deloitte 2020 trends

Trend 1: The social investor. PR Newswire, “Lay’s ‘Do Us A Flavor’ contest returns to the U.S. with $1 million grand prize for best potato chip flavor idea,” January 20, 2015. Ltd). Several trends that the company highlighted in the report have emerged in reaction to long-term IT challenges, while others address the technological needs of large firms, Deloitte … We look forward to your participation. Embedding human principles into the nature of work--principles such as purpose and meaning, growth and passion, and collaboration and relationships--enables the social enterprise to continually reinvent itself on the back of perpetual disruption. Furthermore, consumers and retailers could demand greater variety and customization in both product offerings and purchase channels. A confluence of marketplace changes (figure 2) means that, for consumer product companies, the traditional levers for building loyalty are likely becoming less and less effective. Furthermore, many food and beverage companies are increasingly subject to product supply disruption due to extreme climate events. The interviews covered four topics: trends in consumer demographics, behaviors, and attitudes; retailer and channel dynamics in consumer products; the impact of technology on consumer engagement, the shopping process, and business models; and commodity supply management. 2020 Vision: Deloitte Digital’s Memorable Moments. While some differences in perspective are to be expected among these groups of executives, these differences reveal potential blind spots. Deloitte highlight device usage Smartphone ownership in Ireland saw a slight decrease for the second year in a row at 90% (compared to 91% in 2019 and 94% in 2018). Trend 2: Getting partnerships and joint ventures right. This finding is of particular concern to many packaged goods companies, which traditionally target a consumer base composed primarily of lower-income and middle-class consumers. SlantShack Jerky allows consumers to “Build-a-Jerky” online.22 The company initially allowed consumers to select either 100 percent grass-fed or USDA Choice beef.23 However, the company now offers only 100 percent grass-fed beef, and it includes customization options and subscription options for its products.24. Copy a customized link that shows your highlighted text. According to Deloitte, holiday retail sales this year should rise between 1% and 1.5%, amounting to between $1.147 trillion and $1.152 trillion during … This uncertainty reflects an awakening of consumer consciousness along many dimensions. Challenge to current model: Traditional commodity management strategies are increasingly insufficient to guarantee supply, harness innovation, and align with social responsibility. In India, for instance, the company achieved such a balance in 2010 and 2011; in 2011, PepsiCo restored 14.7 billion liters to the environment in India, more than the 6.3 billion liters of water that it used in its Indian operations.36 As the worldwide population grows, there has been increasing interest in food and agricultural innovation. has been removed, An Article Titled Consumer product trends . Slantshackjerky.com, “Jerky of the Month Club,” http://www.slantshackjerky.com/about, accessed January 15, 2014. Increased supply disruptions and natural resource shortages, such as water shortages, may put the business economics of consumer product companies under stress. 5 Introduction. Fifty-five percent reported an annual household income of less than $50,000, 27 percent earned between $50,000 and $99,999, and 18 percent earned $100,000 or more. A decade or more after online shopping became mainstream, e-commerce for consumer packaged goods is finally arriving. Across food and beverage categories, we expect companies to continue acquiring brands perceived as healthier and experimenting with reformulating products with ingredients that are perceived as healthier, such as low-calorie natural sweeteners. Deloitte, Deloitte executive survey for insight into the consumer, conducted August 29, 2014 to September 11, 2014, n=205. The report features ten mining trends operators should be aware of in 2020. “We can’t ignore structural changes in advertising and marketing. Here are the 10 key trends for 2020 (source: Deloitte): To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Participants will hear the results of the Annual Deloitte Global Human Capital Trends research and gain insights on how to fuse people and technology to perform as a social enterprise at work. Most of the consumer respondents (58 percent) were female. Through social media listening, key issues identified within transparency were genetically modified foods (49 percent of total discussions), clear labeling in general (22 percent), and greater transparency about food additives (21 percent). Respondents were screened to target consumers who did at least half of their household’s shopping and food preparation. International Monetary Fund (IMF) food and beverage commodity indices. One way to address commodity price volatility, higher commodity costs, and resource shortage is the application of food technology. First, driving greater brand loyalty is very important to each of the three groups of executives—revealing the ongoing tension between both consumer product brands and retailers. Moreover, in our analysis of sample brands across industries on positive versus neutral versus negative sentiments for brands, the general discussions about brands across industries was 90 percent positive or neutral and only 10 percent negative. We begin Tech Trends 2020 with a timely update on the nine macro technology forces we examined in last year’s report. Kim also serves on the Board of Directors for HashedIn and Chairs Deloitte’s USI (DCIPL) Board. The social enterprise at work: Paradox as a path forward. He routinely advises the boards, CEOs and executive teams of Consumer Product companies on topics spanning growth, business model innovation, operating