The fast moving consumer goods market is experiencing dramatic changes, with expectations of 15 million new retail outlets required to serve approximately one billion customers in 2015 in India. Sustainability in next 10 years demands, would require the industry players to re-think their product development process, cost structures, corporate setup, supply chain, marketing, sales and customer engagement process.
- "The 24x7" Concept: Consumers now look for the "always open" stores to shop. FMCG companies need to adopt an e-commerce approach to launch their websites offering products that are available 24X7.
- Data Management: FMCG companies need to compile and store massive data about customers, products and transactions to draw meaningful information for decision making.
- Mobile Shopping: With the evolving digital technology, mobile apps are emerging as the biggest breakthrough. Tech-savvy customers prefer to avail services and products via mobile apps as it is quite handy, fast and reliable.
- Multi-channel Branding and Promotion: In the landscape of social media evolution, FMCG companies need to develop multi-channel branding along with cross platform campaigns integrating various social media avenues altogether.
The WEB-WISDOM LORE
Currently, only 26% retailers have capabilities to allow customers to interact and transact with particular brand within the physical store through their mobile phones. Scale-wise, as the market structure is pyramid-like, with the smaller outfits being the largest base with the closest "personal" proximity to the customer, the digital mobilization is largely skewed to medium and large. Leveraging digital technology is the most effective way to compete and win in this highly competitive environment. Digitalization is transferring power and information from manufacturers and retailer
- Secure Database and Analytics:
A data set-up and technological structure for smooth data mining and data analysis – from data mining, compiling to data analysis.
- Omni-channel communication:
Integrate various promotional and branding avenues into one seamless system for fast and transparent interaction with target customers.
- E-commerce Solutions:
Design and develop creative e-commerce web infrastructure with efficient and unique user experience.
- Mobile App Platforms:
Create instant connect with your customers with a dedicated mobile app of your business that offers seamless services. Mobile apps are the best sources of brand promotion and customer interaction.
- Anywhere Anytime Sale:
Point of sales (PoS) software tools embedded in PoS machines drastically reduces the average billing time thus reducing CPA and imparting innumerable cost efficiencies
Digitalization of a landscape as wide, broad and deep like this requires not only initiatives to be taken, but also a positive adaptation from consumers and prosumers. The "digital FMCG enterprise" of both today and tomorrow need to create myriad variety of push and pull initiatives to involve the consumer without increasing CPA which is critical to maintain competitive advantage in an environment that is anyhow cut-throat as goes competition, interestingly for this industry, from the smallest all the way to the largest player.