This report highlights the findings from Euromonitor International’s Voice of the Industry survey, gathering insights from professionals across diverse industries and regions on company strategy and consumer behaviour. Additionally, the report delves into innovation, new product development (NPD), and technological advancements impacting businesses.
This report comes in PPT.
Corporate strategies seek to drive growth by maximising return on investment, enhancing market share and growing revenue. The key focus revolves around consumers and product offerings, driving initiatives to enhance the consumer experience, introduce new and improved products/services, and diversify distribution channels.
Optimistic sales expectations for 2024 have prompted strategic shifts, favouring channels like discounters, retail e-commerce and online marketplaces, signalling a consumer emphasis on saving money and seeking convenience. The surge in digital commerce, influenced by evolving consumer expectations, offers opportunities for industries like food and beverages, and beauty and personal care.
Companies prioritise consumer needs in innovation, with over 44% increasing investment. New product launches revolve around price positioning, format/formulation and packaging. These are aimed at targeting broader and untapped markets, appealing to new consumer demographics.
Rapid tech integration shapes consumer experiences and transforms business processes. From formulation to disposal, emerging technologies like 3D printing, genetically modified ingredients, automation and AI are revolutionising industries, emphasising the need for ongoing monitoring and adaptation for businesses to navigate the dynamic landscape.
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