Sales Trends of Consumer Goods

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Five trends are shaping innovation in the consumer goods market.

  1. Consumers are becoming more conscious of consumption, so companies must attempt to be sustainable and deploy ethical sourcing practices. Adopting these practices helps develop brand loyalty, but there is the risk that rising inflationary pressures will weaken this.

  2. Companies that successfully embrace digital transformation will be well-positioned to rise to the consumer's demands of convenience, flexibility and speed of purchase.

  3. Personalised health and wellness products that meet specific health needs are in demand. Buzzwords such as plant-based, free-from, organic, clean, natural, non-GMO, vegan, allergen-free, low sugar, whole grain, superfood, and probiotic are all used to attract health-conscious consumers.

  4. Everyone wants to feel special and unique. AI and other technologies will help drive this personalisation by offering custom options to suit individual tastes and needs. For example, Samsung's Bespoke Home lineup of kitchen appliances includes a refrigerator with panels that can be customised with artwork or family photographs.

  5. The rise and rise of influencer marketing means that brands collaborate with on-trend influencers to reach new audiences and develop brand loyalty. The global influencer marketing market is expected to reach US$91 billion by 2030, rising at a compound annual growth rate (CAGR) of 26.7%, according to a report by Market Research Future. Just choose your influencer carefully and have a plan to deal with any crisis should this go wrong!

Retailer Strategies

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CB Insights have just released their top 100 retail tech companies report. Key takeaways are…

  • Retailers are prioritising making their operations more efficient and productive - there's an opportunity now to optimise logistics and inventory management.

  • They need to make personalised connections with shoppers, new and exisiting, across channels - driving loyalty is all about survival in tough economic times.

  • AI is everywhere - from virtual photo shoots to customer service support. New research suggests that AI could provide enormous time and cost savings in marketing, where companies spend nearly 14% of their budgets.

If you want to find out how your retail operation can use the latest retail insights to grow sales, please get in touch now!

What Christmas Shoppers Want

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With the holiday season almost upon us, McKinsey has released an excellent synopsis of what consumers want when shopping this year. In short, personalise shopping offers, use an omnichannel promotion approach, and consider the challenge of shopping for others by consumers and give recommendations of what to buy earlier, rather than later in the shopping calendar.