As the cost of goods continues to fluctuate, it is key for manufacturers to closely understand and establish the everyday and promoted elasticity of their products and packs to inform future pricing strategies.
E-commerce is becoming an important factor in further driving fast-moving consumer goods (FMCG) growth across major markets globally. View our webinar to explore the framework of 10 key drivers for e-commerce success and which combination of drivers are importance based on their respective markets.
Join our Nielsen Thought Leadership experts around our regions as they share global insights and regional examples as to why today's businesses need to revisit the definition of 'convenience' as more than a retail format and increasingly a consumer need.
Globally, more than six-in-10 respondents (63%) say they like when manufacturers offer new products. But while consumers across the globe are enthusiastic about new products, their purchasing patterns vary widely.
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.
Innovation isn’t easy. Globally, at least 90 percent of new product introductions fail in the year they launch. India is often viewed as a hotbed of innovation, but truth be told, the odds of launching a breakthrough success in this market may not be meaningfully better than anywhere else in the world.
Most consumers don’t see enough benefits from mobile payment programs to give up their cash or plastic—despite technological advancements or broad availability. At best, marginally better transaction speeds that typically accompany these digitized payments are quickly outweighed by shortcomings in other areas.
Consumers don’t live their lives within the crisp confines of existing UPC classifications, and latent demand rarely pops neatly from customer surveys or focus groups. And that’s the challenge for innovators today on their quest for breakthrough innovation success—understand your consumer and more importantly, identify their unmet needs.
Looks can be deceiving in India’s fast-moving consumer goods (FMCG) market. In spite of the sector’s stable, growing and lucrative appearance, it remains highly elusive and competitive. It’s also very sensitive, as one new product or a simple innovation can change market share in just a matter of days.