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Report: Online wide open for CPG brands
While retailers, auto manufacturers and even pharma brands have hit the ecommerce space hard, new data out from Deloitte shows that CPG brands have a way to go when it comes to digital shopping. Researchers found that while CPG execs expect strong growth over the next three years, consumers say they'll be digitally buying CPG goods at an even higher rate.
• CPG execs believe digital growth will range between 35% and 76% over the next 3 years
• Consumers say their online CPG buys will increase between 67% and 158%
• 92% of execs say ecommerce strategy is important
• 43% believe their brand has a clear, executable digital strategy
"Increasingly, consumers desire the convenience of the online channel to purchase their groceries," said Pat Conroy, vice chairman, Deloitte LLP and consumer products sector leader. "Although consumers are changing their behavior, CPG companies are not as prepared as the data suggests they should be to take full advantage of this growing opportunity. The importance of e-commerce to CPG companies has not, in most cases, translated into a fully-developed strategy for capitalizing on this channel."
Researchers found that more than 40% of consumers are indifferent about shopping at grocery stores; those shoppers along with those who actively dislike grocery store shopping will lead the digital charge for CPG brands.
"To successfully capitalize on the e-commerce channel, there are a number of critical steps CPG companies can take," continued Conroy. "Executives first need to establish a clear and well-understood digital commerce strategy. They should collaborate with retailers and social media platforms, and build a single view of the consumer. In tandem with that approach, they need to foster and build a talent base within their organization that includes digital commerce skillsets."
Those who don't like grocery shopping note inconvenience and crowds as the leading reasons they dislike the activity.
Image via Shutterstock
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