Moving at the Speed of Consumers

A Message from Bob Carpenter, President and Chief Executive Officer

Introduction

What Consumers Want

Consumer needs and wants are ever-changing—and the pace is accelerating. Today, digital savvy consumers hold the power, and the business landscape is constantly shifting to meet their needs. The result is disruption across every industry. Companies that are winning today are seizing the opportunities of smart data to bolster innovation in both the digital and physical spaces. They are using smart data to keep up with the rapidly evolving appetites of consumers and creating experiences that drive consumer loyalty. As an industry-driven organization, GS1 US works with businesses to help keep pace with change to better meet consumer expectations.

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Access to Reliable Information

Consumers have a low tolerance for unreliable product information. They’ll express their displeasure with companies by refusing to purchase their product or service or by speaking out publicly about a bad experience. They expect more product information than ever before to make an informed purchase decision. Where does the product come from? How was it made? Does it include the features they are looking for? They want answers, along with instructional content on how the product and its brand fit into the larger context of their lives. In addition, they expect the content to be accurate, complete, and consistent across all channels—in-store and on their smart devices.

Things to Work Together

Devices are multiplying. So is their power to use data. All devices—smart phones, tablets, computers, televisions, wearables, virtual personal assistants, smart homes, and smart cars—promise to enrich our lives through connectivity. Innovators are rapidly developing ways to collect data (what’s in the cupboard, what to make for dinner), connect it to other data (where tomato sauce is on sale, where it came from), and turn it into information that can be used (a recipe, a list of the ingredients to buy at the grocery store, nutritional facts, and maybe a coupon). Each new innovation further raises consumer expectations that no matter what device is being used or from what location—at home, in a car, or in the grocery store—everything and everyone is connected.

Options and Personalization

Consumers value personalized recommendations, options, and curated experiences. A recent Infosys survey reported that 78 percent of consumers are more likely to be repeat customers if a retailer provides them with targeted, personalized offers. And they’re willing to pay more for it, too. According to a RightNow Customer Impact Report, 86 percent of consumers will pay up to 25 percent more for a better experience.

To deliver, merchandising and marketing strategies need a foundation in actionable consumer data. There’s no time to collect, analyze, and redirect. Companies must be able to see and react in real-time to how a specific consumer is behaving across channels to drive demand.

Social Media Sharing

Businesses no longer control the message about their products. Consumer-created content has become a major component of the product information landscape. Consumers now readily share their product opinions, experiences, and ideas in online communities. Forward-thinking businesses know the force of social media is only growing. They’re planning for its impact—and seizing its opportunities.

Interactive, Fun Experiences

Today’s young adults came of age in the era of sophisticated digital interactivity—from taking and sharing pictures to playing video games to doing their homework online. Many have never known a “dumb” phone. Not surprisingly, these youthful consumers expect a higher degree of visualization. They embrace virtual reality and are drawn to gamified experiences that make it fun to connect with other people. Businesses are racing to keep pace with the technologies that enable these differentiated experiences.

With digital devices now almost permanent fixtures in consumers’ lives, an abundance of data about the products they buy is easily accessible from anywhere. As a result, consumers now expect companies to be more transparent and openly provide information about the products they sell. Consumers have a low tolerance for unreliable product information. They’ll express their displeasure with companies by refusing to purchase their product or service or by speaking out publicly about a bad experience. They set a high bar for accurate and complete information, expecting more product information than ever before to make an informed purchase decision. Where does the product come from? How was it made? Does it include the features they are looking for? They want answers, along with instructional content on how the product and its brand fit into the larger context of their lives. In addition, they expect the content to be accurate, complete and consistent across all channels—in-store and on their smart devices.

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Today’s Challenges

What Business Cares About

Supply chain fundamentals are being revolutionized to compete and win consumer loyalty. Brands, retailers, and their trading partners are collaborating to rethink the way a product moves, is packaged, and is presented to shoppers.

How We Help

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