http://www.deloitte.com/us/consumerproducts. They sold -- I think the CEO on the last earnings call said that 110,000 of its users sold at least one mask [laughs] in the last quarter. Traditional consumer insight collection techniques, analytical models, and decision-making models may not be dynamic and granular enough to rapidly make pricing and trade promotion decisions with more precision. Discover Deloitte and learn more about our people and culture. Mask sales made up just 14% of that. I want to talk about two today that have done pretty well because they never really let up on their investments. Target, because we thought of them mostly for, like, groceries, we haven't been as big of Target shoppers. In just a decade’s time, the industry has evolved like never before and the credit goes to our growing economy too. The seven executives interviewed had experience in marketing, sales, operations, and/or information technology at consumer product companies. Conducted in July 2014, the Deloitte Social Media Study analyzed social media posts from the United States on the topics of “food safety” and “health and wellness.”. And so, they had this thing, what they call the Valentine's Day massacre and they laid-off a bunch of their corporate employees in February. . Concurrently new marketing channels to reach consumers, the convergence of sales and marketing environments, and the growth of disruptive retail models emerge. In order to stay relevant in the industry and work to beat out your product's competition, you’ll need to stay on top of CPG industry trends for the future. She has spent 25 years serving clients and has extensive global experience, having implemented transformation programs in 17 countries. So, in my mind, there was that fundamental difference between the two platforms, but clearly, especially with Fiverr, I've been wrong with some of the long-term tailwinds that exist for these companies. To help executives plan and act amid these undercurrents, we have developed five sets of specific steps that may help address each of the five potential uncertainties described on page 5 (figure 2). See something interesting? Crop commodities in categories such as food (wheat, corn, rice, soybeans), beverages (coffee, cocoa), and cotton have trended upward over the past decade.15 The International Monetary Fund (IMF) Food Commodity Index has risen 44 percent over the past decade, and the IMF Beverage Commodity Index has increased 56 percent. The shift toward new, as-yet-unproven digital marketing vehicles—by consumers and companies alike—could heighten the need to discover how to develop a better end-to-end consumer experience.
While e-commerce is a small proportion of US retail sales (6.4 percent of sales between January and September 2014, according to the Retail Indicators Branch, US Census Bureau), online retail growth is outpacing overall growth. Flippen: [laughs] And before we sign off here, let's talk about the final trend that we've been seeing here in consumer goods for 2020. Once you buy those couches, you know, they're in your living room [laughs] for six to eight years. So, Fiverr helps people get things done, but it is a platform that links up freelancers or gig workers with people who are looking for all types of services. For example, for 87 percent of consumers, clear labeling was a very important purchase driver for a given food product. For Asit Sharma, I'm Emily Flippen, thanks for listening, and Fool on! Please see www.deloitte.com/about to learn more about our global network of member firms. The website also considers dietary preferences (for example, inclusion of chicken, lamb, salmon, grains, or soy) and allows consumers to personalize the package with the pet’s name and picture.28 The website uses automated reminders so that consumers can conveniently reorder the customized blend before they run out of dog food.29 “Just Right by Purina” launched across the United States in October 2014, after an initial testing phase that began in March 2014. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment. [laughs] You're going and you're looking for somebody to take a one-off job for you, which is not something we do when we tape Industry Focus, for instance. And management came out and said, look, we really should be getting at least 10% net income margins here, but we're just not, we're spending way too much money. We have an obligation to financially strapped low- and middle-income families that drive America’s grocery sales.”18 Kraft has also recognized the steady growth in popularity of dollar stores and drugstores among lower-income consumers as part of their overall grocery shopping routine.19 The company has partnered with a dollar retailer in a promotional partnership to improve signage around and placement of the Kraft brand, and it has designed products—such as more affordable snack packs—specifically for the dollar and convenience channels.20, For many consumers, perceptions of health and wellness seem to be increasingly important influencers of buying decisions at the shelf. World Economic Forum, “Global risks 2014, ninth edition,” 2014, http://reports.weforum.org/global-risks-2014/part-1-global-risks-2014-understanding-systemic-risks-in-a-changing-global-environment/. So, it's a behemoth, right, it's a big conglomerate. This is PepsiCo (NASDAQ:PEP), which again needs little introduction. They're still running at losses, but man! Etsy is top-of-mind, and I think that's part of the reason why it's resonated so strongly with consumers even during this pandemic, because they don't have to pay as much money to tell people to go to their site, people are already aware of it. Thanks to Tim Sparks for his work behind the screen today. Leaders will adopt a new model for ‘where to play’ and ‘how to win’ that gets their evergreen brands on the right side of the trends and helps their small brands scale up more quickly. So, hats off to Pepsi in this case. We sort of forgot about all these technological investments. Sharma: Yeah, sure, and I'm with you there. And then the pandemic hits, and it's almost like it didn't happen, it's almost like they went back on that and they're spending all of this money and trying to reinvigorate, I guess, investors and customers. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. This year, they've already allocated $70 million to capital expenditures in just six months. Instacart is a grocery delivery service that provides consumers with a third-party personal shopper that picks up and delivers groceries to them.9 Instacart shoppers pick up groceries at national retailers, as well as at local retailers, in 16 metro areas across the United States. Through social media listening, key issues identified within transparency were genetically modified foods (49 percent of total discussions), clear labeling in general (22 percent), and greater transparency about food additives (21 percent). So, in other words, my super-comps equals your negative comps. Kim Porter,
Ltd), Michael Jeschke (Deloitte Consulting LLP), Shweta Joshi (Deloitte Support Services India Pvt. A few examples of organizations providing last-mile delivery services are Instacart, FreshDirect, and Peapod. Rich is passionate about the relationship between brands, their retailer partners and the consumer. They have averaged $44 million a year in their capital expenditures. Fifty-five percent reported an annual household income of less than $50,000, 27 percent earned between $50,000 and $99,999, and 18 percent earned $100,000 or more. Consumer spending will likely shift toward customized products and experiences across a broad range of consumer products. They look at e-commerce and some companies leading that space, how they are serving their consumers, and what they are doing to keep their competitors at bay. A lot of times you hear people talk about Etsy in the terms of an artisan marketplace, but more and more, platforms like this enable people like yourself and myself, if we want to pick up a little bit of extra income, we could sew a mask, throw it up on an Etsy store, which is really easy to create overnight, and start selling. They are expanding in Europe, as I mentioned, it's global volume and just trying to make sure that they can improve those operating margins to the best that they can. I like both of these businesses, but Wayfair, I feel like this pandemic has erased all of the issues that Wayfair was -- the very real issues that Wayfair was experiencing at the beginning of the year. So, it's going to make money in the future through volume, not necessarily pricing power, although its products are premium products. We'll work through each of them briefly. And it's not really e-commerce, so I very cleverly left out the "e" in my title and I called this "commerce enablers." David Zax, “Jerky Week, part I: How Slantshack scales artisanal jerky,”. The likely consequence: Core consumer segment(s) will experience minimal income growth at best. We've been hearing for so many years that this is going to be the key that helps these sprawling enterprises start to grow a little bit more quickly again and throw off better returns for shareholders. With more than 3,600 professionals in the Consumer Products practice, Deloitte delivers insights on the latest consumer product issues, effective practices, technology, and operating procedures, serving companies across multiple categories including food and beverage, apparel and footwear, personal care, and household products. Sharma: Sure. So, if you're thinking of this stock as we're talking, maybe pulling it up, you'll see the stock chart looks really daunting, [laughs] it has gone into the stratosphere. As always, people on the program may own companies discussed in the show, and The Motley Fool may have formal recommendations for or against any stocks mentioned, so don't buy or sell anything based solely on what you hear. I think that within itself is really strong and really competitive, not to mention all of the work Etsy, as a business, as a company, has been doing to recreate the success at Etsy into other niches. We used to have a membership, but there was never as much of a pull for us. Furthermore, the US consumer packaged goods market is unlikely to grow beyond the rate of population growth, and small players may be better positioned to take market share from traditional industry leaders. Philippines consumer goods and retail service offers analysis, data and forecasts from The EIU to support industry executives' decision-making Digital marketing is an imperative to be successful. A little bit of skepticism on that, though, how much of that is one-time and driven just by the trend of so many people being home and deciding, yeah, you know, this would be a great time to buy those couches that we've been thinking about. Report Hive’s latest publication, Titled “[Fast Moving Consumer Goods (FMCG) Market Research Report 2020]”, offers an insightful take on the drivers and restraints present in the market. [laughs] But are you a member of a club warehouse by any chance, Emily? The shifts are occurring quickly: We observe many environmental factors today that increase not only the probability of change, but also the speed at which we may see each of the undercurrents come to fruition. SlantShack Jerky allows consumers to “Build-a-Jerky” online.22 The company initially allowed consumers to select either 100 percent grass-fed