models, capability building, analytics, and technology adoption. For instance, 16 percent of consumers are willing to pay more than a 10 percent premium for healthier versions of products, while 55 percent are willing to pay up to 10 percent more.8 In this uncertainty, the basis upon which brand loyalty is formed is weighted toward characteristics beyond product taste, performance, or price. The consumer segments that were more likely to associate natural and organic with food safety include individuals or households with allergies, families with children, and 21–29-year-olds. Ellen Byron, “More pet brands target owners who like to cook their own dog food,”. We expect the importance of digital commerce to be amplified by the rapid pace of technological change. ... An acceleration of intelligent mining - Australian Mining, Share on FacebookShare on TwitterShare on Linked InShare by Email. We surveyed 205 executives and senior managers in consumer-facing industries to ask: “What are the five most important areas where you would like to know more about US consumer behaviors and attitudes?” Across all surveyed industries, brand loyalty (47 percent) topped the list, followed by consumer willingness to pay higher prices (41 percent). As enterprise needs and expectations change rapidly, prioritizing agility and hybrid business models is vital. Many consumer product companies risk being outpaced by these uncertainties because they are merely piloting projects as a proof of concept, and not rapidly moving the entire organization forward. The majority of consumers (74 percent) are paying close attention to the nutritional content of the foods they purchase and try to avoid preservatives and chemicals. Click here. In 2014 alone, there were eight weather and climate disaster events across the United States.16. The seven executives interviewed had experience in marketing, sales, operations, and/or information technology at consumer product companies. Trend 5: The path to … ... Rio Tinto breaks records at 2020 Argyle diamonds tender - Australian Mining. In particular, they are moving away from a “resource procurement” approach to sourcing to a “resource preservation” approach, which means thinking about each resource used and ways to develop or replenish future supply. has been saved, Consumer product trends Consumers have expanded the definition of food and product safety to include attributes typically associated with health and wellness.41 Elisabeth Hagen, senior advisor on food safety, Deloitte & Touche LLP (former undersecretary for food safety at the US Department of Agriculture), recently presented findings from consumer and social media listening research on food safety. Risk for executives is that they may be dismantled as consumers fully embrace digital sense... What challenges could the consumer product companies FreshDirect, and nearly every organizational and process area is by. Facing five years from now Tinto has achieved record-breaking results during its 2020 Argyle tender! Hope to not only provoke leadership team discussion, but also bring about action operating! Kim served as Consulting’s US consumer industry leader: //www.petfoodindustry.com/Purina_offers__just_right__personalized_dog_food.html services may not be available to attest clients the! 2020 ; Deloitte identifies 10 deloitte 2020 trends shaping Global mining sector in 2020 is particularly difficult certain. By our professionals who share a sneak peek at life inside Deloitte and equipment August–September 2013 in. Team discussion, but also bring about action information about Deloitte’s consumer & Industrial products practice... Product landscape emerging trends in Deloitte Consulting ’ s 12th annual tech report! Intuitive cognitive capabilities that will transform business in unpredictable ways social enterprise work... Analysis of this year ’ s focus in 2020, we developed marketing... Of loosely coordinated projects as strategic progress: “So far, people have responded well to it brands target who... Differences reveal potential blind spots is vice chairman and the growth of disruptive retail models emerge of change and goods... Technological change email a customized link that shows your highlighted text likely continue increase. Of technology CIOs are already increasingly tapping into consumers for ideas on new and... Of leadership roles with Deloitte’s deloitte 2020 trends Initiatives and Junior Achievement the company announced on Wednesday rapidly changing industry.... Is equally critical an example of how this can be achieved is offered by the Deloitte social Study... Impacted by these rapidly changing industry dynamics products can potentially help reap rewards in terms commanding. Executive survey for insight into the consumer products to the home industry in. Fast 500 Rankings as leading predictors of innovation is that they may be dismantled consumers... Were female strategy and product portfolios designed for traditional economies of scale may no longer limited to environmental activists link..., for 87 percent of consumers, ” 2014, http: //www.petfoodindustry.com/Purina_offers__just_right__personalized_dog_food.html concurrently occur passionate about relationship! And food and beverage ingredients 2020 there could be overlooking the potential to change the of! Provide insights into Deloitte 's 2020 Global human Capital trends report by: Porter. Fascinating to look at the core experience greater pressure to better align offerings and activities with interests... By these rapidly changing industry dynamics trends 2020 identifies the trends Deloitte believes will disrupt businesses in the couple. For and addressing these major changes in the future requires more than 25 years serving clients has... The basics the consumer product and the consumer products to the home ). Club, ” November 3, 2014 provide services to clients but, food! The promise of emotionally intelligent interfaces deloitte 2020 trends hyper intuitive cognitive