Women’s perspective is essential to innovation, creativity and relevance of businesses products and services of the future
Why Women's Perspectives Drive Innovation, Economic Growth, and Business Success
“The consumer is not a moron; she is your wife.”
When the Father of Advertising, David Ogilvy, made this statement, he was reminding advertisers not to underestimate the intelligence of their customers. By associating women with intelligence, Ogilvy acknowledged their critical role in consumer decision-making. In this blog, I will illustrate how women are major stakeholders in the consumer world and why their perspective is crucial to the innovation, creativity, and relevance of businesses, products, and future services.
According to a Harvard Business Review article published in September 2009 by Michael J. Silverstein and Kate Sayre, women now run the world economy. Worldwide, women contribute approximately $20 trillion in annual consumer spending, a figure projected to rise to $28 trillion within five years. Currently, women earn about $13 trillion annually, and this number could increase to as much as $18 trillion in the same timeframe. Given these statistics, underestimating this powerful consumer group would be an imprudent decision.
A recent study by the McKinsey Global Institute revealed that achieving gender equality could add as much as $28 trillion to global annual GDP by 2025. Closing the gender gap and unlocking these transformative benefits requires genuine innovation. There is a pressing need to rethink how organizations are administered, how technology is applied, and how business is conducted. This aligns with Beth Comstock’s quote: “Be where the world is going.” Especially in developed countries, women are becoming increasingly active contributors to economic growth. To fully participate in this shift, women must be given autonomy—only then can they lead progress toward gender parity.
Until we free women’s time through innovation and empower them with thoughtfully designed products, the pace of development will remain constrained. This is why there is an urgent global need to leverage innovation to improve women’s lives.
Consider a simple example from the past. My mother used to spend long hours grinding spices by hand using traditional tools. After the invention of mixer grinders, the same task could be completed in minutes, allowing her to dedicate more time to our studies or to personal leisure. This is a clear illustration of how women indirectly fueled the innovation and demand for mixer grinders. As cuisines diversified, the need for multiple functions led to the evolution of food processors. While this example may seem limited to the kitchen, innovation driven by women extends far beyond domestic spaces.
A compelling example from the financial sector was explored by Rajashree Nambiar. Currently the CEO and Managing Director of Fullerton India, she previously spent 22 years at Standard Chartered India, eventually leading its branch banking division. During her tenure, she conducted a survey of women clients after suspecting dissatisfaction with existing services. The results confirmed her concerns: female clients felt patronized and intimidated by male bankers.
In response, she launched two small, all-women-staffed bank branches in Kolkata and New Delhi and redesigned financial products to be women-centric. These changes helped women feel recognized for their economic contributions within their families. One such product was the Diva Card, which allowed balance transfers to a credit card that also functioned as a social and networking platform. The results were striking: in 2009 and 2010, net sales at the all-women branches increased by 127% in Kolkata and 75% in New Delhi, compared to an average growth of 48% across other Indian branches.
These examples demonstrate the value of women’s perspectives in driving innovation and business success. Equally important is their role in ensuring the future relevance of products and services. Women influence purchasing decisions for 94% of home furnishings, 92% of vacations, 91% of homes, 60% of automobiles, and 51% of consumer electronics. Given these figures, it is a strategic imperative for companies to focus on female consumers. The industries where women spend the most—food, fitness, beauty, apparel, financial services, and healthcare—have especially strong future potential when products and services evolve to meet women’s changing needs.
One innovative product addressing both empowerment and sustainability is the Wonderbag, conceptualized by businesswoman Sarah Collins. This padded container enables off-the-fire cooking while reducing carbon emissions, illustrating how women-led innovation can simultaneously promote environmental protection and social impact.
Another powerful example is the Wello WaterWheel, created by entrepreneur Cynthia Koenig. This 45-liter rolling drum allows users to transport two to five times more water than traditional methods, significantly reducing the time women spend collecting water. In parts of rural India, its use has reduced water collection time by more than 30 hours per week—time that can be redirected toward education, agriculture, or small businesses. These innovations are direct outcomes of women’s lived experiences and perspectives.
I conclude by reaffirming that women’s perspectives are indispensable to innovation, creativity, and the long-term relevance of businesses, products, and services. As Michelle Obama aptly stated:
“No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.”
