Product equity is the process of product development including all underrepresented groups instead of excluding or including a select few. Product equity intentionally creates products that honor and celebrate the full variety of diversity and humanity. This changes the product outcomes – making them more enjoyable and functional for everyone.
Historically, most product innovation has focused on meeting the needs and desires of the majority. This is a missed opportunity, leaving lots of money for your consumers to spend with other brands who are getting it right – by acknowledging and valuing their needs and desires.
Women, overall, make up more than half of the U.S. population and control or influence 85% of consumer spending.
People with disabilities spend a half-trillion dollars annually.
The buying power of minority groups in the U.S. is exploding. It was $4.2 trillion in 2020 and is projected to reach $7 trillion by 2025.
Product equity allows underrepresented groups to be at the forefront of the product creation process, ensuring products meet the needs of all users.
At revelant we specialize in serving clients by helping them assess their product portfolio and product design processes to embed equity and inclusion, helping to improve the use of all products for everyone.
Product equity creates better products.