Looking Beyond Your Own Aisle: Total Store Trends
Sometimes growth opportunities lie adjacent to your own business. Looking beyond your core areas of expertise can help you capitalize on larger trends and turn a low-growth or even stagnant market into one full of new and emerging opportunities.
Beauty care struggled in 2017, with the department contracting by nearly 2% in dollar sales year-over-year. Aligning product innovations with the right ingredients can help bolster sales where it’s needed most. Consider avocado oil as an example. At a high level, there are increasingly more households purchasing products with avocado oil than there were in 2015. Penetration has increased by 5 percentage points in the last two years alone.
Oil from this superfood has done wonders across a number of related categories. While 2017 was a challenging year for categories like margarine and spreads (down by 5.4% in sales), hand and body lotion (flat at 0.9% in sales) and hair conditioner (down 1.3% in sales), variations that included avocado oil saw outsized growth. Today, avocado oil is in 11% of all FMCG categories*, with over 30 different categories represented. It has long-since had an impact on the food space for its healthful benefits and versatility…but it’s now driving impressive growth in beauty, health care, oral care and more.