As we step into 2024, the consumer goods industry finds itself in a precarious position. Yes, the worst of the pandemic is behind and players display cautious optimism towards the future, but the coast is not yet clear. There’s still many uncertainties about consumer behavior to consider. While the industry trends towards steady growth, retailers caution about potential deflation in certain categories and emphasize the importance of driving growth more than ever before. The biggest trend seems to be the arrival of artificial intelligence (AI), which unsurprisingly has asserted itself as a game-changer for consumer goods brands as it promises transformation across marketing, commerce, service and operations. However, the effectiveness of AI relies heavily on the quality of data it’s trained on. With data sources proliferating across organizations, brands face the challenge of unifying and integrating disparate data sources to ensure accuracy, eliminate biases and prioritize security. Consumer goods brands are on a long road towards digitalization on the vertical line, while meeting consumer expectations. In an era where 73% of consumers expect companies to understand their unique needs and expectations, personalization remains paramount. Consumer goods decision makers recognize this trend with 89% investing more in personalization than ever before. By using AI and data, brands can create hyper-personalized sales and marketing experiences, tailoring campaigns content, and communications to individual preferences in real time. Personalization isn’t limited to B2C interactions; it extends to B2B relationships as well. By harnessing predictive analytics and automation, consumer goods brands can offer customized demand forecasting, automate quoting and pricing, and drive data-driven account management. This approach allows brands to identify growth opportunities based on individual accounts’ history and performance, strengthening partnerships and driving mutual success. As the consumer goods industry continues to evolve, embracing innovation and staying agile will be paramount for brands to thrive in 2024 and beyond.