CPG Industry Outlook
Over the past few years, rapidly evolving technologies, consumer demographic shifts, and changing consumer preferences have greatly shaped the consumer packaged goods (CPG) industry. However, with rapidly evolving customer expectations, CPG companies are under the pressure to offer personalized customer experience (CX) across every communication touchpoint. Consequently, it becomes vital for CPG companies to not only keep abreast with the latest trends but also to be prepared to operate amid uncertainty. To help you prepare for rapid market changes, our experts have curated top CPG industry trends that will transform the industry in the future.
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Top CPG Industry Trends
Transparency and Sustainability
With buyers valuing transparency in business operations and sustainability in the products that they buy, transparent packaging is becoming one of the major CPG industry trends today. The “clean label” trend is one aspect of transparency. CPG brands are also exploring new packaging alternatives such as bio-plastics and well-known options like transparent glass containers. Hence, it’s no longer enough for CPG manufacturers to simply list ingredients on the label. Instead, CPG brands will need to focus on using packaging materials that are more appealing and environmental-friendly.
Digital consumerism
According to Infiniti’s CPG market research experts, nearly 70% of overall CPG growth came from online channels in the last decade. Therefore, ‘going digital’ is becoming one of the major CPG industry trends today. Also, CPG companies emphasizing selling online in the coming years will enjoy a significant advantage over other brands.
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Growth in home-delivery
Home delivery services are expected to become one of the most favored CPG industry trends in the coming years as customers increasingly prefer to have their goods delivered to their homes. Also, with leading CPG brands introducing home delivery services, traditional CPG companies will be under the pressure to reinvent their sales models and expand their delivery service options. Therefore, in order to drive sales, businesses must constantly analyze their customers’ shopping patterns and evolving needs. Also, leveraging the CPG market segmentation approach can help businesses efficiently categorize their customers and provide products to meet their demands.
A Multichannel Future
Another exciting CPG industry trend that is expected to go mainstream in 2020 is the adoption of multichannel business strategy. Gone are the days where brands could win customers and sales solely by relying on their brand image. In today’s competitive CPG marketplace, brands must start adopting multi-channel strategies to reach consumers directly through digital channels.
Is your brand ready to adapt to the unexpected transformations and gain a leading edge in today’s competitive marketplace? Request for more info to know how our experts can help you identify evolving CPG industry trends and achieve your business goals.
