Voice of the Industry Global Results

March 2024

This report summarizes global Voice of the Industry findings, based on the survey fielded from August-November 2023. Key topics included are business strategy, category performance, innovation and digital trends, along with case studies and insights on cross-industry comparative analysis.

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Key findings

Consumer-centric strategies are key to maximise revenue and market share growth

In order to increase profitability, market share and revenue, Voice of the Industry survey respondents agreed the main business strategies relate to improving existing products and services, while also targeting new consumer segments, exploring new markets and categories. Thus, it is essential to develop consumer-centric approaches, for example by improving the customer journey and buying experience and providing a consistent brand experience across channels.

Evolving digital strategies should enable consistent performance

More than half of industry respondents expect sales performance to slightly increase in comparison to 2023, especially driven by retail e-commerce growth. Business strategies vary from expanding digital presence, improving consumers’ personalised experiences, investing in logistics or in alternative distribution models, aiming at evolving retail experiences.

Investments in innovation targeting product development, pricing and sustainability

Industry respondents in the Voice of the Industry survey support that the lack of corporate funding or the absence of skilled professionals are the main deterrent to innovation. In order to be successful, innovation efforts should balance consumer demand with corporate strategy, particularly in the areas of sustainability, price positioning, product formulation and technology solutions.

Technological developments are set to influence business activities and consumer-driven strategies

Artificial intelligence, Generative AI and robotics and automation are among the main digital trends to influence business operations in the next five years. These link to technological advancements in several areas, such as store operations, customer service capabilities, buying experience and automated supply chain solutions.

 

About the report
About Voice of the Industry
Key findings
Business strategy highlights
Current and future priorities centre on increasing profitability, market share and revenue
Future growth linked to increasing share and targeting new consumer segments
Customers are at the heart of most important commerce developments
Inflation is a dominating factor impacting companies
Category performance highlights
Increasingly positive outlook for sales performance in the coming years
E-commerce continues to drive channel growth
Petlove continues to fuel expansion via e-commerce
Digital engagement and personalisation are leading influences on digital commerce
Main trends to influence at industry level view
Innovation highlights
Nearly half of companies plan more investments in innovation in the coming year
Barriers to innovation initiatives’ effectiveness often linked to lack of funding and talent
Sustainability and premiumisation top list of new products/services launched in past year
Yindii  innovates through business model and discounted prices in Hong Kong
Future innovation plans focus on sustainable solutions and aligning to customer values
Innovation relates to consumer trends
Digital trends and investments highlights
AI has already had an impact and is expected to continue
Investment in technology across the next five years
Carrefour integrates generative AI solutions to enhance shopper experience
8H mattress applies AI solution to personalize sleep and increase rest
Cloud technology: Expected short and mid-term impacts
Traditional AI: Expected short and mid-term impacts
Generative AI: Expected short and mid-term impacts
Internet of Things: Expected short and mid-term impacts
VR/AR: Expected short and mid-term impacts
Blockchain: Expected short and mid-term impacts
5G: Expected short and mid-term impacts
Most promising Web 3.0 application: decentralised cloud storage
Voice of the Industry survey respondent profile
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