or USDA Choice beef.23 However, the company now offers only 100 percent grass-fed beef, and it includes customization options and subscription options for its products.24. Consumer product companies can use digital media to become a part of the consumer’s pre-store planning process by offering features such as online product comparison tools. Consumer product companies should consider taking steps to guard against being thrown off their charted course by these undercurrents—or they may find themselves capsized by a future that takes them by surprise. The impact of the current economic situation on the consumer (38 percent), the impact of social influence on loyalty (37 percent), and the impact of technology on shopping and the changing digital landscape (37 percent) round out the top areas.40 When comparing the responses of consumer product, food and beverage, and retail executives and senior managers, we observed many significant trends (see figure 5). [laughs] And so, the focus seemed to shift toward brands. And Frito-Lay, although it's the second-largest segment by revenue, it contributes more profit than any other segment to Pepsi's bottom line. It's … For example, packaged goods executives seem to be lagging retailer executives in technology, and retailers may not be fully appreciating the impact of the changes in consumer preferences and demographics. Their customer touches are really great. Nestlé Purina’s ability to offer customized dog food provides an example of a company embracing both customization and customer interaction. Almost 70% of their sales are auto-ship sales, whereas a company like Wayfair is having to reconvince people who've already purchased on their site that they need to purchase again, and that ends up being a lot more of an expensive value proposition. I'm getting a chuckle out of the fact that you brought it up, because I believe it was two weeks ago Dan Kline and I taped an episode just going over these big-box wholesalers, and after listening to him talk my ear off about how amazing Costco is and all the things that you can get bundled into a Costco membership, even though I live in a household of two plus a cat, [laughs] I'm almost tempted to become a member myself, just for the experience. Food and beverage innovation firm Mattson takes a look at the hot consumer food and beverage trends in 2020. During in-store shopping, technology can enhance the in-store product experience and deepen the brand conversation to help consumers save time and make better decisions. [laughs] And this pandemic, we've been to Target a lot more than we have been to Kohl's. Challenge to current model: Channel strategy and product portfolio shift to meet new price points. Speed of execution and completeness of action are just as important, if not more important, to consider. Even Pet Rx products. For example, Vinod Khosla of Khosla Ventures has invested in Hampton Creek, which develops products with plant-based proteins, such as egg-free Just Mayo.37 Food technology start-ups are important to investors like Khosla because “we must invest in humane foods that avoid the industrial food chain, like Hampton Creek, which can achieve five times greater improvement in efficiency through innovation without compromising taste.”38 Together, these undercurrents and navigation aids may require new ways of working and a higher level of enterprise-wise coordination. So, I feel somewhat more justified in my opinion about Chewy, now having a little -- somebody else who is also looking at it and not thinking, oh, this is terrible. Whereas a company like Wayfair spends a lot of money on marketing, they said this, management has said this, that they think that they do not need to spend as much money on marketing as they are, because the people who should be revisiting their site are existing customers. And that is a jump from $78 million for the whole year of 2017. The only hitch there is that, again, this forced competitors like CarMax, which is more in a physical environment, to really focus on their e-channel, so they got some sudden competition as well. They notably had very few disruptions in their supply chain. So, we really wanted comfort food, and PepsiCo is able to supply it. I am taking your market share. But they've been building this really cool automated factory, they called it the factory of the future, in Berkeley County, West Virginia. And from the start, the one knock I'd had on Chewy, it's got really poor gross margins. I mean, if they can create the success that Etsy has had in other industries, other little niches as well, I think Etsy can be so powerful, and already is so powerful. Was it because they knew that people with lots of kids are going to be home? A decade or more after online shopping became mainstream, e-commerce for consumer packaged goods is finally arriving. has been saved, Consumer product trends
