According to ASSOCHAM report, by the year 2020 the FMCG market is expected to blow up to 104 Billion
Technologies like Big Data, predictive analysis, social media too are contributing high in the change of course. One important factor that will continue to propel the FMCG sector to higher growth paths in the near future is the increasing use of digital technology. From greater use of digital marketing to increasing customization for e-commerce, an increasing number of players in the sector are today actively embracing digital technology to drive the next phase of growth amid hectic competition. Customer behavior is now predicted close to accurate, with just cherry picking the buying behavior. it is believed that digitization has become an influential tool for branding and creating a fact-driven sale. Notably, heaps of useless data is now converted into meaningful business insight. Hence, improved sales, customer experience, business operations, B2B relations and distribution network are enjoyed by businesses.
According to an article in entrepreneur.com, Automation of processes is the key element driving a change and enabling businesses become more efficient and cost effective. Automated systems backed by AI tools are being aggressively used to manage inventories, plug the loopholes in supply chain management and make distribution channels more efficient. Maintaining of digital sales records and a digital account of inventory helps eliminate human errors, hastens the management while also allowing organizations access to quick data pertaining to demand and supply. Automation of services is also being increasingly used to improve customer experience.