The Inflationary Environment Remains Top of Mind Across Networking Groups
Category Management Association
Professional Association helping members drive meaningful category and brand growth by building shopper satisfaction.
April 24, 2023
By Jackie Lewis, VP of Content for CMA | SIMA
The first quarter of 2023 was busy as the CMA | SIMA hosted its Annual Conference in Las Vegas with over 850 industry practitioners. Members from across our seven private network groups gathered at a special happy hour – many meeting each other in person for the first time!
The inflationary environment remains top of mind across networking groups as category managers strive to understand and interpret shopper behavior in a high-priced but also highly promotional environment.?Our groups of retailers, small-to mid-sized manufacturers, and Flavors group met in 1Q, and we also launched a new group for manufacturers around managing global captaincy programs; more to come in future recaps. We are anxious to hear what the private label group discusses as well.
The CMA and SIMA strive to stay on top of industry trends and specifically how they impact the category management and shopper insights functions. One of the ways we do this is through our?quarterly private networking groups?(PNGs) made up of suppliers and retailers to discuss industry pain points and best practices.
While the full notes remain available to participants only, we wanted to share some of the key takeaways from meetings held in 1Q (January-March). These are meant to both inform on real-time industry topics and make members and non-members aware of the networking opportunities available through ARC (The Association for Retail and Consumer Professionals).
Click Here to view the Key Takeaways on Shopper Behavior and Key Takeaways for Retailers and Small to Mid-Sized Manufacturers.
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1 年With inflationary times, businesses can optimize their pricing strategies, supply chain management, product offerings, sourcing options, and market monitoring to navigate these uncertain times successfully. Here's some thoughts.... Adjust pricing strategies: Manufacturers and retailers should consider adjusting their pricing strategies to mitigate the impact of inflation. This may include gradually increasing prices, bundling products, or offering discounts for bulk purchases. Optimize supply chain management: Streamlining production processes, negotiating better deals with suppliers, and improving inventory management can help manufacturers and retailers reduce costs and avoid excessive price increases for customers. Diversify product offerings: Manufacturers and retailers should consider offering lower-priced alternatives to address changes in consumer behavior caused by inflation. Explore alternative sourcing options: businesses can seek out new suppliers, diversify sourcing regions, or invest in vertical integration to bring production in-house. Monitor market trends: manufacturers and retailers can remain agile and adaptable to navigate inflationary times successfully.