Top 10 CPG Solution Companies - 2020
Over the past few years, the consumer packaged goods (CPG) industry has evolved rapidly with ever-changing consumer preferences. The penetration of digital technology into retail space has allowed brands to meet consumer demands by selling directly to them from online delivery to personalized kits. In 2019, we witnessed retail giants Amazon and Walmart thrive with their CPG marketplaces and are now the industry leaders. A prime factor to their success is the strategy behind capitalizing on changes in consumer behavior, emerging channels, and the advent of smaller customer-centric digital brands.
For CPG companies to execute successful business strategies, digital marketing has become mandatory. Fueled by consumer behavior data, they are adopting an omnichannel marketing strategy to reach consumers through digital channels and drive profits. A predominant trend that can be expected to soar in 2020 is influencer marketing. With social media influencers authentically engaged with a product and showcasing its value, consumers follow suit inspired to realize the real-life product usage. In addition to a robust online presence, brands need to create exciting offline engagement as well. The younger generations, especially Gen Z, have begun to prefer physical stores over online shopping, as they can feel more connected and also evaluate them before purchasing. This may be a sign of pivot back towards the traditional brick-and-mortar stores. Retailers such as Amazon are already leveraging IoT technology to create cashier-less and line-less stores.
Another industry trend expected to proliferate is the wider adoption of home delivery services. With convenience and price savings, delivery services are an excellent option for consumers as well as CPG companies. Besides, global events such as COVID-19 have increased demand for delivery services, and this is likely to become stable in the future. Furthermore, subscription-based services have disrupted nearly every industry, and it’s no different in the CPG industry. The subscription models curate precise recommendations and services for specific customer needs enhancing personalization and consumer experience.
In light of these significant technological advancements today, CIOReview has compiled a list of CPG solution and service providers to assist enterprise leadership in staying ahead of the curve and thrive in the competitive marketplace. With exceptional technological acumen and numerous success stories up their sleeves, many of these companies have consistently proven their expertise in robust CPG solution and service landscape.
We hope this issue of the CIOReview helps you build the partnership you and your firm need to adopt efficient business strategies. We present to you CIOReview’s, 10 Most Promising CPG Solution Providers-2020.