Market Snapshot
Recipe Formulation
Q3, 2023
CPG (Consumer Packaged Goods) organizations are navigating a complex landscape, grappling with challenges like rising production costs, the need for faster product launches, and strict regulatory requirements. With consumer preferences rapidly shifting toward more personalized and sustainable products, brands are under increasing pressure to innovate quickly while maintaining operational efficiency.
Digital transformation in recipe formulation and production processes offers a vital solution to these challenges. By leveraging advanced technologies such as AI and digital twins, brands can streamline recipe development, ensure compliance with global standards, and optimize manufacturing capabilities across various regions.
This report explores strategies to enhance agility in product deployment, improve in-store visibility, and address evolving consumer demands through Direct-to-Consumer (DTC) models. It also examines how digitizing recipe development and execution can significantly reduce time-to-market, minimize errors, and improve overall product quality and sustainability.
FOUR KEY B2C COMMERCE IMPERATIVES
Incisiv
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As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.
