Consumer Products Outlook 2019
3 main technological opportunities for consumer products companies
Although consumer products companies have always been committed to a consumer-centric approach, to responding to marketplace trends and to deepening connection with consumers, they have not always been known for being at the forefront of cutting-edge technology. Yet, with growing numbers of consumers researching, purchasing and engaging with brands digitally, Consumer products companies must adopt new technologies in order to stay relevant.
A turning point in the adoption of technology
Many consumer products companies are already developing technology solutions throughout their operations and investing in tech-driven innovation through in-house R&D, acquisitions or through the creation of venture capital-style units. For 2019 we especially foresee developments in supply chain, consumer engagement, and data transparency. All combined with the continued pursuit of customer centricity.
Consumer Products Outlook
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When it comes to the supply chain, we see that traditional, sequential, supply chains are losing ground to more dynamic and interconnected supply chain models. These new supply chain models allow for a better understanding of customer and supplier demand patterns, thus creating better connections and more innovation in production.
Engaging with the customer will always remain a focus point for consumer products companies, and disruptive technologies are creating more avenues for brands to have a dialogue with consumers. This can be through direct-to-consumer sales, branded pop-up stores or, in some cases, online retailers developing a brick-and-mortar presence.
Transparency is a key topic these days and customers increasingly use technology to research and support purchase decisions and lifestyle choices. Innovative processes and products play to the consumer interests in, for example, health and wellness, organic foods and sustainability.
Prepare your Consumer Products business for the future
Download the 2019 Consumer Products Outlook to learn more about the technological possibilities for consumer products companies and get your business on the right track for the future.
Feel free to contact me if you would like to learn more about setting your Consumer Products business up to face the challenges of the future.