Consumer Goods Industry
The consumer industry is a huge and ever-growing sector that encompasses everything from food and drink to fashion and electronics. It’s easy to see why it’s such a popular target for businesses; after all, everyone needs to consume goods and services at some point in their life.
The global market for consumer products was estimated to be worth around $18 trillion in 2015, according to research firm Euromonitor International, with North America accounting for the lion’s share of spending.
Consumer Industry - highly competitive
There are endless opportunities within the consumer industry to start or grow a business – but plenty of challenges. For one thing, competition is fierce as companies battle it out for shelf space (or web real estate) and customer attention. These companies constantly have to innovate in order to stay ahead of the curve and meet the ever-changing demands of consumers who have more choices than ever before thanks to technological advances like eCommerce.
Then there are issues like sustainability which are becoming increasingly important To succeed long term, businesses not only need to have great products, they must understand how best to sell them too – whether that means understanding digital marketing or being able provide an exceptional in store experience.
Mastering this is part of the puzzle and can make all the difference between success or failure in the highly competitive world of consumer packaged goods.
Why Consumer Industry is important?
It can be difficult to rise above the noise and get customers to buy your product rather than that offered by one of the well-established brands they already know and switch between on a constant basis. In fact studies have shown that people are far more likely to purchase a good or service that is convenient for them.
As the retail landscape continues to change, so does consumer behaviour. Today’s consumers are more empowered than ever before and they have high expectations when it comes to the brands they purchase from. In order to remain competitive in today’s market, businesses need to understand what motivates their customers and how to best reach them.
Some key trends that are shaping the consumer industry
The consumer industry has been growing steadily for many years, but it has faced some challenges in recent times. One of the biggest problems facing the consumer industry is rising prices.
Many companies have had to increase their prices in order to cope with higher costs, such as raw materials and labour. This has put pressure on household budgets and caused some people to cut back on spending or switch to cheaper alternatives.