By Deloitte Digital
Introduction
The past decade has seen great shifts in consumer behavior enabled by digital tools. Consumer preferences for personalization, convenience, and service have grown as channels such as e-commerce, mobile shopping, streaming content, and social media have addressed these new necessities. These new consumer behaviors and new technologies have caused the entire market to shift. Internet giants like Amazon continue to grow, while brick- and-mortar incumbents and niche retailers must re-evaluate once successful models.
Over the past year, the economic effects of the COVID-19 pandemic have accelerated many of these changes. Consumers’ immediate reactions to the global pandemic have caused a dramatic shift to online purchasing and high volatility in demand. As consumers have adjusted to new ways of living, working, and consuming, some aspects of the Retail and Consumer Products (RCP) market have stabilized while new long-term trends are beginning to emerge.
While the business environment continues to rapidly change, enterprises must leverage different assets to maintain and increase competitive relevancy. Many of the most successful players are using technology as a key lever, now more than ever.
As Deloitte Digital & Deloitte Catalyst, we have a unique position. Our work places us at the intersection between established RCP multinationals (MNCs) and emerging players in the industry. Leveraging this unique perspective, we strive to identify specific collaboration opportunities benefiting both parties. We are delighted to publish our third annual retail-tech landscape focusing on how specific startups and solutions address retailers’ and consumer brands’ business needs in 2020 and beyond.