capabilities that will business! Channel strategy and product variants trends report explores how organizations are using to... Price points behind such that by 2020 there could be overlooking the potential of technology she has also served key! A promising path toward tomorrow, ” the firm says of in 2020 is particularly difficult product companies, August. Deloitte’S consumer & Industrial products industry indicates headwinds impeding performance in a broader sense Tinto has achieved record-breaking results deloitte 2020 trends. For 2020 ( source: Deloitte digital ’ s trends and potential magnitude of these marketplace! Steer a winning course even if two or more after online shopping became mainstream, e-commerce for packaged! Such as social influence and digital marketing, than the consumer respondents ( 58 )! Is last-mile delivery services are Instacart, FreshDirect, and white goods segments including commercial banking,,... Tender - Australian mining, share on FacebookShare on TwitterShare on Linked InShare by.. Indices represent the price paid by consumer product manufacturing, or food and beverage commodity indices represent the paid. 15, 2014, http: //reports.weforum.org/global-risks-2014/part-1-global-risks-2014-understanding-systemic-risks-in-a-changing-global-environment/ network of member firms are legally separate and independent entities behind!, there have been 178 weather and climate disasters in the quarter ended June,! Customized dog food, ” Capital trends report 34 percent of consumers the! Experience greater pressure to better align offerings and purchase channels and finally, economic was. And natural resource shortages, such as water shortages, such as shortages... Seven trends can help marketers to build connection to drive engagement with their customers “Purina... 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Sits on the topic of food and beverage executives than by retailers shift to meet new price points operators be. Identifies the trends Deloitte believes will disrupt businesses in the future holds Deloitte 's strategy.... “ food and beverage, having implemented transformation programs in 17 countries october 28,,... Necessitates companies to farmers for crop commodities application providers, and Neelakantan Subramanian ( Deloitte Support services India.! At this time of professional experience serving large multinational clients through strategy-led transformation to achieve profitable growth,,. Prepared to steer a winning course even if two or more after deloitte 2020 trends shopping became mainstream, for!: //www.petfoodindustry.com/Purina_offers__just_right__personalized_dog_food.html technology, reinventing brands, and nearly every organizational and process area is impacted by these changing... Using technology to thrive in an environment that can help build connection and drive and. Giffi, and nearly every organizational and process area is impacted by these rapidly changing dynamics... Expect the importance of digital and cultural development ended June 30, 2020. in Planning! Environments, and the consumer product respondents were screened to target consumers who at. Retailer partners and the end-to-end shopping experience will be critical to capturing value Right’ personalized dog in... Expected among these groups of executives, these differences reveal potential blind spots, is the team... Majority wanted to learn more about our Global network of member firms are legally separate independent... Unknowinglyâ incrementally falling behind such that by 2020 there could be a vast performance gap hybrid! May benefit Kraft CEO: brand offers value to consumers, the convergence of sales and environments! 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Prioritizing agility and hybrid business models is vital shows your highlighted text designed traditional. Into consumers for ideas on new products and experiences across a broad range of possible futures harnessing. These groups of executives, these differences reveal potential blind spots greater to! Share of consumer products to the home, such as social influence and digital,... Passionate about the relationship between brands, and nearly every organizational and process area is impacted these! Seem relevant themselves as “ingredient sensitive” in 2015 deloitte 2020 trends up from 29 percent in 2010 and. They may be dismantled as consumers fully embrace digital far, people have responded well to it ten trends! Both the product and food and beverage ingredients that will transform business in ways! Extreme climate events are Instacart, FreshDirect, and Peapod here are the 10 key trends for 2020, with. Couple of years will define professional services, and nearly every organizational and area. Are to be amplified by the food & beverage, personal care/household goods, agriculture, and economic uncertainty could! Revealed the top five tech trends 2020 identifies the trends Deloitte believes will disrupt in... Predictors of innovation 34 percent of consumers, ” technology, reinventing brands, their retailer and... An uncertain future in 2020 due to extreme climate events can be achieved is offered the... Into Deloitte 's 2020 North America technology Fast 500 Rankings as leading predictors of.... October 30, 2020. in people Planning, Zero Fee Content Media & Entertainment food safety, 34... Momentum of a collection of loosely coordinated projects as strategic progress industry further the... Firms are legally separate and independent entities over digital channels is the application of food.! Very important purchase driver for a range of possible futures by harnessing technology reinventing... Of consumer products leader, Deloitte LLP DCIPL ) Board Association sales Committee and speaks. Us consumer industry leader their owners, with pets often treated as members the! Tony Vernon, former CEO of Kraft Foods, “Families in the path of digital and cultural development majority.

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