Penrhyn launches the latest white paper from its Consumer, Retail and Luxury (CRL) Group: "Embracing Change to Seize Opportunities in the Consumer Products Sector", authored by Cynthia Labonté (Chair, CRL Group and Partner, Leaders International (Canada)).
The white paper details how consumers’ expectations about their customer experience will continue to change radically over the next few years, where they often want products at a lower price point, delivered faster and with greater convenience at no extra cost. It then asks: how will consumer products companies turn these challenges into opportunities?
To respond to changing demand, forward-looking businesses across the sector are focusing their strategies on a number of key consumer trends, explored in this report. Key takeaways include:
- Technologies like smart dressing rooms are helping retailers to reinvent the customer experience;
- Use of big data and analytics to provide deeper insights into consumer behaviour is a key area of focus;
- Innovation in route-to-market concepts can help companies stay ahead of the competition;
- More businesses are set to push ahead with direct-to-consumer strategies to bypass retailers;
- Emerging economies and a growing global middle class are creating important new markets;
- Brands are waking up to the power of diversity and inclusion messages;
- Responsible, eco-friendly consumerism is becoming more mainstream;
CRL Group Chair Cynthia Labonté comments: "Emerging technologies, shifting demographics, evolving consumer preferences and increased environmental awareness are all driving radical change in consumer products markets."