This report summarizes global Voice of the Industry findings, based on the survey fielded from August-November 2023. Key topics included are business strategy, category performance, innovation and digital trends, along with case studies and insights on cross-industry comparative analysis.
This report comes in PPT.
In order to increase profitability, market share and revenue, Voice of the Industry survey respondents agreed the main business strategies relate to improving existing products and services, while also targeting new consumer segments, exploring new markets and categories. Thus, it is essential to develop consumer-centric approaches, for example by improving the customer journey and buying experience and providing a consistent brand experience across channels.
More than half of industry respondents expect sales performance to slightly increase in comparison to 2023, especially driven by retail e-commerce growth. Business strategies vary from expanding digital presence, improving consumers’ personalised experiences, investing in logistics or in alternative distribution models, aiming at evolving retail experiences.
Industry respondents in the Voice of the Industry survey support that the lack of corporate funding or the absence of skilled professionals are the main deterrent to innovation. In order to be successful, innovation efforts should balance consumer demand with corporate strategy, particularly in the areas of sustainability, price positioning, product formulation and technology solutions.
Artificial intelligence, Generative AI and robotics and automation are among the main digital trends to influence business operations in the next five years. These link to technological advancements in several areas, such as store operations, customer service capabilities, buying experience and automated supply chain solutions.
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