Consumers will start 2023 in a state of heightened uncertainty for the third year. People are concerned about the economic slump and rising living costs this time rather than the epidemic. Because of this uncertainty, customers want to continue looking for items that meet various demands while engaging in recessionary buying patterns and paying closer attention to value.
The main implication is that customers will be unwilling to give up things they consider necessary and indulgences but will be more conscious of their spending. With that in mind, here are a few changes business businesses can expect to hit the FMCG industry in 2023.
Sustainability
Field service sustainability in the FMCG industry is a key concern in today’s environment. Industries have been dumping their wastes into bodies of water, and the smoke from industrial factories has destroyed the lives of countless animals, water species, and humans. Our job as Earth’s children is to protect it and adapt our lifestyles to adhere to sustainable principles.
Today’s generation consists of astute customers who consider purchasing products from businesses with principles that incorporate sustainability. Therefore, adapting to sustainable ways by lowering plastic consumption, mindful waste removal, adopting alternate packaging methods, and sustainable sourcing are just a few strategies to ensure businesses can become environmentally conscious and instill sustainable practices.
Aging
The FMCG industry has traditionally relied on long-standing brand loyalty. However, the trick here is to identify the target audience. As a very traditional and old market, FMCG has a diverse consumer base ranging from millennials to senior citizens. Unlike other businesses that have catered to a narrow set of consumers, the FMCG industry will face challenges in 2023 to strike the perfect balance between pleasing a diverse range of age groups and remaining relevant.
To accomplish this, companies may simplify goods by making minor modifications in ingredient selection, lowering the use of chemicals, and increasing the use of natural components in non-food and food-based products. Ultimately, this balance may be achieved by constantly updating and digitizing their strategies while offering ease of accessibility to consumers.
Sales Automation
The FMCG industry has always relied heavily on traditional sales tactics. However, as the world has grown more digital, digitalizing field services in FMCG has become critical to the success of a brand. As individuals become less available to one another, sales automation via digitalization has taken precedence over conventional sales tactics.
With the loss of employees owing to various factors such as migration regulations and health concerns, the FMCG industry should guarantee that the sales force completes their tasks and that their work is productive and maximized. This is why field sales force automation is critical for a business to succeed in this sector.
Wrapping Up
This wraps up our list of changes businesses can expect in the FMCG industry in 2023. Hopefully, equipped with this knowledge, you can ensure that your FMCG company remains ahead of the curve and copes with increasing customer demands without hiccups!
