The FMCG industry has generated steady ROI and growth for the past two years. This is one of the few industries that has continued expanding despite the Coronavirus pandemic. For FMCG companies, however, it has continued to be a challenging year due to changing demographics, purchasing patterns, consumer behaviors, and rapidly evolving trends.
Although the cost of living crisis is still very uncertain, it is also an exciting time because there are possibilities for growth in the FMCG sector. To maintain growth, brands must be aware of all the potential variables. With that in mind, here are a few FMCG trends companies must consider in 2023.
Taste Temptation
Taste temptation is one of those FMCG trends that show how customers search for small indulgences for escapism and reward purposes, particularly as they avoid spending big money on expensive items and products.
This is why companies must introduce virtual product testing so customers can get a taste of items before making a big purchase. Companies can also implement rewards programs that allow customers to gain points for less expensive products. These customers can then use their points to get discounts on big-ticket items and products. This will increase brand loyalty and bring more new customers to your business.
Eagle Eye
In an age of austerity, businesses must focus more on reassuring customers that they have their best interests in mind. In addition, greater care must be taken to ensure that customers know where products and items originate. After all, consumers do have other priorities besides well-being and health.
With consumers continuing to show signs of risk aversion, the Eagle Eyes is one of those FMCG trends that examines how consumers are becoming more information-conscious. As a result, authenticity and transparency are essential, and businesses will be expected to share the history of their products if they want to make more sales in 2023.
Inflationary Driven
Inflationary driven is one of the most essential FMCG trends to focus on in 2023. This trend examines how consumers stretch their budgets without compromising their needs. For example, consumers are becoming less brand-loyal, more resourceful, and trying to save money on some items to spend more elsewhere.
As a result, brands must remain highly responsive to inflation. In addition, it must be remembered that few households have sufficient savings, which means that any decline in financial and job security or the economy will hit many people hard and quickly.
While consumers will be willing to make some concessions in 2023, the value consumer goods provide will supersede price as the deciding factor.
Digitized Customer Journeys
In 2023, FMCG companies must develop more technological and digital consumer journeys to remain relevant. More cutting-edge and digital solutions, like the Internet of Packaging, are anticipated to give FMCG companies a competitive edge in 2023.
In fact, The Internet of Packaging will enable FMCG companies to operate at maximum efficiency, increase their consumer reach, and incorporate cutting-edge customer experiences.
Wrapping Up
This wraps up our list of FMCG trends to look out for in 2023. However, Regardless of the trend you decide to incorporate into your business model, you must ensure maximum transparency and assure customers that your products will align with their needs and requirements, especially when diminished financial trust means that brand loyalty will likely decline.
