Technology Innovation in FMCG- The New Face of Growth
FMCG, or Fast Moving Consumer Goods has always been a coveted industry from a career perspective. Challenging Supply Chain, Brand Management for a diverse range of products, cut-throat competition in the global market, extensive distribution strategies, consumer frequent purchases and a gamut of other winning factors makes the industry what it is and has been over the years through an era of fast growing economies, industrial trends and buyer behavior functions. However, ever since the growth of technology and IT and the businesses of varying industries they serve, the households they impact, communication served on a cloud, socializing over a GUI – any inch to move ahead in competition has not been that easy. For long have FMCG companies survived over their basic characteristics like low contribution margins, short shelf life, high stock turnover to remain profitable, but it was not meant to sustain over a long period of time. Thus, began their foray to move ahead in an era of social media and digital marketing.
These days FMCG products come with consumer feedback channels on every pack – A 1-800 line or the customer care mailer. This in turn enhances the one-on-one feeling of a customer’s trust, his feeling of belonging to the brand and that his voice is heard being at the bottom of the consumer chain. Then they have regular blogs, tweets and other social media platforms to promote their brands – with authorized moderation of customer grievances and queries. Applying strategy into the technology space and what it can do for FMCG companies, for example- P&G has systems in manufacturing plants that allow people to use iPads to download production line data. They have also incorporated the logistics Control Tower to track transport operations through different stages right from raw material to finished goods inventory. To have retailers digitally connected, they have come up with the GSDN system and...
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