FMCG success today is now dependent on quality product images, solid SEO and prominent placement on e-tailer websites—far more so than simply having an abundant quantity or variety on the shelf at the local store.
The most common way that Belgian consumers find out about new products is by seeing them on store shelves (63%)—far above the global (48%) and European (56%) averages according to Nielsen’s New Product Innovation report.
Brand building can be costly and time consuming, so the ability to grow via line extensions—the use of an established product brand for a new item in the same category–can be extremely advantageous. In fact, line extensions are approximately three to four times more common than “new manufacturer” and “new brand” launches combined.
At Nielsen’s annual Consumer 360 Conference, Nielsen CEO Mitch Barns and Daniel Zhang, CEO of China-based Alibaba, sat down to discuss how global companies are leveraging digital and big data for commercial gains amid growing fragmentation, technological developments and evolving consumer demand.
Innovation matters. In the consumer product realm, it can drive profitability and growth, and it can help companies succeed—even during tough economic times. On the opposite side of the sales counter, consumers have a strong appetite for innovation, but they’re increasingly demanding and expect more choice than ever before.