THE FUTURE OF FAST MOVING CONSUMER GOODS….
INDIA is changing rapidly as a society and as a consumer culture. The FMCG sector has grown at an annual average of about 11 per cent over the last decade.
Growing awareness, easier access, and changing lifestyles have been the key growth drivers for the consumer market. The government of India’s policies and regulatory frameworks such as relaxation of license rules and approval of 51 per cent foreign direct investment (FDI) in multi-brand and 100 per cent in single brand retail are major growth factors.
FMCG has three main segments:
• Food and beverages
Let’s have a look at the changing trends in the FMCG market.
1. Everything is online!!
There has been a dramatic growth of smart phone users in India, the shift in purchase behavior towards online buying, dominated by mobile phones. Preference are now clearly extending beyond the original product categories of electronics and fashion to include food and grocery as well as local origin products. So most products are simply a click away.
2. Better service!!
The consumer has become very demanding and with increased competition in the market, most companies strive to be the very best at customer service. Consumers are now seeking a clutter and trouble free experience, enabled by technology and better quality sales people.
3. Health is wealth!!
People have increasingly become health conscious and want to purchase products that are wholesome and healthy. There is a marked consumer shift towards products and services that are perceived to be relatively healthy and less harmful and enhance people’s sense of physical and mental wellness.
4. We want it easy!!
Cash-rich but time-starved consumers are seeking new dimensions in convenience by knowledge to help them navigate to the right products and services that are relevant to them.
5. Social networks!!
The concept of ‘crowd clout’ is gaining significance as consumers realize that their collective networks are enabling them to demand improved products and services from companies
To conclude we can very well state that ‘consumer is king’ is the growing concept of the FMCG market with the consumer being more aware, educated and demanding. Companies need to be able to provide not just good quality products but also the very best customer service.