New and exciting products, from tech to toys, often cause a buying frenzy among consumers. Though product excitement and awareness are great for companies, there can be pitfalls when innovation outpaces regulation. What happens when a product poses a danger to consumers while regulatory bodies scramble to handle the chaos that will affect not only consumers, but retailers, manufacturers and distributors?
In its latest whitepaper, “The Fad Effect: When New Product Crazes Outpace Regulation,” Stericycle ExpertSOLUTIONS outlines the potential consequences of product crazes. They use the highly publicized crisis faced by retailers and manufacturers of “hoverboards” and drones to showcase the difficulties that can arise with innovative products lacking proper regulatory standards. Stericycle also addresses product innovation that leads to consumer privacy questions, such as wearables and their potential HIPAA implications.
Being ahead of the latest trends is an understandable goal for companies, but they must also be prepared for the consequence if a “fad will fall within regulatory gaps.”
Stericycle outlines four critical success factors:
Prepare for the inevitability of a recall
Investigate consumer complaints proactively
Understand requirements from multiple regulatory bodies