FMCG & Retail is a tremendously competitive and fast-paced industry. There are constant changes made to brands within the marketplace with the industry moving at a rapid pace.
In the FMCG industry you will find many services, including manufacturing, distributing and retailing. FMCG are products that are typically bought on a frequent basis by clients. The movement of the goods from the retailer to the consumer must happen very rapidly (this is where the industry takes it’s name). Products within this industry tend to be high volume, but low-cost items.
If you are a company within the FMCG and Retail industry you must know the challenges the industry faces everyday, 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, the consumers tend to change themselves as new products and sectors emerge within the FMCG market on a regular basis. 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.
For consumer-packaged-goods (CPG) and retail companies, the impact of the COVID -19 pandemic events hasn’t been uniform. Some companies have been among the hardest hit, suffering massive sales declines and laying off thousands of employees during lockdowns, whereas other companies faced unprecedented spikes in demand and had to rapidly expand their workforces. Meanwhile, trends have accelerated at a pace that, until recently, was unimaginable; changes that otherwise might have taken a decade instead happened in days.