ICICI Lombard Prioritizes Product Innovation

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Hey innovators!

Can you tell me what else can make you the best product manager other than reading case studies of successful and budding brands? Exactly! Knowing what's happening in the industry can improve your thinking ability and boost creativity, letting you become the best version.

So, what do you think might have happened this week in the product management industry? Well, I think I can cover for you.

In today’s edition:

• ICICI Lombard Prioritizes Product Innovation

• Zomato Discontinues Inter-City Legends Service

• Kumaresh Promoted to Product Head at LinkedIn

• Global Second-Hand Market Sees Growth

• Elgi Equipments Develops Product Strategy

Read Time: 5 Minutes

WEEKEND SNIPPETS

ICICI Lombard Prioritizes Product Innovation

Details:

• ICICI Lombard is concentrating on product innovation to increase its retail market share. The company focuses on developing specialized insurance products that address customer needs more effectively.

• By improving product differentiation and expanding digital channels, ICICI Lombard aims to attract a larger share of retail customers in an increasingly competitive market.

Zomato Discontinues Inter-City Legends Service

Details: 

• Zomato has shut down its inter-city food delivery service, "Legends," citing a poor product-market fit. CEO Deepinder Goyal stated that despite the excitement around delivering popular dishes across cities, the service failed to gain traction.

• The decision aligns with the company’s focus on scaling profitable and sustainable offerings as it adapts to evolving consumer preferences and market demands.

Kumaresh Promoted to Product Head at LinkedIn

Details:

• LinkedIn India has elevated Kumaresh Pattabiraman to the role of Country Manager and Product Head. With this promotion, Pattabiraman will oversee LinkedIn's operations and product strategy in India.

• He focuses on driving growth and enhancing user experience in the market. His leadership is expected to play a critical role in LinkedIn's efforts to expand its footprint in India’s rapidly evolving digital ecosystem.

Global Second-Hand Market Sees Growth 

Details:

• The global second-hand product market is witnessing substantial growth, fueled by increasing consumer interest in sustainability, affordability, and circular economy practices.

• Factors such as environmental awareness, cost savings, and the rising popularity of online resale platforms have contributed to this surge.

• The market’s expansion reflects changing consumer behavior and growing demand for pre-owned goods across various segments, including fashion, electronics, and furniture.

Elgi Equipments Develops Product Strategy

Details:

• Elgi Equipments has devised a focused product strategy to tackle challenges posed by Chinese imports. The company plans to enhance its domestic production capabilities and introduce more value-driven offerings to remain competitive.

• By emphasizing quality, innovation, and localized solutions, Elgi aims to reduce dependency on imports and strengthen its market position amid rising competition from Chinese products.

Wrapping Up

The series of recent developments highlights the dynamic nature of product strategy and market adaptation across industries.

As seen with companies like ICICI Lombard, Zomato, and Elgi Equipments, businesses are prioritizing innovation, market fit, and localized strategies to navigate competitive challenges.

The focus on tailored strategies, whether through phasing out non-performing products or developing resilient alternatives to imports, illustrates the critical role of adaptability in product management.