Big consumer-product companies are betting a lot of Americans will still be working from home in 2021.
Kraft Heinz, General Mills, Procter & Gamble are just a few examples of big consumer-product companies adapting to meet the demand of consumers working from home. They’re taking note of Americans making more coffee, buying more casual clothes, and tending beards with trimmers instead of shaving them off.
“Once your competitor does it and you don’t, then people stay with known brands. ‘Oh, well I didn’t realize these guys are just as good. So, it’s the competitive landscape that drives innovation,” Marketing Professor Betsy Gelb at the University of Houston told KTRH.
Gelb says it's a risk for a company to buy and upgrade equipment. However, she says it's a bigger risk for a company not to innovate at all.