first try 10 products a year and then eventually (we) want to scale up 25 or 30 products because we see whole lot of activity happening in the market.”
Now the company has a team in India, and Shanghai at China, which can turn the consumer insight into a consumer product in just 12 weeks and then quickly get footprints of 30% of its national distribution now.
“We would keep renewing and refreshing our portfolio,” he said adding that” we would try to renovate it with relevant and exciting product.”
Under the old model, the company used to develop a product based on consumer insight and then testing it in some small town and then correcting it before going forward, said Krishnakumar adding that this was atwo to three-year long process.
“The incubator model is about 12 weeks. It can take an idea or insight and make it into a product. We have done this and we can try a lot of product now quickly and scale up our portfolio by our big bottling system, which is effectively scaling up,” Krishnakumar added.
Over the dairy segment, he said that the company has now tested the waters in the market place and was now acquainted with the demands of consumers.
“We have lot of learning from what ever we have done and we have absorbed the learning. Now we are reformulating and working on a range which will have a better connect with the consumer,” he said.
Krishnakumar said the company would also continue to engage with farmers for its products.