2019 Consumer Products Industry Outlook Bookmark has been added
2019 Consumer Products Industry Outlook
Technology’s role in Consumer Packaged Goods (CPG) trends
From smart packaging to pop-up stores, technology is allowing consumer products companies to engage with consumers in new and innovative ways. How else will digital capabilities shape the brand-consumer relationship in the year ahead? Our 2019 outlook explores the biggest technology-driven trends in the industry.
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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with brands digitally, it will likely become imperative for CP companies to adopt newer technologies—or risk being outdated.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.
How technology is shaping new CP strategies
Enabled by technology, many consumer products companies are engaging with their consumers in more innovative and direct ways. The continued growth of direct-to-consumer brands, the reemergence of pop-up stores, and online retailers developing a brick-and-mortar presence are all accelerated by the deployment of disruptive technologies, creating more avenues for brands to have a dialogue with consumers.
In today’s rapidly evolving marketplace environment, key business issues are converging with impacts felt across multiple industry sectors. What are the key trends, challenges, and opportunities that may affect your business and influence your strategy? Look for more perspectives and insights from some of Deloitte’s forward thinkers.