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PARIS, 23rd June 2019 – Digital transformation and sustainability are the key challenges facing the consumer goods industry, according to attendees of The Consumer Goods Forum (CGF) Global Summit. Held in Vancouver, Canada, the organisation’s flagship event hosted more than 900 delegates – CEOs and C-level executives from the world’s leading players in retail, manufacturing and services – to discuss industry trends and challenges.
Industry experts were optimistic about the opportunities these changes presented for retailers and brands, with particularly high hopes for the potential of a wide range of new technologies including AI, robotics, data analytics, cloud computing, chemical recycling, smart farming and satellite monitoring amongst others. Experts also warned that consumer companies must continue to refit their businesses for digital success, find ways to be more environmentally sustainable, and learn how to build trust in order to engage the Gen Z market.
The consumer goods industry remains in the throes of a period of fast-paced change. Digital technologies are challenging the status quo, and environmental issues are calling on the industry to re-think the way it consumes resources.
Discussions at the Summit centred on the opportunities that industry disruption has opened up for consumer brands and retailers.
Experts agreed that companies must improve their digital skills and sustainability profiles, as well as their ability to engage the Gen Z demographic, if they hope to survive the industry upheaval.
Peter Freedman, Managing Director, The Consumer Goods Forum said: “Across the world companies in the consumer industry now recognise the twin imperatives of adapting to the digital world and responding to consumers’ desires for honesty and sustainability. At this year’s Global Summit we saw numerous examples of the role that collaboration can play in accelerating these transformations – including partnerships between traditional competitors within the industry but also with start-ups and tech leaders from outside the industry. The CGF will continue to nurture these collaborations over the year ahead, as part of our daily work to drive positive change for consumers.”
The Global Summit brings an unparalleled opportunity to network with CEOs from some of the world’s most successful companies, and gain insights into the challenges faced by retailers, manufacturers and their service providers in the consumer goods industry. More: www.tcgfsummit.com
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About The Consumer Goods Forum
The Consumer Goods Forum (“CGF”) is a global, parity-based industry network that is driven by its members to encourage the global adoption of practices and standards that serves the consumer goods industry worldwide. It brings together the CEOs and senior management of some 400 retailers, manufacturers, service providers, and other stakeholders across 70 countries, and it reflects the diversity of the industry in geography, size, product category and format. Its member companies have combined sales of EUR 3.5 trillion and directly employ nearly 10 million people, with a further 90 million related jobs estimated along the value chain. It is governed by its Board of Directors, which comprises more than 50 manufacturer and retailer CEOs. For more information, please visit: www.theconsumergoodsforum.com.