Today, I was doing some market research for handmade purses, handbags, and other Thai crafts and soon discovered a copy cat pattern in terms of product development. Just about everyone manufactured these crafts according to similar specifications and designs. From the craft specs to the marketing approachs, there wasn't a big difference between one company's products and another's products.
Moreover, I noticed that this unsurprisingly drove the market prices down for all of these goods. A combination of competition, similar goods, rising shipping costs, and a shrinking customer pool created a lose-lose situation for everyone involved (except for the customers who partake in a great buyer's market).
This made me wonder why there was less creative spunk. In most highly competitive markets such as electronics, autos, and software, innovation will be key in seperating the winners from the losers. I wonder why this spirit of innovation hasn't hit the Thai manufactoring sector yet. The good news is that this creates great opportunity for someone with creativity to enter the market and quickly eat up market share if they do it right.
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