What are CPG Companies’ concerns? Delivering quality services and products by viewing the exchange scenario (of those products and services) through the consumer’s eyes. The best way for CPGs to do this in 2019, is to adopt the lateral thinking route, rather than going strategic.
It’s true that most businesses and industries have a whole strategy that they execute when approaching a group of consumers, but this needs to change. Changing the trend begins by adopting this methodology to cater to the fast paced goods and services hungry citizens. Reviews, ratings and alternatives for every independent service will soon follow.
Here are 3 key trends for 2019 that are most likely to earn CPGs a good name this year:
- Omni-Channel and Online Sales – Here’s a CPG business trend that got sighted as one because more than 50% of shoppers are likely to make their purchases online and are also given the welcoming in-store experience they desire. There is a cascading effect of such online shoppers as CPGs build strong bridges to create a viable omni-channel experience this way. CPG businesses are also widely offering home delivery to touch a larger customer base as well as expanding their reach through collaboration.
- Greater Focus on Credibility, Trust, Values and Sustainability – A sizeable set of consumers are relying on trustworthy and credible Companies/brands that they emote with easily (or who have had a history with those brands in the past), and what syncs with their beliefs and values. A firm reliance on sustainability occurs, owing to the promise that a service or a product has so given them, either by being eco-friendly, or by being enduring in nature, or merely those brands that have pandered to customers’ tastes. This is set to be a rather fiery trend, giving a CPG Company that extra edge in its dealings with customers.
- Data and AI – Since bottom-line growth is central to the CPG industry, wide swaths of data comprising consumer preferences, marketing campaigns, reviews and feedback must be given due consideration. Data is the oil, the sun and everything in between for CPG Companies today. AI helps in harnessing copious amounts of real-time data, in order of priority, as well as sends alerts regarding corresponding or relevant KPIs and reports that the business decision maker should review. AI also provides insights that would result in taking a discretionary, albeit valuable business decision that would then allow the CPG Company to direct realistic action accordingly.
Convenience, efficiency and better touted products and services that suit customers’ needs and tastes, along with the widespread use of social media, will help the CPG industry to influence purchases.
Making themselves available everywhere is what matters the most, and while I’ve shared what is most likely to trend in ’19, breaking some of the existing trends by closely priming in on these will be able to solicit a result (for CPG Companies and Customers) that will cause a boom independently and by being in-dependence on each other.
Question is, are you in-deep with these ideal tr-ends? Read on for more about us in the Distribution space.