This report brings together results from Euromonitor’s 2024 Voice of the Industry Survey, which tracks sales performance and expectation, channel shifts, innovation initiatives and digital trends. It highlights insights from industry professionals to understand short- and long-term business priorities and growth strategies.
This report comes in PPT.
Amid ongoing inflationary pressures, retail channels must address consumer preferences and affordability concerns, leading to diverse value-for-money perceptions across categories. In the short term, business strategies should boost convenience and product variety, and improved shopping experiences in online and in-store operations, supported by the implementation of new technologies.
Businesses’ long-term growth relates to enhancing existing products and exploring new consumer segments or new markets. These developments should also drive innovation plans, with a focus on aligning with consumer values, incorporating sustainable features, leveraging advanced technology solutions and encouraging client engagement on brand and product experiences.
Communication strategy is key for engaging with target audiences, expanding market reach and influencing brand loyalty. While traditional marketing is still relevant, social media platforms, influencers’ content and storytelling have become important tools to amplify the emotional connection between consumers and brands, therefore expanding brands’ visibility and cultivating long-term loyalty.
In the next five years, technology development should be a core business priority, driving growth and innovation in customer service, product development, supply chain operations, customer-data analysis and others. To succeed, businesses must identify key organisational challenges and address them through strategic investments and a culture of innovation.
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