2017 Consumer Products industry outlook
Challenges and opportunities for consumer packaged goods companies
In the 2017 Consumer products industry outlook we will focus on the four disruptors that most directly affect the consumer products industry: the economy, enabling technology, platforms and consumer mindsets.
Consumer Products industry analysis
Most companies plan and manage for “business as usual,” preventing them from being prepared for what may be around the corner. The unexpected, disrupting forces that can dramatically change the marketplace. For example, Uber disrupting the taxicab market and Airbnb reinventing the hotel industry. It’s critical for businesses to try to identify potential disrupting forces of today that might impact the business of tomorrow.
Deloitte’s Center for the Edge publication, Patterns of disruption, identified five catalysts that drive disruption: The economy, enabling technology, platforms, consumer mindsets, and public policy. The first step to creating a strategy to navigate these disruptors is understanding both the significant challenges and opportunities these catalysts possess for consumer packaged goods (CPG) companies. In this 2017 Consumer products industry outlook we’ll discuss the role played by four of the catalysts that drive disruption in the consumer products industry: the economy, enabling technologies, platforms, and consumer mindset.
Will the economy support growth in the consumer products industry?
- Fundamentals are potentially strong for consumer spending into 2017 and consumer confidence is high, but policy uncertainty may create economic headwinds.
- CPG companies need to be prepared to adjust their strategies should these economic headwinds arise.
How can CPG companies harness the potential of enabling technologies?
- As the consumer journey to purchase becomes increasingly facilitated by enabling technologies, CPG companies need to engage and influence consumers at every stage of the process, from research to the final purchase decision. It’s imperative to target the right consumer with the right message in the right moment through whatever device they are using.
- CPG companies should develop solutions to support the latest trends in brand personalization. This has implications for the supply chain and the talent needed to manage the process in a more complex environment. For larger CPG companies that tend to be structured around traditional lines of business, this will likely mean a learning curve. During this transition, it will be important for companies to be both agile and quick to respond to the consumer and unexpected supply chain issues.
Are CPG companies optimizing the potential of platforms?
- In the digital world, it is imperative for CPG companies to create platforms tailored to their products that facilitate consumer engagement with their products and build off the success of what’s happening in the retail and travel industries.
What consumer trends influence CPG companies?
- CPG companies should modify their traditional marketing strategies and tactics, developing contemporary messages delivered through cutting-edge, digital platforms in light of the evolving drivers of consumer purchase and consumers’ continued immersion in the digital world.
- Enabling technologies is a common thread in the evolving consumer mindset, making it imperative for CPG companies to leverage these advancements to form lasting bonds with younger, connected consumers in all aspects of marketing.
Learn more about Consumer Products industry outlook 2017
Want to know more about Consumer Products industry outlook in 2017? Please contact Patrick Schunck at +31 (0) 88 288 16 71 or through the contact details below.