The global market for fast moving consumer goods (FMCG) has been growing at an impressive rate for a significantly long period of time. However, despite positive growth prospects of the industry, its trends constantly change based on the dynamic consumer behaviour. Depending on the changing consumer demands and needs, there is a significant shift in strategic decisions FMCG companies have to get used to.
Due to the dynamic nature of consumer behaviour and channel trends, FMCG companies are constantly under great pressure of embracing an operating model that is agile. However, with the advent of next-generation technologies, leading FMCG companies have begun to adopt tech-driven analytics tools as a part of a winning business model.
The latest technologies such as Data Science and Machine Learning, are gaining a significant importance in the FMCG industry and its operations, as companies are aiming to reduce their vulnerability to constantly changing consumer trends. Data analytics is changing the way FMCG operates hitherto; the focus from ‘product’ is shifting rapidly towards ‘consumers’.
Taking into consideration the immense scope for innovations big data has to offer, the advancements in data analytics are likely to open up new avenues of growth for FMCG. In the coming years, the advent of technology in terms of business intelligence and big data analytics is expected to have a substantial influence on emerging trends in the FMCG industry.
Big Data Analytics Tools Facilitating Implementation of Personalization for FMCG
While consumer trends have always been dynamic, most FMCG companies are also noticing that young and young-adult consumers now have wavering brand loyalty, and they can be seen more inclined towards exploring around when it comes to FMCG. Thereby, leading FMCG companies are adopting next-generation technologies to offer customized products to attract their target customers and prevent them from going to their competitors.
With the help of data analytics technologies, including big data, machine learning, and artificial intelligence, FMCG companies are aiming to understand their consumers better. Advanced data analytics tools are widely being used in the FMCG industry by manufacturers as well as distributors to get accurate customer insights about their real-time behaviour and habits triggering their purchasing decisions.
This is further enabling stakeholders in the FMCG industry to improve their supply chain management as well as product management operations based on intelligent consumer insights. Leading companies in the FMCG industry are focusing on understanding customer needs better to design and introduce more relevant products that sell. In the coming years, data engineers are likely to design more advanced data analytics tools that facilitate FMCG businesses in tracking customer trends more closely and adopting a winning operating model.