How Social Media is Disrupting the Toy Market
Now I can pretty much guaranteethat everyone here at least knows what a fidget spinner is. And I imagine that many of you are tired of hearing about them. Unfortunately, I have to speak about them and their impact on the global toy market for a few minutes. The reason fidget spinners are such a special case when it comes to the toys market is that first, the craze caught on seemingly from nowhere, and good news for toy manufacturers, there’s no patent. (Interesting sidenote a woman owned the patent for the fidget spinner since the 1970s but relinquished it in 2007, as she could no longer afford it.) The article goes on to describe how any Chinese manufacturers that used to produce parts and accessories for smart phones are repurposing their factories to produce fidget spinners, due to the soaring demand. Fidget spinners are a unique craze because they can be made by anyone and they can be sold anywhere.
Due to the fact that there is no patent the fidget spinner or firm to promote it, it has ridden its wave of popularity exclusively on social media. Due to the speed at which fidget spinners became popular, big name retailers who plan their inventory months in advance were caught off guard by the popularity of the toy, giving small shops that were able to quickly stock their inventory with these “unbranded items” in a hurry, a huge advantage.
It is social media phenomena like these that disrupt forever the way that toys are marketed to children as well as speaksto diverse ability of the market, especially the global market to adapt to new trends around the globe and optimize production accordingly.