Global uncertainty continues to disrupt industries across the board, with vaccine deployments, safety restrictions, limited fiscal and local government support, virtual schooling, negative impacts on economic growth and the lowering of disposable income. The consumer goods sector is marred with rising import and utility costs, poor public infrastructure and a workforce not digitally skilled enough to meet the changing demands of consumers, thanks to the uncertain climate. Today, consumers expect personalised experiences and multichannel engagements. In order for these consumer needs to be addressed, the sector will need to drill down and optimise their supply chain, eliminate process efficiencies, maximise resources and introduce customisation.
It’s not all doom and gloom in the consumer sector, furniture and home furniture consumption grew by 31% in the first 5 months of 2021 . Consumers opted to redirect their savings and government assistance into home improvements. Residential property also had activity, with consumers moving into larger homes far from urban city centres. The pockets of strong consumer spending and the converged business issues felt in the consumer sector introduce opportunity for technology innovation. The question most consumer sector players must ask themselves today is what digital technologies will help address the many challenges faced by the industry, while delivering value?
It’s not all doom and gloom in the consumer sector, furniture and home furniture consumption grew by 31% in the first 5 months of 2021 . Consumers opted to redirect their savings and government assistance into home improvements. Residential property also had activity, with consumers moving into larger homes far from urban city centres. The pockets of strong consumer spending and the converged business issues felt in the consumer sector introduce opportunity for technology innovation. The question most consumer sector players must ask themselves today is what digital technologies will help address the many challenges faced by the industry, while delivering value?