FMCG Industry – 3EA
FMCG product affects every aspect of human life. These goods are repeatedly devoured by all sections of the society and an extensive part of their wealth is spent on these products. Besides this, the FMCG sector is one of the imperative benefactors of the Indian economy. This sector has shown an astonishing progress over the past few years, in fact it has registered growth during recession period also. The future for FMCG sector is extremely favorable due to its intrinsic capacity and promising transformations in the environment. This report discusses on overview of the sector, its critical analysis and future prospectus.
Let us explore the Advantages of FMCG industry in India
Growth Drivers for India’s FMCG Sector
Growth in Online Users to Drive Online FMCG Market
GDP per capita at current prices (US$)
Strategies that should be adopted by FMCG Players-
1. Offers/Promotions like Combo Deals at Discounted Price
2. Product Innovation to retain customers
3. Customization: Product Flanking (E.g. Horlicks for older women & Junior Horlicks); Introduction of various combinations of products in order to cover as many market segments as possible.
4. Green initiatives will reduce costs: Customers are rummaging for choices that are healthier for them and for their homes. (E.g. HUL fulfils 80 per cent of its power requirement for its Sumerpur plant from solar energy. The company has been able to reduce the carbon footprint of its manufacturing plants by 13 per cent in FY17)).
5. Joint venture
6. Analytics: to help drive business growth by increased speed to market, faster decision making, localized and swifter innovation. (E.g. Patanjali is planning to use Machine Learning for Quality Control & Product Enhancement. They are already using Oracle and SAP for Enterprise Resource Planning (ERP)).
7. Expansion of Product/Category: Nestle India is planning to introduce special masala noodles, dips and dark chocolates which will expand its product offering.
#FMCG #CPG #GDP #ERP #B2B
Article by: Marketing Advisory, 3EA