2018 is set to be a better year for UK consumers than 2017. Unemployment is low and inflation is expected to ease off, giving more spending power to the people. The same is true on the other side of the Atlantic – all of which bodes well for the consumer products industry.
But, companies can’t rest on their laurels just yet. The consumer products industry is hugely competitive and companies must manage pressures from rising costs and the inevitable impact of Brexit.
Changes in the Way We Shop
Consumer shopping behaviour is changing fast, with a monumental shift from physical shops to online. Online sales made up 16.5% of all UK retail sales, including food, in January 2018. To keep up with this demand, companies need to look at smarter way ways of working to keep pace with the expectations of the digital consumer.
Differentiation is Key
To succeed, consumer products companies will need to innovate and adapt to stand out from the (very) crowded marketplace. Deloitte's 2018 Consumer Products Industry Outlook report has identified several trends that will be sweeping the sector to help companies make the most of the new landscape.
One of these trends is globalisation. Going global means businesses can tap into the growth potential of emerging markets – finding partnerships to reach new consumers, and possibly finding new locations to source raw materials.
Innovation is the buzzword of the moment. Consumer products companies are searching for new ideas left, right and centre – all in a bid to encourage consumers to buy. And of course, digitisation affects everything from consumer interaction, to procurement, and business operations.
Making Your Business More Efficient
One of the biggest benefits of digitisation is operational efficiency, and with plenty of challenges, efficiency is ever-more important. A quick and easy way to almost immediately have a positive impact on efficiency is to roll out an automated connected spend management system.
Never endure the effect of a late payment again – eliminate them and stay on top of your spending with Concur Invoice. Or manage trips to consumer markets abroad and keep track of travel expenses through Concur Travel and Expense.
This newfound reliability, visibility and control from SAP Concur's cloud-based solutions can save you time, resource and money, so you can focus on globalising, innovating and adapting – all the things that are crucial for success.