2019 Consumer Products Industry Outlook

The pursuit of customer centricity

Exciting advancements in technology are becoming increasingly entrenched in the consumer products (CP) industry, helping fuel growth and ensuring benefits to both companies and their consumers. These developments are likely driven, in part, by CP companies’ continued commitment to a customer-centric approach to responding to marketplace trends, understanding consumer preferences, and deepening one-on-one connections with their customers and consumers.

In the past, CP companies haven’t generally been associated with being at the forefront of implementation of cutting-edge technology. But as a growing number of consumers research, purchase, and engage with brands digitally, it will likely become imperative for CP companies to adopt newer technologies—or risk being outdated.

Technology advancements, coupled with the continued pursuit of customer centricity, are at the heart of industry trends we foresee in 2019:

• Consumer product companies are developing proprietary technology to drive innovation and create a continuous and interconnected supply chain to drive operational efficiencies.
• Technology is at the heart of industry and consumer trends, such as:
  • the growth of direct-to-consumer (DTC) brands;
  • the emergence of branded pop-up stores; and
  • online retailers developing a brick-and-mortar presence, while also investing in smart packaging and exploring newer trends in neuro-nutrition and biohacking.
• Technology makes on-demand access to information possible, leading to full transparency in consumers’ ongoing interest in health and wellness, organic foods, and sustainability.