Plates are full, and the length of the pandemic has increased the likelihood that recent changes in consumer behavior will remain.
Consumer & Retail companies should expect to be digital-first organizations with an increased focus on speed and more positive customer experiences across channels. Hand in hand with this is the need for greater vigilance around cyber security and privacy. As well, inflationary concerns will persist in 2022, and companies will need to watch economic indicators closely and consumer demand signals to properly respond. And environmental, sustainability, and governance (ESG) and diversity, equity, and inclusion (DEI) will remain at the top of the board agenda.
With such a full plate of issues, we highlight eight priority areas that Consumer & Retail boards should keep top of mind as they prepare to carry out their 2022 agendas:
- deepen the board’s engagement in strategy for the increasing digital future
- embed ESG, including climate risk and DEI, into risk and strategy discussions
- make sure there's adequate monitoring and response to inflationary, economic, and tax policy changes
- determine how to prioritize supply chain disruptions, resilience, and evolution
- reestablish focus on evolving customer behaviors and market channels
- put culture and talent high on the agenda
- place a heavy focus on cyber security, ransomware, data governance, and privacy
- think strategically about talent and diversity in the boardroom.
Plates are full, and recent changes in consumer behavior will likely remain.
