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Monday, April 15, 2019

Converting Insight into Action for CPG

Useful description about the ability to integrate CPG and behavior.

Using AI to Translate Insight into Action
By Steven Hornyak, Symphony Retail AI, CPG Solutions - in ConsumerGoods

Today, consumer packaged goods brands are tasked with much more than conveniently connecting shoppers with their favorite items. Consumers want brands to anticipate their needs and make relevant products available to them wherever they shop.

But many CPGs have yet to crack the code. They’re spending countless hours and dollars investing in trade promotions even though 72% of those programs don’t break even. They also invest heavily in new product development even though 95% of new products fail. To be successful in today’s market, CPGs must acquire and learn from a deeper understanding of consumer behavior to make more strategic, more intelligent promotion decisions.

Channel blurring has led to more complexities than ever for both CPGs and retailers. Consumers have the option to shop in physical stores or online, a blend of the two with buy online and pick up in store, or to not even actively shop at all by using a subscription service. On top of this, the growth of today’s private label and regional-based players have led many product lines to hit a premature revenue ceiling. ... " 

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