A Crucial Year for Consumer Businesses Amid Rising Living Costs
As we approach 2024 amidst a burgeoning cost-of-living crisis, it’s clear that the power of establishing and fostering brand loyalty will play a vital role for consumer businesses in the coming year. In particular, the primary battlefield will be the digital landscape.
While the concept of the metaverse may feel passé for some, many businesses have already shifted their gaze towards Web3. This latest technological leap forms a vital component of broader digital transformation initiatives, designed to gather data on fluctuating consumer habits and bolster brand loyalty.
Harnessing Intangible Assets for Enhanced Corporate Value
We are witnessing an escalating trend of businesses identifying and actively maintaining their collection of intangible assets, aiming to augment corporate value. Intangible assets extend far beyond traditional Intellectual Property (IP) rights, with a heightened emphasis on intellectual capital – the elusive ‘secret sauce’ of every business. Such assets encompass digital and data assets, brand reputation, and more.
Bracing for Recession Challenges: IP Infringements and Inventory Losses
Recessionary periods are often marked by a surge in imitation products, making it crucial for consumer businesses to enter the new year with a heightened vigilance towards potential IP violations. Moreover, inventory losses – a common feature of economic downturns – necessitate a robust stock resilience strategy for effective prevention.
Maintaining ESG Commitments: A Top Priority for 2024
Undoubtedly, Environmental, Social, and Governance (ESG) considerations will continue to feature prominently on the 2024 agenda for consumer businesses. The ‘social’ facet is especially critical, influencing not just consumer purchasing decisions but also talent acquisition and retention strategies. As more employees seek employment with organisations that resonate with their values, ESG commitments will hold the key to attracting and retaining top talent.
Key Takeaways for Consumer Businesses in 2024
- Capitalise on digital transformation initiatives, specifically leveraging Web3 technology
- Actively manage and utilise intangible assets, including intellectual capital, to increase corporate value
- Be prepared for potential IP infringements and inventory losses during periods of recession
- Maintain and strengthen ESG commitments, particularly the social aspect, to influence consumer purchasing decisions and talent retention strategies