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). Based on insights from Deloitte subject matter specialists, the world’s leading organizations, academic and industry luminaries, and leading startups, venture capitalists, and technology providers, Tech Trends 2020 explores five key trends, shares examples from organizations on the front lines, and takes a look at what may come, beyond the next horizon. However, when it comes to food brands on the topic of food safety, almost 34 percent of the discussion was negative. These seven trends can help build connection to drive engagement and growth for brands in 2020. 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. A few examples of organizations providing last-mile delivery services are Instacart, FreshDirect, and Peapod. These potential undercurrents are not mutually exclusive. âTo build brands in the future requires more than the basics. PetfoodIndustry.com, âPurina offers âJust Rightâ personalized dog food,â November 3, 2014, http://www.petfoodindustry.com/Purina_offers__just_right__personalized_dog_food.html. Deloitte, Deloitte executive survey for insight into the consumer, conducted August 29, 2014 to September 11, 2014, n=205. For instance, 16 percent of consumers are willing to pay more than a 10 percent premium for healthier versions of products, while 55 percent are willing to pay up to 10 percent more.8 In this uncertainty, the basis upon which brand loyalty is formed is weighted toward characteristics beyond product taste, performance, or price. The shift toward new, as-yet-unproven digital marketing vehiclesâby consumers and companies alikeâcould heighten the need to discover how to develop a better end-to-end consumer experience. already exists in Saved items. Pat Conroy, Rich Nanda, and Anupam Narula. However, even these companies should realize that a good compassâthat is, setting a clear directionâis necessary but not sufficient. While some differences in perspective are to be expected among these groups of executives, these differences reveal potential blind spots. The interviews covered four topics: trends in consumer demographics, behaviors, and attitudes; retailer and channel dynamics in consumer products; the impact of technology on consumer engagement, the shopping process, and business models; and commodity supply management. Consequently, attitudes toward packaged foods such as an âincreasing desire for real foodâ and âusing food as a way to attain and maintain good healthâ are highly relevant for the pet food category.26 In March 2014, NestlÃ© Purina introduced âJust Right by Purina,â a brand that allows US consumers to create a customized blend of dog food online and have it home-delivered.27 To evaluate the nutritional needs of the pet, NestlÃ© Purinaâs website asks consumers to input details such as breed, gender, age, weight, activity level, and coat condition. One example of how this can be achieved is offered by the food company Kraft. Perhaps the slowdown in return on assets is partially because many companies are neither bold enough in their plans, nor fast enough in their actions. Anupam, Deloitte Services LP, is the Research team leader for Deloitteâs Consumer & Industrial Products industry practice. Under this uncertainty, national brands that do not reinvent themselves and reformulate their products along these attributes risk losing brand loyalty. The risk for many packaged goods companies is that they may be slowly proceeding to address two or three of these areas, and their approaches may be incomplete. 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. Ltd), Michael Jeschke (Deloitte Consulting LLP), Shweta Joshi (Deloitte Support Services India Pvt. The company has also, through various partnerships on projects aimed at water conservation, distribution, purification, and hygiene, provided access to safe water to more than 3 million people; it is now working to provide safe water access to 6 million people by the end of 2015.35 PepsiCoâs focus is on achieving a âpositive water balanceâ in its operations, especially in water-distressed areas. Looking ahead to 2021, we developed seven marketing trends that can help marketers to build connection and drive engagement with their customers. NestlÃ© S.A.,âNestlÃ© Purina launches personalised dog food in US,â October 28, 2014, http://www.nestle.com/media/newsandfeatures/purina-personalised-dog-food-us. Multinational professional services network Deloitte has recently released the 12th issue of its annual mining report, ‘Tracking the trends 2020’, which highlights the company’s top themes for the mining industry. Furthermore, consumers and retailers could demand greater variety and customization in both product offerings and purchase channels. Trend 2: Getting partnerships and joint ventures right. Several trends that the company highlighted in the report have emerged in reaction to long-term IT challenges, while others address the technological needs of large firms, Deloitte … Deloitte’s 12th annual Tech Trends report explores how organizations are using technology to thrive in the face of change. Challenge to current model: Traditional commodity management strategies are increasingly insufficient to guarantee supply, harness innovation, and align with social responsibility. âThe ad-hoc and relatively uncoordinated commodity strategies of the past have left us underprepared for the higher uncertainty we face.ââPackaged goods finance executive The fifth uncertainty posits commodity cost increases and higher cost volatility for key food and beverage inputs. The likely consequence: Companies will experience greater pressure to better align offerings and activities with consumer interests and values. For instance, in 2012, the company met its goal to improve operational water use efficiency by more than 20 percent per unit of production over 2006 levels. . Kim Porter,
