OverviewConsumer products companies are faced with unprecedented economic and environmental challenges. Organizations in this industry must contend with rising raw material costs, changing business models and slow growth. Most Consumer products companies have sought to attain profitable growth by building market share and at the same time, rationalize operations. Durables, consumables, apparel, specialty goods all have unique issues but there are common challenges for leaders in these organizations. Who is buying what, where, when and why are key questions for Consumer Products enterprises. It is the ability to evolve with the mobile, socially-aware consumers and understand their habits, quickly and accurately that will empower enterprises. With this empowerment, they can effect change and predict demand patterns, as well as engage, convert and retain consumers both at home and in the store. The three areas that leaders in this industry will focus on include price, performance and potential. Today, pricing strategies are critical. With multi-channel strategies in place consumer products companies have to get real-time information about their customers. Using analytics to understand shopper trends at the point of purchase and then integrating it with the entire value chain, from sourcing and back to point of sale will create a more efficient business model and engender consumer loyalty while paving the way for enhanced profitability. Leaders in the consumer products industry will realize great value by reaching out to consumers with targeted information through non-traditional channels with intelligent technology giving them time to think, package and channel goods optimally. |
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