The consumer goods market is undergoing an incredible transformation owing to the advancements in technology and fluctuating customer aspirations. Today, consumers leverage technology to elevate their experience through digital platforms, such as e-commerce.
These fluctuating and ever-growing consumer expectations and requirements have made it very challenging for the key players to embrace digital innovation and build a respectable reputation in a crowded and highly-competitive market. However, it is just the beginning as innovations like AI, VR, AR, and animation are going to take the industry to unprecedented levels while setting the bar high for all competing partners.
By keeping up the pace with the recent breakthroughs in technology, we can stayahead of the competition, no matter how big a transformation take place. That being said, in this article we are going to cruise you through how the industry has evolved at the onset of digitalization and what we should expect for the future. But before doing that let’s briefly inspect a key element that plays a major role in all successful transformations. Any organization that commits to using high-end technological tools must invest in a good internet because it all starts with an INTERNET. The internet is the tool that bridges any organization with the consumers over a network.
In this regard, Spectrum is a top-tier option that is already quite popular among the internet fraternity. To learn more, you can contact Spectrum servicio al cliente en español( Spanish Customers) for all your queries and concerns.
Most people ask when did consumer goods industry went through digital transformation. It is a question worth answering as no one cannot pinpoint a time of transformation. However, the invention of the following innovations laid the foundation of change.
The Rise of E-commerce
E-commerce was originated in the 1990s but gained due traction in the late 2000s. It is safe to say that its inception is one of the catalysts that derived digital transformation. Thanks toE-commerce today, consumers can shop for literally anything, from toiletries to digital devices online from the comfort of their homes.
Mobile Technology
The rise of e-commerce could not have been effective if mobile technology was not developed because it offers consumers the ease and feasibility to access and use online stores at their convenience. According to recent research, three-quarters of US adults use their phones for shopping while only one-fourth of adults use desktops and tablets.
This has made it essential for businesses to create robust applications that are not only user-friendly but also positively engage the customers around their products and services.
Now that we know about the pioneers of digital transformation in the Consumer Goods Industry, let’s discuss some transformations that have had a significant impact on the industry.
1. Digital Stores
New-age consumers rely on digital platforms for all product-related information. Therefore, it is important for every business to have a consumer-friendly online store with a dedicated team of digital experts to run it impeccably.
An online store has the capability to generate the ROI or the scale you are seeking. Therefore, businesses are building websites and applications and are getting indulged on social media platforms to build a close tie of support and collaboration with their customers.
2. Data Analytics and Machine Learning
Today,high-end data analytics tools can help your business create a customer persona by delineating their specific purchasing behaviors and preferences. Getting deep insights into the data and consumer mindset allows businesses to not only make the required changes but at the same time empowers them to create more effective products and services to beef up sales and revenue.
3. Automation and AI
For any business to be on the top of the game, it is essential to make the most of digital opportunities. But it is difficult to manage multiple tasks at a time, especially for a small team. Nevertheless, businesses nowadays can benefit from cutting-edge technology to make the most of digital automation. For example, they can use Artificial intelligence to assist their customers in real-time and use automation tools to boost their productivity and efficiency.
4. VR and AR
One study shows that around 34% of consumers use simulation in one way or the other while shopping. These consumers prefer taking a close view of the products and services to make clear buying decisions. Therefore, businesses use high-end technology like virtual reality and augmented reality to offer immersive experiences that besides increasing conversion rate, strengthen brand loyalty and incentivize purchases.
Bottom Line
For organizations operating today, it is important to understand and embrace new technology to keep up with the evolving landscape for desired results. Otherwise, they will simply fall behind the competitors in the long run.
