However, there is now an almost overwhelming variety of goods on the shelves and customers are no longer basing their purchasing decisions on price alone. Convenience, availability, branding, sustainability and ethics all play a role, along with the fact that consumers are becoming increasingly conscious of the way the FMCG industry impacts the environment.
Because of this, competition is fierce, with many small disrupters utilising flexible production methods and catering to more niche and ethically conscious consumers. Ultimately, the success of these products depends largely on consumer trends, packaging, distribution channels, ethical practices and strong marketing strategies.
Most FMCG providers will already be aware that the key to gaining a competitive advantage lies in the abundance of customer data around the products, as well as the wealth of opportunities to gain feedback from customers. This can help to build those important unbreakable consumer bonds, and we’re going to look at this in more detail below.