Top Trends For Consumer Goods Companies In 2020
Moving into 2020 is not just about a new year, but the turn of a new decade when consumer goods companies begin to make essential changes to boost their business. With the digital shelf available to consumer goods companies, new ideas are trending in the business world. Below are what these businesses can expect to see in their industries and from their competitors this year.
While many companies have had some form of rewards program in place, a more centralized focus on loyalty will be established throughout the 2020 year. For companies who are fighting for their business to succeed during the COVID-19 pandemic. Those customers who were loyal and maintained a business relationship throughout this time could see long-term benefits.
Loyalty programs encourage retention among customers, even without economic disasters such as the pandemic. This employee retention in the past has been a money saver for both the brand and the customer, not requiring new leads to capture their interest. With each customer’s experience being personalized, customers will return for future purchases.
With 2020 kicking off a new decade and an economy that is growing digitally, brand expansion is something that many consumer goods companies will be trending this year. Making the move into new products and new markets can be a risk. Those consumer goods companies that have a substantial customer base that is loyal and stable have an opportunity to expand into these areas.
With competition growing in most industries, new entrants are expected to boost the competition. For current consumer goods companies, this trend can be a game-changer, creating an opportunity for embellishing their brand. As the competition in various industries begins to develop, companies will take new approaches to update and uplift their brand.
Pricing & Discounting
Another way to guarantee a boost in customer traffic is to alter current prices with discounts. Customers today are seeking out the biggest bang for their buck, creating a pros and cons list among their favorite competitors. The idea of slashing prices is appealing to most customers no matter which industry a consumer goods company is affiliated with. It parallels with the growing trend of new entrants into different industries where prices should be evaluated for competition purposes.
One of the biggest 2020 trends is the expansion of omnichannel commerce. Businesses distributing all types of consumer products are making the transition to omnichannel commerce, making shopping viable from any mobile device or physically in business locations. These channels allow consumer goods companies to reach a larger customer base and give customers the option to shop at their comfort which will increase sales and encourage customer retention. With the use of a digital shelf, each company can display their products with a third-party, making them readily accessible and generate a new channel of income.
Are you looking to make your consumer goods company more user-friendly? We are happy to help you build your business with quality software for you and your customers. Contact our representatives today for more information. We look forward to hearing from you soon.