Salesforce, the global CRM and cloud technology company in Israel and around the world, publishes the Consumer Goods Report, which reveals how consumer goods companies are adapting their digital transformation process to the new reality.
The report is based on a survey conducted among thousands of decision makers in the consumer goods industry around the world. He finds that data, deep personalization, and a direct-to-consumer selling model are becoming more critical in the current rapidly evolving consumer landscape.
Despite the economic uncertainty that the consumer goods sector has been experiencing for more than a year, consumer spending has remained stable and even grew slightly, and prices still remain high. As a result, 90% of decision-makers in the consumer goods industry expect earnings growth over the next two years. Moreover, as in other industries, in the consumer goods industry, one of the main causes of the changes it is undergoing is data.
Increase efficiency
The growing volume of data, combined with the ability to use AI to take informed action in real time, provides a huge opportunity to increase efficiency, deepen customer relationships, and pursue new business opportunities and revenue streams, according to the company. According to the report, consumer goods companies have taken note of the growing reliance on data and the need to get the most out of it.
Artificial intelligence, photo: Thinkstock Photos
Almost all respondents (93 per cent) agree that they can use data effectively to fine-tune prices and promotions, for example, and 92 per cent say the same about their ability to use data to improve overall profitability.
The report also found that 83% of consumer goods decision-makers believe that it is now harder than ever to maintain customer loyalty, and price sensitivity leads the list of obstacles to overcome in an inflationary environment.
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