The CPG industry will see more change in the next 10 years than it has in the last 40. The evidence is clear, the performance of incumbents has been steadily declining. Why is this happening? Simple answer: how consumers behave and what they want has changed.
Thanks to the ubiquity of digital channels, consumers are now hyper-connected to their peers and other influencers who increasingly guide their choices and alert them to new products. What’s more, behaviors have transformed. Better informed than ever, consumers know what they want and how to get the best deal. They also demand and expect a fast, personalized service. As a result, larger monolithic brand propositions are no longer winning. Focused, born-digital smaller brands with targeted appeal are rapidly moving in front.
The impact for CPG companies is clear. They must evolve to operate in a world that’s moving faster all the time and embrace the fast model. Doing so will enable them to innovate at speed, effectively partner throughout their ecosystems to deliver differentiated products and services, and be agile enough to respond to fast-changing consumer expectations.
Explore our trends
Our 2018 Accenture Technology Vision for Consumer Goods and Services focuses on three of the five trends identified in the cross-industry report that have the greatest impact and allow CPG companies to become modern and connected enterprises.