Fast-moving consumer goods, or FMCG in short, is probably one of the most prominent industries that provide consumers with goods on demand. Unfortunately, however, many small FMCG businesses have experienced some losses due to the Coronavirus pandemic. After all, the FMCG sector is becoming more competitive and intense every day. As a result, companies catering to this sector face significant challenges in maintaining profits.
However, most FMCG companies have already begun integrating AI technology into their core systems to bring about innovation, outperform the competition, and offer excellent customer service. With that in mind, let’s learn why technology is critical for the FMCG sector to achieve profitability with minimal investment and provide excellent customer service.
Improve Brand Identity with Digital Omnichannel Loyalty Program
Your brand identity will be more distinct for your customers if you offer greater opportunities that appeal to their lifestyles. Aligning your digital omnichannel loyalty program framework with your brand identity will help strengthen your business’s key message and allow you to connect client preferences, passions, and beliefs,
Furthermore, utilizing a digital omnichannel loyalty program with personalized rewards will engage customers and foster long-lasting relationships. It will allow you to personalize customer interactions, create more engaging campaigns, and invite participants via social media, SMS, Push Notification, WhatsApp blasts, email, etc.
Optimize Supply Chain with Cloud or AI-Based Distributor Management System
Using a cloud-based or AI distributor management system, you can improve demand forecasting, personalize product offerings, and maximize the supply chain.
FMCG businesses can create ordering software that enables retailers to place orders directly with the sales team rather than depending on major distributors or wholesalers. You can also add loyalty points for each successful transaction to make it more personalized.
Ultimately, consumers, distributors, and vendors prefer going online instead of being in a brick-and-mortar store. Doing so allows faster and more convenient shopping, order fulfillment, and delivery.
Leverage Social Media with Digital Marketing
By utilizing your social media presence, website, or app, you can shift your marketing to the digital space and connect with a broader range of customers who prefer to buy online. Of course, reaching a larger audience is always the benefit of having a digital footprint. However, on the flip side, this also leads to tougher competition.
After all, your company will go head-to-head internationally and locally with other FMCG businesses on the same online platform. That way, every business will compete on price, customer satisfaction, and delivery. Such competition will allow you to push yourself further and innovate to capture more customers.
The emergence of online marketplaces and e-commerce stores has altered every aspect of the industry’s business operations, including those in the FMCG sector. Online shopping has emerged as a new trend that will probably endure even after the pandemic is over.
Given these circumstances, it is safe to say that technology is the driving force behind FMCG businesses looking for success. Ultimately, for these companies to survive in the cutthroat business environment, they must adopt more technology.