Big Data for Consumer Packaged Goods (CPG) Industry: How and Why Businesses Need it?
With data rummaging up all the everyday business operations, entrepreneurs are finding it hard to map customers’ expectations. Nearly every sector is witnessing the transformation, mandating the need to adopt significant business strategies. Similar is the case with the Consumer Packaged Goods industry. A sudden change in their business landscape necessitates the need to prioritize operations and alter their course of action.
Merging Data with CPC
Data Analytics is on the rise. Millions of data generated every day and used to drive significant insights highlighting consumer preferences and behavior. Undoubtedly, this part of technology has set off the traditional form of business, opening doors for newer avenues. CPC industry, though a leading and apparently, the most successful sector worldwide, is also experiencing success gaps, given the onset of a consumer-driven economy.
Today, we thrive in the consumer specific era. People are a lot more active and engage at an enhanced level. Not only has their usage trends altered by dramatically revised, threatening the existence of traditional companies. Sudden change in tastes, uncertain demands, and fluctuating needs, it is turning impossible to predict the buying pattern of a customer. Now, this is where the idea of Big Data dives in.
Having the potential to analyze consumer behavior, and outlining the next probable purchase, Big Data can definitely turn the tables. It’s time that the consumer packaged companies rethink their business strategies, only to put Big Data to use.
Integrating Big Data – How Does It Helps CPG Industry
We are very well aware of the fact that CPG industries generate huge amounts of data every day.
- What are the products sold
- What kind of goods are manufactured
- What should be the minimum value of the product
- What is the maximum amount a user is expected to pay
And this continues. With such huge data, the marketing team can generate countless opportunities for growth, helping organizations to reinvent their customer’s experience. And this is just the tip of the iceberg, the real image is far more dazzling than you can ever anticipate. Shedding light on the advantages posed by Big Data in the consumer packaged goods industry, the article would help you have a clear idea of the actual potential of Big Data.
- Improvise the generated ROI as now the products are tailored keeping in mind the expectations of the consumer.
- Accelerate the time to market a product as companies can now make better and faster decisions.
- Amplify shopping experience and remain equipped with stocks through automated stock analysis.
Data exploitation is no longer a naive term. Every single industry is using it and given the possibilities of growth and success, the CPG industry too needs to scale operations, harnessing the true potential of Big Data.
Top 3 Strategic Business Priorities – The How of Big Data
True that Big Data can change the entire face of the digital economy, of course for the good. However, you are not alone in this race and in order to stay above and ahead of your competitors, it’s important that you undertake an organized and strategic approach. Not sure how? Let’s have it then.
- Invest in Personalized Offerings
As mentioned above, the present age is consumer-driven. In order to excel in the industry and remain at the forefront, you need to understand what your consumer wants and expects. Gone are the day when a business meant selling, today you need to provide an exceptional consumer experience to actually sell. Customers won’t buy in the fact that you have a product they want, instead, they look for a company that offers the quality and the experience, they have been seeking for ages. Today, selling is an art and it has to be customized in terms of the user’s preferences and choices.
To do this, you need to engage with your consumers and at a personal level. You need to have a better understanding of their choices and then build your strategies, likewise. Personalized campaigns, one-to-one interaction, social media communication, all add to up to a better outcome.
- Omnichannel Presence
Restricting users to a single platform does nothing but restrict your sales and revenue. Today, people are present all across the digital channels. It might so happen that your brick and mortar store still generates a handful of traffic, it isn’t much to stay ahead in the competition. You need to expand beyond the comfort zone and embed different channels giving users the ease to connect with your brand and purchase items on and off the store. Online channels that offer delivery and pickup of items or goods that are consumed regularly is the new face of buying and selling. You too need to incorporate online media channels to offer home delivery of goods.
For goods that are consumed regularly, you can have a subscription option that automates delivery offering better customer experience. For the consumer packaged goods industry, such a model would help them attract new ones while retaining their existing ones. And while you are doing all of this, your father an enormous amount of data that will boosts sales and marketing methodologies of your brand.
- Winning As The Ecosystem
While industries and organizations are working to offer the best in class services and offerings, they are also fueling partnerships leading to better growth. To emerge victorious in their business operations, the consumer packaged good industry people need to collaborate with other departments, such as the logistics, packaging, and co-manufacturing to speed up the selling process while adding flexibility and reliability in their business undertakings. Also, it is important to start building trust and create transparency among the manufacturing process, right from raw materials to production and finally distribution.
The Final Word
Gone are the days when professionals undertook the method of guesswork to predict how the customer would react when given a particular product or what would be the acceptance rate. Today,Big Data does all of this, but in a way, that is organized, strategic and highly accurate. It is obvious that Big Data is powerful enough to drive business decisions but only when used the right way.