with this pandemic currently happening to us what service or product do you think you could offer to the market? why?
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consumer-goods manufacturers and retailers showed signs of strain, with each battling to stay ahead of new challenges. For consumer-goods companies, there were threats from niche and private-label brands and from the squeezed margins that came with selling more goods through higher-cost channels. Retailers, meanwhile, were trying to step up their digital game while dealing with pressure from discounters, e-commerce giants, and price-driven consumers.
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Then COVID-19 became a global pandemic and everything changed. As we noted in a recent article, COVID-19 is amplifying a dozen trends that have been disrupting the industry for more than a decade. The move to online shopping seemed to accelerate at warp speed, with US grocery’s penetration into e-commerce rising from 13 percent before the pandemic to more than 31 percent by the end of March.1 As consumers stayed home to stop the spread of the coronavirus, they used mobile apps and websites to buy a different mix of products than they had previously purchased in stores, with more focus on pantry staples and at-home occasions. Those who did venture into stores found the experience transformed by new rules on physical distancing, hygiene, and mask use. By mid-June, McKinsey’s consumer-sentiment survey found that more than 75 percent of Americans had tried new brands from new places or otherwise changed how they shop as a result of the crisis.
Sidebar
About the authors
Then COVID-19 became a global pandemic and everything changed. As we noted in a recent article, COVID-19 is amplifying a dozen trends that have been disrupting the industry for more than a decade. The move to online shopping seemed to accelerate at warp speed, with US grocery’s penetration into e-commerce rising from 13 percent before the pandemic to more than 31 percent by the end of March.1 As consumers stayed home to stop the spread of the coronavirus, they used mobile apps and websites to buy a different mix of products than they had previously purchased in stores, with more focus on pantry staples and at-home occasions. Those who did venture into stores found the experience transformed by new rules on physical distancing, hygiene, and mask use. By mid-June, McKinsey’s consumer-sentiment survey found that more than 75 percent of Americans had tried new brands from new places or otherwise changed how they shop as a result of the crisis.
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