5 ERP Trends that will shape the FMCG industry in 2023
Understanding a Few aspects of current trends in the FMCG industry can help you know what the environment will be like for the FMCG industry in 2023. The pandemic that hit the bottom line of the global FMCG Industry has taken its own time to evolve and emerge as a giant back on track.
The factor deciding the increased purchasing power is, Integrated ERP systems are quintessential to overcoming the challenges of today and putting retail, wholesale & distribution on the success trajectory.
A Large disposable income available for people, the bulging segment of the middle class, Global exposure of products, brands, and organizations through various reach outs, a lot of shifts and changes after the pandemic, a lot of newness in the sector, and Disruptive innovation.
Five trends that will be critical to the ability to compete
- Optimized reality
The human within the value chain is going to expect a much more advanced, connected, data-driven experience. They want businesses to anticipate the needs and have an ethical impact on ingraining business within its surrounding society. There is the rise of whole system planning and taking all of those unconnected dots into consideration, joining them up and allowing industries to be more proactive about the changes that will come.
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Sustainability
Consumers have information everywhere and are becoming more aware of climate change and its impacts. They seek companies that offer more responsible, tailored product choices to consumer tastes. The FMCG industry would cater to personalization, sustainability, and consumer well-being to meet customer demand.
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Supply chains to supply brands
Consumer goods companies will have more agile supply chains so that we can ramp up and down very closely linked to the product development organization.
- Digitalization and Disruptive technologies implementation.
Along with the demand for convenience, there comes a need for digitalization and disruptive technology implementation in the industry. Augmented reality (AR), and virtual reality (VR), make the product more engaging and interactive and provide the customer with more information about the product. Investing in customer experiences increases brand loyalty.
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E-commerce, big data & Analytics
Consumer shopping habits on online channels have significantly increased. FMCG firms actively incorporate diverse media, leverage mobile& headless commerce to market their products, and increase footfalls. FMCG companies actively leverage big data and Data analytics to explore customer preferences and behavior to gain a deeper understanding of consumer purchase habits.
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Conclusion
Businesses paying attention to the macro trends will survive and thrive future. Those who don’t follow will find it difficult to predict, connect, and understand what will happen to the industry.
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