The big player in retail, Nike, announced that their NikeID co-creation platform brought in over $100 million in revenue for the fiscal year of 2009.
Those types of figures certainly prove that co-creation isn't merely a trend and that consumers are actually looking to be empowered to become their own designer. More dollars are being spent on customized products, especially with the growing Gen Y mentality where consumers are entitled to something uniquely made and individually tailored for their wants and needs.
Co-creation is winning for several reasons:
- There is greater alignment in consumer demand and retailer supply because co-created products are on-demand and made-to-order, such that consumers get exactly what they want, and only what they want. No more, no less.
Dave Sloan of Treehouse Logic has some interesting thoughts on the future of co-creation:
- More co-creation platforms will emerge and the functionality as well as the richness of the configurators and visualizations with dramatically improve. They might even make their way to Facebook pages as another engagement channel
Danny Wong is the co-founder of co-creation startup, Blank Label, which specializing in men's dress shirts and slim fit dress shirts that you design yourself.