For brands, 2020 was about cutting promotions and media spending while rationalizing SKUs and pack sizes – leading them to depend on whatever they could produce and distribute quickly. This generated lots of new trial users for the companies who maintained an on-shelf presence.
In 2021, CPG brands are likely to refocus on product innovation and overall retail execution, but COVID-19 has disrupted product production and movement worldwide. Traditional forecasting methods based on historic shopping data became inaccurate and virtually useless as consumers dramatically shifted their lifestyles and shopping routines.
The former prime minister of the United Kingdom, Benjamin Disraeli, is credited with saying, “There is no education like adversity”. So what have we learned?
Points We Consider:
In what ways has shopper behavior affected their time shopping and what are their preferred channels?
How important has it become to have technology and digital platforms for promotion, commerce, and consumer connectivity?
What have the past twelve months required in terms of portfolio adjustments for CPG brands?
Which lessons learned will continue to be applied as we seem to be turning the corner on the pandemic?
Dave Wendland, Vice President – Strategic Solutions at HRG
Michael La Kier, President & Founder at What Brands Want
Peter Fahrenkopf, VP Sales – Household Stationary & Canadian National Accounts at ShurTape
Rick Radatovich, Director of Sales at Bic