Consumer Goods and Services
The consumer goods industry has relied on product innovation and differentiations, which can be turned into mass production possibilities at affordable pricing. Impactful advertising to tap into millennial spending habits has been the sure shot way of the fast-moving electronics industry. However, as spending habits are anticipated to shift, companies have got to study the change in consumer consciousness too.
The sonic pace of digitisation has terribly impacted conventional companies but definitely opened up avenues of retailing in unbelievable nooks. For instance, retailing personal care products and fashion apparel has become an exceptional outlet for small players. With negligible barrier to entry, small retailers are riding the wave of success as social media is effectively replacing shopping through regular e-commerce channels and physical shops.
The role of e-commerce has been an unforgettable one in widening the reach of art and craft supplies, baby products, toys and games and even household goods. It has sped up sales of electronic products, amalgamating cottage industries in the mainstream market. Consumer goods make a large chunk of the global economy and thus understanding dynamics in this part of trade is crucial to every business.