CPG brands and retail are in a complex and fast-moving business, where consumer demands and tastes move rapidly. Many of the top CPG brands worldwide are now looking at using technology like automation and cloud for retail to meet these fast-moving demands and support their business.
This blog will look at the key areas these brands are looking at and what they are doing to keep up and enable their businesses.
1. Intelligent Automated Workflows to boost CPG sales
To meet consumer demands, manufacturers must adopt an agile, innovative mindset and move towards an integrated, intelligent automated workflow accessed via cloud solutions. It is based on a machine-learning algorithm that detects when products aren’t selling as planned based on sales data analytics. Finding the root cause of the problem provides crucial insights and emphasizes fixing the problem before any further tasks are assigned.
It includes interconnectivity amongst the entire CPG and retail team for opportunity detection sales and real-time data to make intelligent and automated decisions throughout the production process. Over time, the collected data trains the model, improving its accuracy and ability to make predictions about potential issues. It also helps manufacturers handle the supply chain and deliver products to the end consumer at the right time.
2. Automated Retail Execution
Retailers face the recurring problem of phantom inventory, which happens when there aren’t any actual products at a location, but the company system shows otherwise. Another problem is underperforming discounts and promotions. This happens when the right-priced products aren’t available to the consumers; the discounts to retailers go waste as the products don’t end up getting sold.
Data from automatic workflows allows retailers to detect problems and act quickly to correct them. This includes prioritizing in-store visits for underperforming products or replacing missing signages and other activities that might help the retailer leverage the promotion to the fullest. Improving on-shelf availability from four to nine percent has proven effective by improving product sales from three to five percent.
3. Leveraging Data Science to Meet Fast-Changing Customer Demands
When the pandemic hit, it disrupted supply chains worldwide. There were unexpected changes in consumer demand resulting from home-cooking trends and much more. CPG organizations shifted to e-commerce and started looking for solutions that would help them better understand and adapt to these fluctuating sales cycles.
Data science platforms topped with a simple UX help retail operations become more efficient and sell the exact products consumers want to purchase.
Future of retail will be a constant challenge for CPG brands and retailers alike. However, as the speed of innovation of technologies such as cloud for retail and consumer expectations continues to accelerate, the opportunities for companies that can quickly adapt are promising.
We look forward to working with you to help you navigate future challenges. Please contact us anytime to learn more about how we can help you or discuss how we can support your digital transformation.
Review Fast Moving Consumer Demands in CPG Brands and Retail – How to Keep Up?.