Case Study
Face-to-Face Consumer Interviews For Havering Council
The FMCG industry, also known as CPG (Consumer Packaged Goods), is a tremendously competitive and fast-paced industry. FMCG manufacturing is hugely important because the consumer sector is growing; it is the fastest-growing sector in the UK and is a multi-million-pound industry. Almost every individual in developed and developing world countries purchases some type of FMCG product each day.
The fast-moving consumer goods industry is moving at an exceptionally rapid pace because there are always changes to consumer preferences and lifestyles.
The biggest FMCG manufacturers know how important it is to keep up with technological changes and informational attitudes. And it’s not just the products; FMCG consumers’ choices are now impacted by factors like package types, individual health, and so much more.
Keeping on top of the constantly changing and evolving trends within the FMCG is one of the most important things for an FMCG company. The following are three of the most significant trends for the fast-moving consumer goods industry, which can help manufacturers boost organic growth.
Sustainable practices are one of the most significant emerging trends within FMCG.
In both the UK and worldwide, consumers are becoming increasingly aware of their consumption’s impact on the environment. This means that they are increasingly looking for consumer goods produced sustainably by companies that ensure their environmental impact is kept to a minimum.
This is especially true of younger consumers, who will often seek out the most sustainable options for fast-moving consumer goods to keep their lifestyles as green as possible, meaning that this trend will continue to grow going forward.
As sustainability becomes more important to consumers, the best fast-moving consumer goods manufacturers are changing the way they package and sell their products. They are using more compostable, recyclable, and reusable materials, as well as more cruelty-free, vegan ingredients in their consumer goods. This is harder for some sectors, such as over-the-counter drugs, but for the most part, FMCG manufacturers can boost sustainability at relatively low costs to the company,
The COVID-19 pandemic drove an already booming e-commerce industry. Using e-commerce was essential for brand resilience, which helped FMCG sales remain strong.
Even after the uncertainty of lockdown, e-commerce is essential within the industry because it allows for a direct connection between the manufacturer and the consumer. This connection can lead to increased FMCG sales and brand loyalty, and overall helps boost organic growth. Additionally, e-commerce can help reduce the costs associated with traditional marketing and distribution channels.
Expanding into online sales can even help increase a manufacturer’s market share.
Top FMCG manufacturers are improving their customers’ experience to build brand loyalty and maximise their profits. E-commerce and sustainability play a part in this, too, since manufacturers are doing this by making it easier for customers to find information about their products online and promoting their CSR efforts.
Additionally, many FMCG manufacturers are choosing to implement new technologies such as chatbots and online reward schemes, working to improve customer service and create loyalty programs that keep customers coming back.
The FMCG sector comprises many services, including FMCG manufacturing, distributing and retailing. Within the retail industry, FMCG are products that are typically bought on a frequent basis by consumers – essentially moving from the retailer to the consumer very rapidly, hence the sector name. Products within this industry tend to be high volume, but low-cost items.
Common product categories within the industry include food, soft drinks, confectionery, toiletries, over-the-counter pharmaceuticals and household goods. The products within these categories move quickly off the shelf, so replenishing is key for both the manufacturer and retailers to avoid loss of sales opportunities and ROI.
There are several challenges that continue to impact companies within the FMCG sector, for instance; new technologies, multi-channel consumers, the effect of online review platforms and recommendations, and consumers’ desire to “shop around” in order to secure the best deals.
Moreover, new products and sectors emerge within the FMCG market on a regular basis, and consumers themselves change too. They no longer accept brands at face value and are instead challenging FMCG manufacturers to continue delivering exciting new products at a faster pace. Consumers now have access to a huge wealth of information and are essentially inundated with choice when making purchases, putting significant power in their hands.
As such, FMCG players that want to stay ahead of their competition and take advantage of opportunities must gain a deeper understanding of the latest market trends, purchasing behaviour and consumer demands.
Consumer preferences and behaviours change quickly, which is why independent, third-party agencies are important in acting as an objective overseer to assess the situation. Assosia specialises in providing relevant, timely data regarding consumer trends and the factors which are currently impacting purchasing behaviour in the FMCG industry.
We understand that one of the biggest aims for companies within this industry is to make sure their brands include the type of products that consumers will want to purchase. Additionally, they are concerned with ensuring that such products are available through various retail channels so that products can be widely distributed.
We utilise a range of quantitative and qualitative techniques, both in-store and online in order to adhere to client objectives and provide powerful, actionable insights. All of our research studies are designed according to specific category parameters, as well as taking into consideration the client’s particular research objectives. We are highly skilled in helping FMCG companies identify business opportunities and create solid strategies in order to remain competitive.
With a wealth of experience, Assosia holds preferred global supplier status for some of the largest FMCG companies in the world, providing a wide range of services to this sector. We are proud to declare that we consistently over-achieve on all our SLA’s and targets set by us and our partners.
Assosia provides many different services for our FMCG sector clients, including: