Current challenges in the consumer products and retail sector

Today's consumer products and retail companies are operating in a very challenging economic environment with traditional retail shops taking a backseat and a growing population of tech-savvy consumers imbibing online shopping experience. A multitude of players in each of the categories of consumer products also throws up another challenge of a weak consumer confidence in these consumer product companies. Owing to this, each of these companies catering to a specific category of consumer products competes with one another to deliver a best-in-class experience for the consumers.

To add to the previous challenges, consumer products and retail companies have to deal with consolidation, discounting, and new channels, especially based on digital technologies. The changing customer needs and loyalty, the pressure of sustaining in these challenging environments, and the introduction of digital technologies has taken the rivalry to...