The market for Smart Packaging Market is consistently growing and is expected to reach $39 billion by 2020 growing at a CAGR of 7%, says a recent market report by Research and Markets.
Smart and Intelligent packaging offers superior aesthetics, enhanced functionality, safety, convenience and value for money to the consumers. These factors play a significant role in shaping the customer buying behavior firming up the purchase decision at the point of sale thereby directly impacting brand equity.
Active and smart packaging has the potential to make significant contribution towards enhancing the reach of a brand. Consider these 5 ways in which smart packaging earns extra credits to the brand owner:
1) Relevance: Smart packaging means enhanced customer interface. Tech Savvy customers use newer forms of media or technology platforms and those brands who engage on these platforms undoubtedly stand a higher chance of staying relevant in consumer’s life.
2) Enhanced Information making it truly ‘Intelligent Packaging’: Smart codes embedded onto the package means compiling more information that helps the consumer making informed purchase decisions. Manufactures can supply information on sourcing, nutritional values, dietary concerns etc to the consumer through a QR (Quick Response) code. Intelligent packaging establishes a dynamic interaction with sensing devices on packaging such as NFC (near-field communication), RFID (radio-frequency identification), and smart labels. Empowering a customer will go a long way in maintaining loyal consumer base.
3) Perceptible extended shelf life: An intelligent package calibrates itself in accordance with the ambience outside and inside the package. For instance color changing plastics can detect food spoilage and communicate the same to the retailers and consumers. Time Temperature Indicator Plastics are a big boon to detect loss of quality of the products packed. Food labels that communicate the packaged product’s state of freshness are getting picked up faster from the shelves.
4) Business Intelligence: In fact many organizations are already making good use of intelligent/ smart packaging to track goods in the supply chain. It is now possible to track the quality and safety of packaged goods at various points within the distribution line. From tracking supply chains to monitoring customer behavior, intelligent packaging has now made it possible for the brands to connect, capture, track and receive business intelligence.
5) Increased sustainability: Smart packaging can also help reduce the impact of packaging on the environment, giving brand owners a more sustainable package. Also switching to smart packaging can be economical, giving the brands a competitive edge by reduction at source and thereby leaving less carbon footprints.
Being India’s largest flexible packaging company, UFlex is a pioneer in setting benchmarks for delivering innovative packaging concepts that ensure superior aesthetics, enhanced functionality, better barrier properties besides being eco-friendly and counterfeiting proof. UFlex has a wide client base across the globe with a formidable market presence in over 140 countries.