With a growing number of players in the market, the consumers’ expectations are not only rising but are also getting exceedingly volatile. With consumers wanting high quality and fast delivery at the best prices, businesses are transforming the way in which they functioned in the pre-pandemic era.
The question is how are they doing that?
Rapid digitization
Digitization has proved to be the solution for most of these problems. Digitization has helped businesses process consumer data and trends to forecast demands. AI in e-commerce gives customers a personalised and desirable experience. While these are the conspicuous benefits, digitization fosters business-supplier relationships by enabling ease of communication. New technologies like 360-degree catalogues and ‘search by image’ options have emerged in the fashion industry.
Omni-channel
Via Omni-channels companies give access to their products and services on all channels, platforms and devices. It provides a seamless, integrated and uniform consumer experience regardless of the platform. This multi-platform approach boosts customer satisfaction and expands their reach. The goal and design of the company are aligned and communicated across all channels. Companies with an integrated omni channel have better reach and higher retention rates. Through social media, brands have been able to engage larger audiences. Omni-channels have also played a key role in mass customizations and meeting specific needs of the consumer.
Quality and Sustainability
Cash is king but the quality is his comrade. With an eclectic mix of choices available, consumers are unwilling to sacrifice the quality of goods while also being more sensitive about the detrimental environmental impacts that the manufacturing of FMCG causes.
Growing environmental concerns and increasing awareness amongst users has led to more mindful choices. According to a survey, 75% of online shoppers would change their brand or product for the betterment of the environment. To continue to stay relevant in the market, businesses are forced to pivot to eco-friendly practices.
Sourcing Strategy
Companies that were over-reliant on any one source for raw materials plummeted as the pandemic rose and borders shut. Many car manufacturers were forced to stop production as early as February 2020 due to a lack of parts. The iPhone is assembled in China but its parts come from over 40 countries! Taiwan and other Asian countries dominate the chip market and all the tech industries that depended on them faced severe backlash. Even the infamous “PS5 shortage” was caused due to Global chip shortage. These instances stressed the need for flexibility- of means of procurement and of sources of raw materials.
Commenti