Experts Talk Trends in a Global Recession
November 12, 2008 -- No longer is the first moment of truth fully understood or evident as consumers and shoppers redefine value against a global marketplace in recession. The consumer population is changing, creating economic trends that are affecting consumer goods (CG) companies worldwide.
Industry experts from around the world had a conversation on Nov. 6, 2008, discussing current economic trends with specific insight into the Asia-Pacific market, and how the economic slowdown is impacting CG companies worldwide.
James Walton, chief economist, IGD in the United Kingdom, and Patrick Medley, managing partner, Global Consumer Products Industry, IBM Global Business Services in Australia, joined Lora Cecere, vice president, Consumer Products, AMR Research in the United States for this live Web seminar. Key insights revealed during the event include:
> The economic state around the world has been deemed the "worst financial crisis in history," caused by commodity price inflation and the credit crunch. One major trend that has emerged from the "financial meltdown" is globalization or the development of a world marketplace. Shopper behavior is also changing as they are becoming more responsible, holding onto their ethics and green ideas and creating a "quiet revolution."
> The population is predicted to reach 9.2 billion by 2050, creating new challenges for CG companies entering these emerging markets. There are six major capabilities that CG companies will need to have in place to thrive in this new environment: There are localized systems and processes, integrated information, focused differentiation, consumer-centric strategies, constant innovation, and corporate and social responsibility.
> Companies are investing in technology and best practices, but have not improved the value networks fundamentally with regard to inventory levels and out of stocks. Product complexity and shopper demographics need to be looked at more in-depth and technologies that enable the effective use of downstream data can help.
Click here to listen in on the global conversation, featuring a roundtable of experts in Sydney, New York and London.
Industry experts from around the world had a conversation on Nov. 6, 2008, discussing current economic trends with specific insight into the Asia-Pacific market, and how the economic slowdown is impacting CG companies worldwide.
James Walton, chief economist, IGD in the United Kingdom, and Patrick Medley, managing partner, Global Consumer Products Industry, IBM Global Business Services in Australia, joined Lora Cecere, vice president, Consumer Products, AMR Research in the United States for this live Web seminar. Key insights revealed during the event include:
> The economic state around the world has been deemed the "worst financial crisis in history," caused by commodity price inflation and the credit crunch. One major trend that has emerged from the "financial meltdown" is globalization or the development of a world marketplace. Shopper behavior is also changing as they are becoming more responsible, holding onto their ethics and green ideas and creating a "quiet revolution."
> The population is predicted to reach 9.2 billion by 2050, creating new challenges for CG companies entering these emerging markets. There are six major capabilities that CG companies will need to have in place to thrive in this new environment: There are localized systems and processes, integrated information, focused differentiation, consumer-centric strategies, constant innovation, and corporate and social responsibility.
> Companies are investing in technology and best practices, but have not improved the value networks fundamentally with regard to inventory levels and out of stocks. Product complexity and shopper demographics need to be looked at more in-depth and technologies that enable the effective use of downstream data can help.
Click here to listen in on the global conversation, featuring a roundtable of experts in Sydney, New York and London.