The vibrant and diversified consumer goods and retail sector embraces a wide range of businesses involved in the production, distribution, and sale of goods and services to consumers. These include fast moving consumer goods, luxury goods, apparel and fashion, consumer electronics, retail, and ecommerce companies.
Understanding consumer behavior: The power of data and AI
As today’s consumers become more influential, knowledgeable, and sophisticated, consumer companies are seeking to build a deeper understanding of consumer behavior and preferences. Using AI and real time data, companies are making advances in areas such as hyper-personalization to help them curate a more personal experience and keep them ahead of the curve. Retailers are even leveraging customer data to understand and predict their desires, even before they enter a retail shop or an ecommerce platform.
The rise of micro-communities
Consumer goods and retail companies are now turning to digital campfires – micro communities – to reinvent the way brands and consumers connect. These digital platforms are especially popular among Gen Z and Gen Alpha consumers, and the growing number of the content creators they follow. In contrast to conventional advertising or branded content, peer recommendations carry more weight as they stem from personal experiences and authentic enthusiasm for a product or service.
Beyond the conventional
Consumer preferences now extend beyond the choice of products and take into consideration the methods and locations of purchase. In the digital sphere consumers are venturing beyond the conventional realm of e-commerce and increasingly gravitating towards social commerce, virtual reality, and metaverse environments.
