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This Week in Consulting

Wednesday, September 18th , 2019

Consumers are changing .Is retail ready for that change?

THIS WEEK’S MUST READ

“The consumer is changing. They are more capricious and less loyal. They have less time but are more conscientious. They shy away from stores and prefer experiences over products. Today’s consumer is an entirely different animal—and unrecognizable from their peer from the good old days.

The authors made a detailed study on the millennial consumer. Who is this brand-new consumer? Has the consumer fundamentally changed? If yes, in what ways have they changed?

This Week’s Must Read is an insight piece from Deloitte in which the consultants discuss the influence of economic and marketplace dynamics on the consumer behaviors.

Read on to Find out More: “The consumer is changing, but perhaps not how you think | Kasey M. Lobaugh, Bobby Stephens and Jeff Simpson, Deloitte.


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THIS WEEK’S VIDEO:

TrendWatching’s Global Head of Trends and Insights, David Mattin, shares four key consumer trends reshaping the mindsets, behaviors and expectations of consumers in 2019.

THOUGHT LEADERSHIP

  • Euromonitor Top 10 Global Consumer Trends 2019: “There is much political upheaval in developed markets and fast, totally unprecedented change in developing economies. ‘Taking back’ control has been the catchphrase for major political movements as people want more agency and self-determination” 2019 is a year of change with increased purchasing power, empowered consumers are pushing brands to embrace their values observing a generational inversion of the way of consuming. The article summarizes Euromonitor’s study with the major trends for the retail industry. | Jenny Eagle & Euromonitor
  • The Smartest Technology In Consumer Products Isn’t Only On The Shelves: “Managing travel and expense spending isn’t sexy. It’s essential for your ability to take products to market…but it isn’t sexy. It just doesn’t grab the headlines in the same way artificial intelligence and machine learning (among other here-come-the-robots innovations) do.” This article highlights how innovations are transforming our ability to communicate with consumers, or how the latest technological advances will revolutionize the way we offer our products and services to consumers. | Harris Fogel, SAP
  • Achieving Profitable Growth in Consumer products: “As the physical and digital converge and consumers’ paths to purchase become increasingly non-linear, we estimate that the digital market for consumer products globally will double from about $219 billion in 2018 to over $440 billion in the next five years, making it an urgent priority for consumer products companies.” New technologies are fundamentally disrupting the business model for consumer products companies around the world. What are the relationships between manufacturers and retailers? What new models are emerging? What are the opportunities for retailers?   | Jitender Batra, Brian Major and Andrew Searle, Alix Partner
  • Marketing Innovative Fast-moving Consumer (FMCG): “In the race towards brand growth and relevance, leading FMCG businesses rely heavily on innovation. Those who rest on their laurels are finding themselves at the back of the pack. In this article, you will learn that with great innovation comes great marketing.” In the area of fast-moving consumer goods, innovative products are constantly coming and going, and trends are continuously shifting. What can retail companies do to stay ahead of the curve?  | Robert Steers, Step Change

CONSULTING INDUSTRY NEWS

  • Oliver Wyman : Enhances Cyber Capabilities with Next Peak Collaboration– Global management consulting firm Oliver Wyman and Next Peak, an operational cyber defense consulting company, announced today a new collaboration to offer a broader and enhanced range of advisory and operational services to clients focused on defending and improving resilience against global cyber threats.  | Business Wire
  • UK digital-only banks could amass 35 million customers: Digital-only banks operating in the UK are set to experience massive growth over the next year, and if their current rates of growth continue they could have 35 million global customers by 2020, according to new research. Many of these new challengers are still unable to turn significant profit, however, which buys breathing space for traditional banks looking to protect their market share via their own digitalisation efforts. | Consultancy.uk
  • McKinsey roped in for first digital capability centre: India will soon set up its first digital capability centre showcase advanced technologies and provide a test bed for emerging innovations as the government looks to transform the country’s manufacturing sector.  | EconomicTimes.com
  • Researchers Have Issued A Serious Bitcoin Security Warning: Bitcoin and cryptocurrency adoption has failed to live up to expectations over recent years and fears around scams, fraud, and theft have not helped. |Billy Bambrough

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