When looking at the balance sheet of any major grocery manufacturer, it might appear that industry growth has gone stagnant.
It hasn’t. But, now small disruptors are capturing a disproportionate share of industry value by taking advantage of diminished barriers to entry and delivering compelling consumer experiences.
Digital now stands as the gatekeeper to growth in just about any industry. Large grocery manufacturers must use digital to fuel agility—so no matter the consumer preference, the channel, or the technology, the company is there waiting for the consumer, providing the right product or service to fulfill their individual needs.DOWNLOAD IT LEADERS: SEIZE THE OPPORTUNITY TO DRIVE DIGITAL TRANSFORMATION [PDF]
Accenture and the Grocery Manufacturers Association (GMA) interviewed more than 20 CPG executives representing various areas of the business. We aimed to understand their perspective on how to compete in the digital era, identifying challenges and opportunities. We then analyzed this against insights from an ethnographic study to determine the modern grocery shopper mindsets driving behavior along the consumer journey.
Our research finds that for large grocery manufacturers to transform and be agile, they should focus on three core areas which are enabled by digital capabilities:
and employee delight
Understand your stakeholders to design delightful experiences and services which help continually renew relevance and drive growth
A reoriented business
Run on a value-obsessed operating model focused on consumer-centricity and a culture infused with flexibility
Creation of a scalable, agile company through technology-driven innovation and analytics, modular offerings, and dynamic support
Grocery manufacturers will consider an array of technologies and capabilities to re-imagine their business. Here are those that will provide the greatest impact:
Eliminate data silos
Integrating pockets of data across your enterprise and from your broader partner ecosystem allows grocery manufacturers to produce valuable insights which will fuel new products, services, and opportunities.
test and learn
Be willing to invest in ideas that may fail. It is the only way to encourage true innovation from your employees and ecosystem partners.
Establish a dedicated team
Focus right-sized teams on innovation to determine the next big idea that will improve the experiences offered.