Corporations spend millions researching, developing, and perfecting various consumer goods. Sometimes, these products strike a chord with consumers and become a full-on phenomenon.
Some of these products, like faux meat food products that taste like the real thing or futuristic wearable tech gadgets, represent brand new innovations that forever change the companies and industries of which they are a part. Others are similar to existing products, but their design, price point, and quality are so far beyond the competition that they quickly dominate the market.
24/7 Wall St. reviewed business media outlets such as Bloomberg, as well as trade publications and financial news sites, to round up a list of the biggest product launches of the decade. This list, while not exhaustive, highlights all-new products, major changes in well-known existing products, products that integrate groundbreaking new technologies, and commercial success stories. The products are not listed in any particular order.
Many of the successful launches throughout the decade have been consumer electronic products. Improving processing power, chip and memory technology, software, and other tech have all been utilized to make new products or improve on existing ones. The major tech corporations launching these products are quickly becoming the largest businesses in the world and employing a growing share of the workforce. These are America’s 25 thriving industries.
While these products were all major hits, not every item can be as successful. Companies sometimes misread market preferences, put out a new product before it is ready, or rely on an unsustainable business model. This can often lead to disaster and cause companies to lose millions and even billions of dollars. These are the biggest product flops of the decade.