In a digitised world with changing customer needs, existing business models and value propositions for consumer products may not offer the reliable competitive advantages that existed in the past.
The global pandemic drove exceptional growth in the sector, as consumers shopped online and bought more items direct from brands.
This includes a more proactive relationship as brands engage with consumers through social media and build a community of buyers, especially in well-being, outdoor activities, and direct food purchases.
Companies may deal with fundamental developments, challenges, and opportunities in different ways, but sustainability and customer experience remain crucial for success.
The most successful and prominent brands have found themselves in the sights of international buyers and large corporates who may divest non-core brands in favour of a speedy move into the new consumer marketplace.