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How CPG companies can improve E-Commerce

ConsumerGeniuses

ConsumerGeniuses

Many CPG companies have faced losses due to shipping and advertising costs after COVID-19 forced them to go online. Some steps can be taken to improve e-commerce. For profit, companies must sell on a larger scale in addition to investing in advertising, promotion, and supply chain costs. In terms of advertisement, retailers are more important than media agencies. So, dollars need to be reallocated from brand budgets to pay-for-performance retail media. One major area that supports progress is revenue growth management and it can be successful by understanding online pricing, customer, and assortment. The ability to connect data, making sure that the data can be translated into analytics, tracking KPIs, and understanding how to serve the channel and improve forecasting quality is also imperative. Instead of sticking with Amazon only, it is better for companies to use a broader range of channels including social media for their products. In terms of supply chain management, successful brands rethink their product and remove the most expensive elements to ship. Consumers need convenience, assortment, speed, and price and for that CPG companies should give preference to speed over perfection.

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