If the last decade was considered a high-speed transformation for this sector, Covid-19 has accelerated it even more. The pandemic and the impending recession will have a lasting impact and change priorities, behaviours, and beliefs of consumers around the world.
For hundreds of years, the key for success in this sector has remained unchanged: What does your customer look like? What are their needs, aspirations and desires, and how are you as an organisation set up to serve them?
Undoubtedly, now is the time to evaluate these questions very carefully and make brave decisions, be they identifying underperforming brands, rigorously optimising portfolios, streamlining channels, tightening procurement spend, investing in sustainable supply chains, and becoming the purpose-led organisation that consumers trust in a post-Covid world.
We hope you find our Covid-19 related insights of interest. Please contact Patrick Winters and Dan Nicholson for all sector-related challenges you are facing.