How Indian CGS companies can keep pace with changing consumer trends and thrive
COVID-19 has permanently reshaped shopper behaviours and the customer landscape, driving a fundamental shift, changing the way the world works and lives. It has and will permanently impact how, what and where we buy, substantially accelerating the structural changes shaping our industry. Above all, it is a wake-up call on agility and the capability to be enduringly relevant to consumers, shoppers and customers. And while the economic outlook remains uncertain, critical business decisions remain to be made on the journey toward recovery.
In the near term, different Consumer Goods segments have different imperatives, with AlcoBev and Beauty having been hit hard in terms of demand, while Food and Home & Care have seen substantial demand increases, with a pivot toward “Health and Hygiene.” Longer-term lasting changes will continue to drive portfolio, channel, customer and RTM (route-to-market) revaluations across the Consumer Goods and Services (CGS) industry.
As the impact of COVID-19 continues to be felt, many businesses are reopening and moving forward on their journey to recovery, and towards reinvention—companies that can outmaneuver uncertainty continuously will emerge as leaders.
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