Chief executive officers are expecting massive business change over the next two years, including at retail, according to a global consumer executive top of mind study, “No Normal is the New Normal: Make Disruption Work for Your Business,” conducted by KPMG International and The Consumer Goods Forum.
In the report, CEOs stated they expect to see:
- New business models that will overwhelm operations not ready to make thoroughgoing changes.
- Fewer stores in operation, particularly in North America as 37% of senior executive respondents in the region agree that they will close stores in the next two years.
- Increased sales through owned channels, initiated to increase speed and efficiency.
“Today’s consumer and retail market is beyond disruption, we are disrupted, and CEOs need to listen to the market, look outward and focus on changing their business,” said Willy Kruh, KPMG global chair, consumer and retail. “It’s an increasingly difficult tightrope to walk between dealing with both internal and external continuous disruption, but both are key to creating customer centric organizations. Those companies that cannot authentically connect to customers will get left behind.”