Ltd), and Neelakantan Subramanian (Deloitte Support Services India Pvt. The outlook for three trends identified by Deloitte at the beginning of 2020 seems to have markedly changed. 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 âwe 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.â38 Together, these undercurrents and navigation aids may require new ways of working and a higher level of enterprise-wise coordination. Many consumer product companies risk being outpaced by these uncertainties because they are merely piloting projects as a proof of concept, and not rapidly moving the entire organization forward. Rich Nanda,
You need additional differentiation: good for you, good for the environment, and supporting a shared social cause.ââPackaged goods sales executive âHealth and wellness can clearly differentiate our brands and drive brand loyalty.ââPackaged goods marketing executive The second uncertainty envisions a decline in emotional ties to national brands, growing discontent with the perceived values of large companies, and a shift in consumer focus toward personal health, environmental sustainability, and social impact. Measured by return on assets (ROA), the consumer product industryâs median profitability has trended downward over the past 30 years (from 5.8 percent in 1980 versus 3.7 percent in 2013).1 While the bottom quartile of consumer product companies has suffered the most (1.9 percent ROA to a negative ROA of -5.6 percent), top performers are also slightly less profitable than they were before: Top-quartile ROA performersâ ROA fell from 9.2 percent to 8.1 percent.2 In other words: Collectively, the industry has lost steam. Donât mistake the momentum of a collection of loosely coordinated projects as strategic progress. Speed of execution and completeness of action are just as important, if not more important, to consider. She has also served in key leadership roles with Deloitteâs Womenâs Initiatives and Junior Achievement. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Consumer spending will likely shift toward customized products and experiences across a broad range of consumer products. In 2014 alone, there were eight weather and climate disaster events across the United States.16. View in article Hagen, “Food and product 2020.” Slantshackjerky.com, âJerky of the Month Club,â http://www.slantshackjerky.com/about, accessed January 15, 2014. 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). The likely consequence: Core consumer segment(s) will experience minimal income growth at best. We need to move beyond experimenting with direct-to-consumer storefronts, and develop a working online business model to drive growth.ââPackaged goods marketing executive Our third uncertainty posits an environment in which consumers completely immerse themselves within a digital world, and the traditional brick-and-mortar business model becomes less viableâor perhaps even irrelevant. In 2020, starts with the promise of emotionally intelligent interfaces and hyper intuitive cognitive capabilities that will transform business in unpredictable ways. SHARES. The report also uses information collected by the Deloitte Social Media Study. According to Tony Vernon, former CEO of Kraft Foods, âFamilies in the middle [are] in fear of moving lower. Agreeing on strategic actions while not being able to agree on what the consumer product landscape will likely look like in five years is challenging in itself; concurrently moving rapidly with thoroughgoing actions is even more difficult. But, “CIOs are already charting a promising path toward tomorrow,” the firm says. 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. Elisabeth Hagen, senior advisor, Food Safety, Deloitte & Touche LLP, âFood and product 2020,â presented at 2014 GMA Leadership Forum, Colorado Springs, Colorado, August 23, 2014.
Rio Tinto Rio Tinto has achieved record-breaking results during its 2020 Argyle pink diamonds tender collection. Deloitte recently released their Tech Trends report for 2020, which gives insight into the newly identified key players and driving forces behind the world’s developing business and digital landscape. Josh Sosland, âKraft faces barbell burden,â, Kraft Foods Group, Inc., âThe New Kraft Foods Group Investor Day,â presented at SeaPort Boston World Trade Center, Boston, Massachusetts, September 7, 2012, http://ir.kraftfoodsgroup.com/events.cfm; Kate MacArthur, âWhy Kraft changed its innovation strategy and what happened next,â. And during post-purchase, companies can take advantage of technology to extend the product experience as well as to build a life cycle view of consumers through sophisticated data analysis. Click here. The consumers surveyed in January 2014 and January 2015 were screened to target consumers who did at least half of their householdâs shopping and food preparation. Tech Trends 2020 identifies the trends Deloitte believes will disrupt businesses in the next 18 to 24 months. ... Rio Tinto breaks records at 2020 Argyle diamonds tender - Australian Mining.
