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Kpmg.Com/Cmsurvey | 2 | Growth Think like a start-up | 1 | How to grow in a disruptive market 2017 Global Consumer Executive Top of Mind Survey kpmg.com/cmsurvey | 2 | growth © 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. “ Revolution is just “ Consumers around the corner” want authenticity” Willy Kruh explains why businesses must Peter Freedman says engaging respond to geographic, demographic consumers and building brand and technological changes to survive loyalty is all in the narrative ur fi fth annual Global Consumer Executive tart-ups have successfully disrupted the Top of Mind Survey reveals that 35 percent consumer goods industry because they have of respondents have experienced growth of been able to understand consumer trends. Yet 6 percent or more a year. This is great news their success has spurred established players for them. But for manufacturers and retailers who, it’s fair to say, are all now obsessed with across the globe to achieve comparable – or increasing the pace of change. better – results, the key is understanding that Today’s consumers want instant gratifi cation, Ogrowth is as much a mindset as a market condition. Sas well as a narrative or story behind the products they | 3 | Companies that manage change by becoming customer buy that resonates with them. Consumers are looking centric throughout their operations can accelerate growth. for authenticity – products that have been created by I see three revolutions coming. First, a geographic a couple of individuals whose names they know, and revolution. Heading towards 2030, the bulk of the global are produced in a certain place. consumer base will be a billion new In some ways, smaller start-ups have customers from China. The second is an easier ride when it comes to creating demographic. As digital natives, today’s authenticity. One of the challenges for consumers are driving online sales. The established brands is that there are some ‘Do It For Me’ generation wants something negative associations when it comes to big that gets the job done effi ciently and business, but even they can build trust by effectively – even if it makes a larger impact being transparent about their products. on their income. So enhancing customer In a world where people have less experience is crucial. The third revolution is time to engage with a multitude of brands, technological. In the age of the smartphone, social media plays a big part in getting that ensuring customers can buy what they Willy Kruh message of authenticity across – word of Peter Freedman want, when they want is vital. Global Chair mouth being arguably the strongest advocate Managing Director, Businesses need to use data and Consumer & Retail, of a product or service. The Consumer Goods Forum KPMG International p.freedman@ analytics wisely to understand their There are still ways to build brand loyalty [email protected] theconsumergoodsforum.com customers. The pace of social, economic, in a market where heritage is no longer as technological and environmental change is only going to important as relevance, but of course you accelerate, and adapting to it – being agile – is key. The need to be able to innovate at least as fast as bigger you are, the tougher it is to be agile, but there is your competitor. a real opportunity for those who dare to lead the pace of Whatever narrative you choose, it needs to tap into innovation. Companies that evolve, innovate and truly what’s most important to your consumers. Identifying understand their Millennial employees and customers those trends and picking the ones that will provide a will likely succeed, be they old or new, large or small. sustainable business opportunity is the key to success. © 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member fi rms of the KPMG network are affi liated. What do high-growth companies in the consumer goods and retail sector have in common? | 4 | 36 43 rank consumer have full integration trust and loyalty across their supply chain as their number one priority © 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 69 39 | 5 | are successfully using believe competition data analytics to predict from new entrants consumer behavior will be the biggest and preferences industry disruptor © 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Key findings Customer centricity Changing consumers Supply chain How customer What do Can your supply centric are you? consumers want? chain deliver? The need to win and keep consumers Consumers are more unpredictable than Companies are still dissatisfied with the still dominates the agenda for many ever as Millennials become the critical speed and efficiency with which they manufacturers and retailers. The results of the demographic for manufacturers and retailers. develop, manufacture and deliver products 2017 Top of Mind Survey show that customer Companies have never been able to – and that is clearly revealed in this survey. loyalty and trust remains the top priority for access as much consumer data, yet many These concerns reflect the fact that too 33 percent of respondents, but there is clearly are still grappling with how to turn this many supply chains remain driven by work to be done. The industry’s leaders knowledge into actionable insights. Some product – rather than demand – and are recognize the challenge: 39 percent admit point to consumers’ shrinking attention not aligned closely enough to the business’s | 6 | that, when it comes to personalizing the spans, while others to increased choice strategic goals. customer experience, their company’s (a factor in almost every sector). Yet by moving towards a genuinely capabilities are only poor to fair. Consumers are more likely to pay heed to demand-driven supply chain, companies In a hyper-competitive marketplace, where influencers on social media – 82 percent say can boost sales, cut costs and reduce industry leaders identify changing customer they would follow a recommendation made inventories. This will also make it much preferences as their biggest concern, the by a micro-influencer, which means that they easier to embrace the technologies that are rewards for getting it right are significant. probably have as much say in defining the already starting to transform the industry The survey results showed that companies perception of a brand as the company itself. and the supply function, especially robotics, with the strongest customer centric Understanding consumers and capturing virtual reality and artificial intelligence. capabilities -- including data analytics, supply their attention is exponentially more complex Read more on p36 chain agility or customer engagement -- than it used to be – and companies need were also more likely to have higher revenue. clarity about their offering to the market. The “In the future, every part of the supply Read more on p8 upside is that the far richer interaction with chain will rely on artificial intelligence, consumers can help businesses get it right. because the network of AI systems will design the supply network.” “Understanding how consumers Read more on p20 are changing and how your brand Erich L. Gampenrieder, KPMG International can serve them goes back to the “The key challenges facing power of data.” businesses today focus on Julio Hernandez, understanding these shifts in KPMG International consumer tastes and influences.” Joel Benzimra, KPMG International © 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Automation Disruption Thought leaders For more in-depth Will automation How do you plan insights, read our exclusive interviews with these global make the difference? for disruption? business leaders Artificial intelligence, mobile There is more to disruption than Uber. Mike Coupe computing, cloud computing, the The consumer industry is operating in an CEO, Sainsbury’s p16 internet of things and robotics are environment where economic growth will Greg Creed transforming how companies remain subdued, geopolitical tension is high CEO, Yum! Brands p18 develop, produce and sell goods. This and consumer trends, shopping channels Roberto Meir is the start of a revolution which will, and media are all fragmenting. CEO, Grupo Padrão p31 over the next few years, see robots Yet many companies, this survey Brian Newman deployed across the industry, suggests, are going back to the future, Executive Vice President, | 7 | significantly impacting its cost base. relying more on historical sales data than Global Operations, PepsiCo p32 Yet there are challenges that AI fresh insights into consumer behavior. That Stefano Pessina and machine learning need to deal mindset is changing with such companies CEO, Walgreens Boots with right now. Although four out as L’Oréal, Metro, Grupo Bimbo and Alliance p34 of 10 companies say they are using PepsiCo challenging themselves by asking: AI to improve customer service, for how would we disrupt our business?
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