Technological innovation has remained the most powerful disruptor in the Consumer Packaged Goods industry. The limitless trove of information available at the flip of a finger on a Smartphone or many other digital devices out there is now shaping consumer attitude and activity. It is, therefore, important for players in this industry to examine the trending innovations and find ways to harness them to their advantage. Here are the top trends to watch this year.
Complex consumer information is now available on a massive scale thanks to the unlimited computing capacity of the cloud. Small business owners to large corporations can use advanced data analytics to learn about their consumers and benefit from this information. They can establish consumer shopping patterns and make anticipatory shipping of goods to areas where orders are more likely to come from, among other uses.
The Internet of things
One of the most exciting technological trends relates to how equipment such as refrigerators are now able to communicate with stores and place orders for deliveries on their own. It is interesting to see how this development pans out, especially with the advent of drone deliveries by some major industry players such as Amazon.
Social media and online marketing
Online platforms have almost entirely eclipsed traditional marketing platforms such as billboards and TV ads. It is important for industry players to increase their presence on all social media platforms if they want to remain relevant particularly among the youthful population. Customer feedback and complaints need a prompt response on these platforms to avoid issues escalating – a phenomenon that can swiftly and irredeemably destroy your brand
Pricing and promotions coordination across channels
Price is a major consideration for most consumers who make every effort to compare prices on both online and offline platforms. For that reason, enterprises are using analytics to understand price sensitive clients better, as well as identify channels that may not change significantly against differential pricing. On the other hand, you should expect better management of promotions to avoid cannibalization as well as geo-targeting to make the offer available to clients as they approach a store in real-time.
Focus on digital marketing
Television has been a major channel of advertisement, but in the coming days, there will be more investment in digital media ads. That is because of an analysis of digital marketing through marketing mix models indicates higher gains.