In the Deloitte 2021 Consumer Products Industry Outlook, the consulting firm identified five “no regret” strategic moves that will mark the direction of the sector, based on several dozen scenario tests as well as a survey of CP company executives.
They are, as characterized by Deloitte:
- Resetting Go-to-Market Strategies. Four in five CP companies participating in the study stated that resetting their go-to-market strategy is critical to meeting their 2021 objectives, but only half rated the current maturity of their related capabilities as high.
- Accelerating the Shift to Digital. Four fifths of those increasing their investments in digital are allocating resources to improve e-commerce and shopping platforms.
- Building Supply Chain Resilience. Nine of 10 CP companies say they are making significant further investments to improve their supply chain resilience, and nine of 10 executives are prioritizing the speed of their supply chains.
- Connecting Purpose to Profit. Three of four CP executives said that a corporate strategy focused on purpose alongside profit will be important to achieving their strategic outcomes this year, with three of five backing that up by making meaningful investments.
- Investing in Tomorrow’s Business Foundations. One of three companies indicated they will invest in robotic process automation to make processes more efficient and migrate them to the cloud where possible.
Deloitte noted that many companies, even those traditionally slower to adapt to automation, are making an investment to improve worker safety and efficiency.