3 CPG Market Trends For Growth in 2023
As part of Rise Interactive’s focus across different key industries, we make sure to attend specific events, like Groceryshop in Las Vegas, to connect with and learn from Consumer Packaged Goods (CPG), grocery, and ecommerce brands. During this year’s four days of robust scheduling and content, Rise Interactive gleaned three key learnings that marketing leaders can apply to their 2023 CPG strategies and beyond.
#1: Omnichannel Efforts are Key
Consumers interact with your brand in multiple places. Creating a seamless, omnichannel experience between brick-and-mortar stores to online presence is a key way for retailers to optimize that shopping journey. BOPIS, curbside pick up, checking in store inventory online are now expectations as opposed to innovations.
Curbside pick up, BOPIS, and checking in store inventory online are now expectations as opposed to innovations.
One example is the work that Albertsons is doing by focusing their tech budget on digital innovations that “connect online and offline shopping.” This includes everything from a grocery list builder to in-store maps for quicker grocery runs. This investment creates multi-faceted shopping experiences that also streamline how you gather and analyze data to inform further strategization.
CPG brands are also catering directly to their consumers by creating apps that make omnichannel shopping more enjoyable while also gleaning granular data insights for ongoing optimizations, and to maximize their omnichannel presence.
#2: Speak Your Customer’s Language
Between inflation, a pandemic, and changing audience preferences, earning brand loyalty is a whole new challenge for retailers. You’ll need to think outside the box and go further than traditional loyalty programs, especially in light of recent rapidly shifting privacy measures.
With the sunset of third-party cookies, precise messaging to your target audience is what will move consumers through the pipeline towards conversion. Personalization tactics are the way to earn trust with your customer base through tailor-made communication that solves customized needs and wants, while maintaining respect for privacy preferences.
One impactful way to leverage authentic personalization is through content creator and affiliate marketing efforts — it’s one of the major eCommerce trends we’ve seen in recent years.
This means focusing on the connections that influencers forge with their audiences will allow you to personalize content that not only lives in the right spaces, but also comfortably speaks to your audience with the exact solutions they’re seeking throughout the sales funnel. It will provide a clear path to winning their loyalty and converting them in a more organic and personalized way.
#3: Create Internal Cross-Functionality
Between massive supply chain disruptions and a need for easy shopping at home, the pandemic totally shifted the way consumers approach their shopping habits. They want to shop when, where, and how they want, on their terms.
With new customer demands creating countless touchpoints to manage, you'll need to leverage the full power of your entire organization to keep up.
That’s why it’s crucial to keep cross-functional collaboration at the core of your brand building. Everyone from your supply chain to the marketing team need to work with one another to effectively build a smooth customer journey. Providing everyone a seat at the table allows brands to cover every touchpoint in a more cohesive way. You only stand to bolster your pipeline by promoting a culture of curiosity and innovation.
Simplifying Your 2023 CPG Strategy
From omnichannel efforts, to personalization, to cross-functional cohesiveness, it’s easy to get lost in a sea of tech-driven opportunities and data. At Rise, we use Connex, our award-winning, cross channel media optimization platform, to unify a brand’s efforts and more easily manage the vast array of data points. Connex does the heavy lifting so you can get right to the data that matters most. It constantly reminds us that knowing where your communications will make the most impact starts with ample data to help tell the full story your customers truly want to hear.