Industry Insights - Consumer Products and Retail

Consumer Packaged Goods
Industry Insights - Consumer Products and Retail

DECEMBER 2020


During what has been the most unconventional year of our lives we wish you and yours good health and safety during the upcoming holiday season. Thank you for reading Industry Insights for CPG and Retail, Protiviti's last edition of 2020.

Dive in to the latest trends and topics before you head off for well-deserved time away from your virtual office. Our team has curated industry news, insights and resources to help you and your team keep forging ahead in 2021. Cheers to the New Year!


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The Biden Administration: The First 100 Days and Winners and Losers

In the aftermath of any presidential election with a change in party leadership, the question arises as to the likely focus of the first 100 days. In this Flash Report, we summarize 10 likely priorities of the President-elect’s administration in its first 100 days, and also present potential implications of a Biden administration on various industry sectors.

Retailers Make Big Bets in Beauty

Beauty has become a growing category for mass retailers, such as Target and Kohl's, and they have increased their investments in segments including fragrance, cosmetics and nail care. Kohl's has begun testing the Wellness Market concept at 50 locations, and Target will be home to hundreds of Ulta Beauty in-store shops.
 
Source: CNBC

Grocery Gets a Black Friday Boost

Online shoppers drove huge grocery sales on Black Friday, with data from Adobe Analytics showing a jump of 397% over daily averages recorded in October. Many retailers credited expanded in-store and curbside pickup options with attracting customers during the ongoing pandemic.
 
Source: Winsight Grocery Business

Brands Leading the Way in Digital

The brands that topped a new ranking of limited-service chains’ digital maturity.
 
Source: Restaurant Business Online

Retailers Cut Back on Choices

Retailers are trimming styles and colors in the hope that by eliminating the decision paralysis that grips customers when they are faced with too many options, they can boost sales and reduce end-of-season markdowns.
 
Source: The Wall Street Journal

 

Setting Sights on Digital Transformation and Innovation

Digital transformation and the adoption of next-generation best practices, including advanced analytics for reporting and robotic process automation (RPA) for the control environment, need to be a priority for every internal audit organization if they want to remain relevant.

Connected Devices in Today's Evolving Business Environment

Connected devices are here and can provide huge benefits such as data access, predictive resource utilization, cost savings and innovation for companies that know how to properly manage, maintain and secure them. This, however, is a complex process that requires vigilance on security and a formal life cycle management plan. Business managers should avoid going it alone to ensure that nothing falls through the cracks.

5 Steps for Customer Trust Success

A webinar panel discussion on how to build transparency into data collection and sharing, and ensure accountability for those customer promises. Proper data management responsibility from privacy, accountability, ethics and more are critical elements.

Business Continuity Programs: Beware of Complacency

One of the biggest initial lessons from the COVID-19 pandemic is that businesses cannot afford to let their guard down and must use every opportunity to address any operational challenges exposed by the pandemic. This means, now is the time for businesses to reexamine business continuity and resilience programs.

 

 

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