Fourth, consumer product manufacturers and retailers were more interested in better understanding retail channel preferences than were food and beverage executives, revealing areas where consumer product companies can help retailers with their consumer and cross-channel experience. Participants will hear the results of the Annual Deloitte Global Human Capital Trends research and gain insights on how to fuse people and technology to perform as a social enterprise at work. Executive and senior manager respondentsâ roles and titles reflected a broad range of experience in operations, finance, sales, information technology, marketing, and general management. NestlÃ© Purina observed the intense emotional bond that exists between pets and their owners, with pets often treated as members of the family. Rakesh Kochhar and Rich Morin, âDespite recovery, fewer Americans identify as middle class,â Pew Research Center, January 27, 2014, http://www.pewresearch.org/fact-tank/2014/01/27/despite-recovery-fewer-americans-identify-as-middle-class/. Second, retailers seemed more focused on technology-related areas, such as social influence and digital marketing, than the consumer product respondents were. Concurrently new marketing channels to reach consumers, the convergence of sales and marketing environments, and the growth of disruptive retail models emerge. We have an obligation to financially strapped low- and middle-income families that drive Americaâs grocery sales.â18 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 productsâsuch as more affordable snack packsâspecifically 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. . Digital technology has already permeated the path to purchase, as todayâs consumers use websites, social media, and mobile apps not only to research products, compare prices, and make purchases, but also to provide feedback to peers and even companies. International Monetary Fund (IMF) food and beverage commodity indices. Of these 85 respondents, 38 percent worked at retail companies, 36 percent at consumer product manufacturing companies, and the remaining 26 percent at food and beverage companies. Since 1980, there have been 178 weather and climate disasters in the United States. Consumer product companies should consider taking steps to guard against being thrown off their charted course by these undercurrentsâor they may find themselves capsized by a future that takes them by surprise. Read the latest. Other last-mile delivery services are also emerging in the grocery and general retail space.10 Of note to consumer product companies is that some retailers have reported incremental sales through the online delivery channel.11 Preparing for this undercurrent is important: Recent research suggests that many packaged goods companies may be less prepared to capitalize on digital commerce than they should beâor than many consumer product executives would like to be.12 In a 2013 study comparing consumersâ and CPG executivesâ views on e-commerce, 92 percent of CPG executive respondents agreed with the statement, âThe e-commerce channel is a strategic sales channel for CPG companies.â Yet only 43 percent of these same executives thought that their company had a clear, well-understood digital commerce strategy, indicating a substantial gap between e-commerceâs perceived importance and consumer product companiesâ readiness to execute. 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. Given the multitude and potential magnitude of these projected marketplace changes, speed is equally critical. 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. The resource in question is water. âManufacturing flexibility is vitally important to create products across all price tiers efficiently and profitably.ââPackaged goods sales executive The fourth uncertainty is about consumer spending shifting toward customized products across a broad range of âcommodityâ consumer products.13 Forty-two percent of consumers are interested in technology to customize products, and 19 percent indicate a willingness to pay a 10 percent price premium to customize or personalize products they purchase.14 This state of affairs might be particularly challenging for consumer product companies because it runs counter to the dominant packaged goods market approach of offering a few high-volume SKUs through large traditional retailers. The convergence of enterprise technology trends will continue to profoundly transform all businesses and unlock potential for innovation, Deloitte’s 2020 Tech Trends report reveals.. This is consistent with trends across Europe. Read Australian Mining’s analysis of this year’s trends.
Here are the 10 key trends for 2020 (source: Deloitte): The social investor. The research described in this article is based on 14 case studies conducted between June and December 2014, an executive survey conducted in AugustâSeptember 2013, consumer surveys conducted in January 2014 and January 2015, and seven executive interviews conducted between July and November 2014.3 The executive survey polled 205 US executives and senior managers; the consumer surveys, over 4,000 adult US consumers. PR Newswire, âLayâs âDo Us A Flavorâ contest returns to the U.S. with $1 million grand prize for best potato chip flavor idea,â January 20, 2015. The analysis of social media conversations further highlights the importance of the expanded definition of food safety to consumers as well as sheer negativity around it when it comes to food brands. Trend 4: Dynamically managing risk. Deloitte Consulting CEO on 2020 C-Suite Trends ... What is Deloitte Consulting’s focus in 2020? Barb works directly with consumer and industrial product clients focusing on their regulatory environment, supply chain, technology and processes, and other issues and opportunities. Emotional ties to national brands will likely decline due to growing consumer discontent with large companiesâ perceived values, coupled with increased consumer focus on personal health, the environment, and social impact. The economy will likely continue to stagnate, and may give rise to increased income bifurcation, middling level of consumer confidence, and a struggling middle class.
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