The Hindu Business Line : Product of the Year debuts in India

Product of the Year (POY), an independent survey to judge product innovation, has been launched in India. With the purpose of empowering consumers, POY helps consumers identify innovative products in an environment where there is information overload and consumers have less time to do research on products.

It would empower Indian consumers to choose the best brands from categories such as FMCG, consumer durables and daily need products (DNP). A jury comprising industry leaders, senior journalists and consumer protection groups will first vet the entries to validate them for innovation.

The entry is free for all participants and the ones who qualify would enrol into consumer research. Products launched in the past 18 months are entitled to enter the process.

The winner in each category will buy the right to promote their brand for a year after being endorsed as the Product of the Year. The winners earn the rights to use the ‘Product of the Year’ logo on their product by paying Rs 15 lakh to the company.

At a press conference, Ms Charulata Ravi Kumar, CEO, Product of the Year, India, said, “With Product of the Year being launched, we will have global standard in consumer rating as one of most credible and unbiased systems that provides consumers a unique way of identifying the best and the most relevant innovations in products in categories where it is otherwise difficult to do so.”

Product of the Year in India would be tying up with a market research firm (it has association with TNS in the UK) to carry out its consumer-based surveys. “We are expecting at least 100 products in the Indian market to go in for research in our first year of operations. This would include both national and international brands,” claims Ms Charulata Ravi Kumar. In India, a joint venture company has been floated between Product of the Year UK and group of Indian investors to bring on POY India.

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