The future is coming ... but still one day at a time has been saved
The future is coming ... but still one day at a time
Seven data-driven trends defining the future of the retail and consumer products industry
The retail and consumer products industry is hungry to predict the future, yet many past predictions about the retail industry in 2020 have not materialised because most were not supported by data. In this report, we took a different approach looking deeply into data and macro forces to highlight four disruptive forces and seven trends that are fuelling the industry globally and how they can be applied to the South African context.
About the study
The retail and consumer products trends were built based on analysis done by Deloitte’s InSightIQ, which actively monitors and aggregates a diverse set of real-time consumer, macro, marketplace, competitive, and economic data sets to better predict how and when brands can win in the marketplace.
InSightIQ looked at more than 450 billion consumer location data points, US$150 billion+ per year in credit and debit card transactions, sales and channel data for more than 10,000 brands, 100,000+ survey responses, economic factors, weather, and hundreds of other traditional and nontraditional variables to make predictions about the directional trends and drivers of consumer behavior.
Four disruptive forces and seven trends shaping the future of retail and consumer products
- Consumer preferences are changing
- Technology is advancing—at an accelerating rate
- Economic pressures abound
- Market forces are shifting
- Commoditisation and premiumisation of products
- Digital success grows elusive as ad spend rises
- Brick and mortar becomes smaller and closer
- New models, growing impact
- Convenience as the new battleground
- Health and sustainability … for some
- Consolidation in retail and fragmentation of market share
Read the full Deloitte Insights article here
Deloitte’s Retail and Consumer Products practice helps companies address the challenges and opportunities associated with eroding brand loyalty, changing consumer needs and behaviors, and the impact of digital technologies on all aspects of the business. Our team works with clients to improve internal operations, better serve their customers and develop new market-facing capabilities and channels.