COVID 19 has completely upended the retail landscape and will continue to wreak havoc as consumers and buyers move towards online buying. CPG manufacturers whose conventional brick and mortar retail sales were dependent on inventory availability and display merchandising in influencing buyer decisions are now relooking at their entire retail execution paradigm.
Like many who may look at the glass half full, COVID-19 is an opportunity for Consumer Packaged Goods manufacturers (CPG) to review and reflect on existing business and distribution models and its associated business processes and technology platforms for both conventional brick and mortar and online retail models. In establishing their own online marketplaces, as well as ensuring a presence in sector-specific marketplaces along with sites like Amazon, Walmart, eBay, etc. becomes imperative to survive in this climate. A key success factor in online sales is the availability of technology platforms and real-time data POS / Retail sales data by the marketplace, geography, promotions, specials deals, and even by specific customers to determine real-time opportunities, allocation of resources, and areas of improvement.