The evolution of consumer expectations is having an impact across all sectors. The first digital-native cohort is assuming a greater role as they age into adulthood, therefore the digital experience is no longer a novelty. It has evolved from being an experience, and it has transformed into an expectation, an inherent part of the day-to-day. Organizations that depend on direct interactions with the consumer for the health – and growth– of their brand(s) are faced with mounting pressures to continue to change to maintain their leadership positions in their sectors. Whether a brand’s interaction with consumers occurs on-shelf as a CPG brand or within a physical space as a retail brand, this pressure is present.
Most mature consumer and retail brands have depended on tried-and-true practices that have served them well for years, if not decades. With the acceleration of change brought about by current market pressures, brands now need to push their limits and expand outside their comfort zones to keep pace with change and maintain growth. Three sectors that are experiencing these pressures, and adapting to the market changes, are CPG/FMCG, Restaurants, and Automotive. As more and more companies follow in the footsteps of Airbnb and Uber and reshape the way consumers interact with brands by delivering seamless solutions, the fluidity of newly established, heightened expectations spill over to affect the consumer experience with all other brands, across all categories.
The only way to keep pace with the market and maintain a leadership position is to not only react to change, but to affect change. The iconic brands that hold positions at the top of the 100 Best Global Brands ranking continue to push their limits and innovate to not only meet consumer expectations, but to pave the road for the new norm as the market continues to rapidly evolve.