[DIGITAL TRANSFORMATION] THE CHALLENGES OF A CONSTANTLY EVOLVING CONSUMER LANDSCAPE
Published on 16 February 2017
Businesses in all industry sectors are facing more and more challenges as the consumer landscape continues to evolve at a rapid rate. Companies are trying to keep on top of constant changes, and are facing an enormous push to stay ahead of the game. We see this very specifically in retail and manufacturing industries where consumers are becoming increasingly demanding. We are now seeing a complete shift where it has become necessary to start treating B2B companies as B2B2C, making sure that the end customer’s promise is kept as well as the middleman’s. The customer has become the driving force behind every transaction, and companies are shifting their business models to make way for this change.
Everyone wants a piece of the B2C market
One of the main challenges companies of all sizes are facing, which includes over 58% of those evaluated in the Generix Group CATI-based survey performed by IDC over the summer, is increased competition. This is mainly because nowadays all Consumer Packaged Goods (CPG) companies, for example, are fighting to obtain a piece of the B2C market. With the speed of consumerization always on the rise, many older and more established companies are finding it difficult to keep up with the agility and innovation of newer companies.
A lack of global visibility
Another huge challenge that companies are facing today is the necessity to update their IT systems in order to adapt to consumer changes. Over 40% of businesses evaluated in the IDC survey noted above have reported that lack of supply chain visibility and traceability, as well as the complete inflexibility of their IT systems, are important issues to be dealt with. Instead of technology helping them to manage ongoing digital changes, it is actually holding them back. In a world where we rely on digital transformation to stay ahead of the game, many companies are finding that their own systems are failing them.