Rapidly changing consumer behavior, tastes, preferences, and wants, especially after the COVID-19 pandemic, is overhauling the consumer goods industry. The companies are rapidly changing their product portfolios with innovative products to meet the consumer's wants and desires. Internet penetration and Artificial Intelligence (AI) are some of the reasons which are further helping the industry ...

Rapidly changing consumer behavior, tastes, preferences, and wants, especially after the COVID-19 pandemic, is overhauling the consumer goods industry. The companies are rapidly changing their product portfolios with innovative products to meet the consumer's wants and desires. Internet penetration and Artificial Intelligence (AI) are some of the reasons which are further helping the industry in expanding and making the supply chain more efficient. The sector ranges in food & beverages, appliances, personal accessories, hygiene, Apparel & Footwear, retail, food service, and many more.

The companies invest heavily in research and development to establish an efficient value chain, sales and marketing, procurement, manufacturing, and distribution network. Digital purchasers who actively participate in purchases refer to multiple reviews before making any buying decision. Thus, digital branding, marketing, and sales activities play a crucial role here, which is currently targeted by almost every company. Social media has become a major tool for companies to target customers and even shape consumer opinion. Recommendations by the previous user or buyer and online reviews help consumers make the buying decision and create brand communication.Emerging countries in Asia such as China, India, Vietnam, and Indonesia represent a significant share in the global market will continue to grow exponentially on the back of the rising middle-class population, which is expanding dramatically.

Consumer demographics and consumption pattern across different countries changes, therefore, companies find different and innovative ways to meet the growing needs of consumers across different parts of the world.Furthermore, investment by the leading companies in Integrated IT Infrastructure for data analytics and digital analytics is driving holistic results through meta-analysis, which is further beneficial for big data and digital gain. Few of the leading companies have already started investing in an integrated data strategy. Also, e-commerce is the largest influencer and game-changer for the consumer goods and retail industry with the rising use of internet and accessibility of it on mobile devices.