Avasant’s Retail & CPG Digital Services 2020-2021 Radarview™ Recognizes the Top-Tier Service Providers Expediting Digitization in Retail & CPG Industry
LOS ANGELES, August 24th, 2020 Avasant, today unveiled its RadarView™ market assessment covering the Retail & CPG Digital Services space. The RadarView™ report recognizes the top 20 providers for Retail & CPG digital services. These 20 providers have shown mature capabilities and consistent growth in their service offerings and have been assessed across three key dimensions – practice maturity, investments & innovation, and ecosystem development. The report categorizes the top Leaders, Innovators, Disruptors, and Challengers as follows: Leaders: Accenture, Cognizant, HCL, IBM, Infosys, TCS Innovators: Capgemini, NTT Data, Tech Mahindra, UST Global, Wipro Disruptors: Atos, CGI, DXC, Genpact, LTI Challengers: Mindtree, Softtek, Sutherland, Unisys Download the 115-page report here. Joe Frampus, a partner with Avasant, congratulated the winners noting, “Since the pandemic, the Retail & CPG industries are in flux. The shift in consumers’ buying behavior due to economic instability, changing lifestyles, prioritization of health and wellness, and technological advancements have led to several fundamental changes challenging the very survival and growth of these enterprises. Thus, it has become very imperative for retailers and CPG companies to accelerate digital adoption through strategic partnerships and/or acquisitions and unlock new growth opportunities by evaluating different business and operating models.” Carlos Hernandez, a partner with Avasant, congratulated the winners and added, “With the disruption caused by COVID-19, consumers’ buying patterns and behaviors have changed radically shifting to value and essentials transforming the industry dynamics as retailers face challenges across multiple dimensions. To survive those challenges, digitalization across the value chain to reinvent the shopping experience, enable personalized product development, supply chain visibility, automated manufacturing, efficient and smart warehousing, omnichannel retailing, frictionless store experience, and last-mile deliveries will be the real deal-breaker for the enterprises.” The Retail & CPG Digital Services 2020-2021 RadarView report addresses the need of enterprises to understand the right action points to navigate through the headwinds and gain competitive advantage. It also identifies the key global service providers and system integrators that can help enterprises in business transformation. Some of the key findings from the report include:
- 4X growth of online sales vis-à-vis offline sales in Q1 2020 as the customers prioritize safety and social distancing.
- 2-4% of revenue growth for retailers by digitalizing supply chain for real-time tracking and last mile deliveries.
- 15-20% increase in revenue for retailers by deploying a robust omnichannel strategy.
- More than 25% of store closures by CPG companies as they file for bankruptcy under Chapter 11 in Q2 2020.
- 20-40% reduction in manufacturing output due to the factory lockdown, unavailability of raw materials, and high dependence on human employees.
- More than 30% annual ecommerce growth registered by leading CPG companies in Q1 2020.
- Increased focus on customer-centricity across the critical touchpoints to improve their conversion rate and drive revenue growth.
- Advanced analytics to drive revenue growth of 8-10% by launching and modifying products based on customers’ preferences and improve profitability by 1-2% by optimizing the manufacturing and supply chain processes.
- More than 85% of new outsourcing contracts included the integration of digital technologies across various processes and segments.