Inflation is pressing down hard on consumer packaged goods (CPG) companies and their customers. If you manage sales for a CPG company, that pain is especially harsh. Rising costs are forcing your company to hike prices but striking that optimal price point—one that secures long-term profit without turning away customers—may feel impossible.
However, there are nuances to setting pricing during inflationary environments that not all CPG companies know about. In this article, we lay out the proven ways to form a successful CPG pricing strategy during inflation.
For consumer packaged goods (CPG) brands, pricing can feel like a high-wire act. Set pricing too low, and your company could be missing out on margin. Price too high, and demand could snap altogether—and consumers may abandon your brand in the long run. That’s why identifying price elasticity is more important than ever.
Retail eCommerce growth has not slowed post-pandemic. Sales grew in 2022 and are projected to continue.
Data is just like water—it’s everywhere and takes many different shapes.
When collected and stored properly, you have what’s called a “data lake,” where you can swim in incredible, game-changing insight.
But on the shadowy side of the data lake is the data swamp, where formatting issues, duplicates, junk, and missing data are aplenty. It can be a place of distress and confusion where there are so many data sources, analysts are drowning in data download and retrieval.