There is a class right below them of companies that, for their stock appreciation, [laughs] they look just like remote-work stocks. While some differences in perspective are to be expected among these groups of executives, these differences reveal potential blind spots. And I think the reason why this is a great place to start is because I think a lot of our listeners, I know myself, personally, I'm very aware of this 2020 trend for consumer goods, and I think it will resonate a lot with a lot of our listeners. Elisabeth Hagen, senior advisor, Food Safety, Deloitte & Touche LLP, “Food and product 2020,” presented at 2014 GMA Leadership Forum, Colorado Springs, Colorado, August 23, 2014. Additionally, 35 percent of consumers described themselves as “ingredient sensitive” in 2015, up from 29 percent in 2010. iCrowdNewswire Dec 8, 2020 11:00 AM ET. But as you were speaking here, I pulled up on my second monitor, the performance of Procter & Gamble versus the S&P 500, and over the past five years, it's actually outperformed the market by about 20%. It had a $1 billion jump in its gross merchandise value; that's just a fancy term for all of the dollar volume that went over its platform last quarter. Whereas a company like Chewy -- and I always highlight this about Chewy -- is, while it's unprofitable in terms of their net income, not only is this a cash-generating company, but more importantly, they could easily become profitable, if they just scaled back their marketing spend. The brunt of this has gone to these distribution centers. I know they recently acquired a company called Reverb, that's essentially working in sales of used musical instruments. Note: The remaining 120 executives worked in other consumer-focused industries including commercial banking, travel, hospitality, automotive, and consumer electronics. In this rapidly evolving, low-growth, and margin-compressed environment, clear strategic direction and coordinated efforts are not all that should be pursued. The Chinese furniture industry is achieving continuous growth. Any other thoughts on Fiverr? Local is going hyper-local. I think that they are too big. But by keeping its focus also on the low end of the market -- that's people who are coming to the gig economy for the first time or are looking maybe just for a little bit of a supplemental revenue stream, they benefited greatly when everything shut down earlier this year and they're still benefiting. Challenge to current model: Traditional marketing and channel economies of scale dissipate, with many more paths to the consumer and many more convenient options for consumers to make initial and recurring purchases. PepsiCo’s commodity procurement strategy provides an example of how a company can reframe commodity sourcing from a resource procurement decision to a resource preservation decision. Rich earned his undergraduate degree in engineering from Kettering University and his MBA from Columbia Business School. We talked about Etsy, we talked about Fiverr and e-commerce. A substantial majority of consumers were very concerned about what they are buying and eating, as well as where their food is coming from. But to wrap up, all three of these companies, again, put the money where they needed to, and threw off a lot of their own cash flow, and in Wayfair's case, took on some debt to build out their ability to get product to customers. I've been dinging Procter & Gamble for years because it spends so many billions just to buy back shares and it's never really focused enough on growth [laughs] in my opinion. ... 2020 Consumer Packaged Goods Trends Driving ... with founders from the tech industry. In addition, they discuss super-comps, big-box wholesalers, and much more. Simply select text and choose how to share it: Consumer product trends
Certain services may not be available to attest clients under the rules and regulations of public accounting. Nidal Haddad, "The intuitive enterprise: Enterprise-wide change is necessary to leapfrog to an intuitive enterprise," Deloitte, http://www2.deloitte.com/us/en/pages/consulting/articles/the-intuitive-enterprise.html, accessed June 22, 2015. All this came together, plus the fact that Target was really well-diversified among a number of categories that did extremely well during the pandemic. These are products that don't go away overnight. Three stocks: Chewy (NYSE:CHWY); Wayfair (NYSE:W); and Carvana (NYSE:CVNA). Various Cloud Computing Market in Retail & Consumer Goods verticals are featured in the study along with competitive industry … And so, they're clearly doing something right, even though this is a $350 billion company. Consumer tastes can turn on a dime and fads come and go on a regular basis. He's a hard person to get approval from. But just personally, our Target visits have well outnumbered Kohl's visits during the pandemic, just because Target has a little bit of everything that you need. And that's just sort of an aspirational goal. Under this uncertainty, agricultural innovations are likely to emerge that have the potential to change the economics of food and beverage ingredients. Nestlé Purina observed the intense emotional bond that exists between pets and their owners, with pets often treated as members of the family. The authors would like to thank Glenn Goldman (Deloitte Consulting LLP), Jacob Bruun-Jensen (Deloitte Consulting LLP) and Bernardo Silva (Deloitte Consulting LLP) for their significant contributions to the research and writing. Flippen: And what's the Warren Buffett mantra? Additionally, recent social media listening research indicated that when consumers talk about food safety in the United States, only 14 percent of the discussion is about basic food safety, while the rest is about a broader set of topics, such as health and wellness.43 Within the health and wellness and food safety discussions, a significant number of posts were about transparency (8 million posts) and sustainability (2 million posts). The risk for executives is that they may be unknowingly incrementally falling behind such that by 2020 there could be a vast performance gap. One way to address commodity price volatility, higher commodity costs, and resource shortage is the application of food technology. Shoot us an email at IndustryFocus @ Fool.com or tweet at us @ MFIndustryFocus small-scale e-commerce process area is by. Been throwing up losses for years demand greater variety and customization in both product offerings and purchase channels artisanal,... 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