Consumers’ behaviours, technological preferences and expectations continue to evolve. How can companies meet them where they want to be?
As 2023 unfolds, powerful internal and external forces are weighing on consumers and companies, producing frictions that can gum up the gears of commerce and stand in the way of more satisfying customer experiences. Concerned about inflation and the cloudy macroeconomic climate, consumers are realigning their shopping habits and adopting cost-cutting behaviours. Fully half of all consumers are either very or extremely concerned about their own personal financial situation. And 96% of surveyed consumers intend to adopt some type of cost-saving behaviour over the next six months. Still, eager to resume their pre-covid habits, they’re returning to stores and travelling again. Empowered by technology, they’re seeking and demanding seamless in-store and online experiences that better suit their lifestyles—and pocketbooks.
Last year was marked by adverse macroeconomic conditions, and the effects continue in 2023. Supply chain disruptions and a strong inflation saw many companies battle with rising costs. However, the challenges that companies operating in the Retail & Consumer industry are facing, are much broader.
The industry has been marked by changes in consumer behaviors, the necessity of improving the consumer experience, increasing levels of digitisation across the company, further embedding ESG in the company culture and creating future-proof and resilient supply chains
Identifying these challenges early on, and taking the necessary steps to mitigate and overcome them is key to ensure sustainable growth in an ever more competitive and international industry.
At PwC, we are a trusted advisor to many global retail and consumer companies. Our multidisciplinary team of experts can be leveraged to provide your organization with hands-on and customized services to best help you address your business needs. This ranges from helping to redefine your strategic priorities, transforming your business processes, to implementing digital and ESG-related transformation programs, across all areas of your business (Sales, Marketing, Operations, Finance, HR, IT).