Technology’s disruption in the consumer products (CP) industry has allowed companies to continuously commit to a customer-focused approach, according to Deloitte’s 2019 Consumer Products Outlook.
The goal for CP companies is to keep pace with people who are researching, purchasing and engaging with brands digitally – or risk being outdated, the consulting firm says. "From smart packaging to pop-up stores, technology is allowing consumer products companies to engage with consumers in new and innovative ways."
As for opportunities for dialogue with consumers, "We will continue to see (1) the acceleration of direct-to-consumer brands, (2) the emergence of pop-up stores and (3) online retailers developing brick-and-mortars as CP companies pair disruptive technology with the demand to provide personalized customer service, to understand customer preferences and to recognize customers’ interest in experiencing products."
The report also notes, "Digital connectivity has disrupted the traditional supply chain model. This year, many CP companies are moving to dynamic, interconnected supply chain systems to increase operational efficiencies and integrate consumer demand patterns with ecosystem partners."
Under a topic "putting health in consumers’ hands": "Technology in today’s connected world fulfills consumer expectations for on-demand access to product information and full transparency. We’ll especially see this in the health and wellness, organic foods and sustainability industries."
The report also addresses e-retailers, "neuro-nutrition" (understanding how foods affect the brain) and connected supply chains.
The full 2019 Consumer Products Outlook is available at www2.deloitte.com/us/en/pages/consumer-business/articles/consumer-products-industry-outlook.html.