Consumer- goods companies need to now prepare for what may inevitably become the new normal. The COVID- 19 pandemic may just about have brought on this crisis earlier than expected. To prepare for this, these companies must find a realistic view on where they stand right now. They need to keep a few options in mind, for different possible versions of the future. One needs to draft the corporate strategy document as a vision statement in that direction. There will be both regulatory measures as well as consumer shifts that these companies will need to work with. Non- essential retail will possibly need to be replaced with an increase in the e- commerce footprint. Such companies will now also need to invest significantly in to digital marketing in order to make the move. One can expect consumers to display greater levels of price sensitivity, higher digital engagement and an increased attention paid to hygiene and wellness.

Source:https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/how-consumer-goods-companies-can-prepare-for-the-next-normal

Uploaded Date:28 April 2020