Chapter 8: Applying AI for Innovation – Consumer Goods Deep Dive
The consumer goods industry is an important part of the global economy. It's worth more than $635 billion in the US alone – a figure that is only going to increase as consumers become wealthier and have greater access to products and information.
Since the global financial crisis of 2008 and the more recent COVID-19 pandemic, the consumer goods sector has faced a number of headwinds. The big three – shopping, travel, and leisure – are all under pressure. Fewer people are going out to eat or visiting malls, and more are choosing to stay in and watch TV instead.
At the same time, e-commerce is booming and even quickly overtook in-store sales due to the pandemic. And with consumers becoming increasingly comfortable with digital platforms for shopping, the growth of e-commerce is set to continue unabated.
As such, consumer goods companies that fail to adapt risk losing customers altogether...
