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As an aspiring entrepreneur, you may be wondering what lies ahead for the fast-moving consumer goods (FMCG) sector. What do today’s and tomorrow’s consumers really want — and how could your product or service fit that niche?” A good place to start your inquiry is the August 2018 “Quest for Convenience Report” report by Nielsen, a global measurement and data analytics company. The following are some key takeaways from the report.
The Nielsen Report highlights the growing need and desire for convenience and simplification in consumers’ lives. This is a result of six universal global factors: crowded urban transport; shrinking size of households; evolving gender roles; generational needs; increasing use of technology; and urbanization. The Nielsen Convenience report shows that companies will need to adapt and enhance their convenience solutions as consumer expectations rapidly evolve. This leads to other questions, such as, “How could my product or service help consumers simplify their lives? How can I easily get my product or service to consumers? Does my product or service meet an unmet need?”
The Nielsen Report shows that in today’s FMCG sector, convenience transcends products, services, and store channels. This extends beyond the product or service itself to packaging, preparation, storage, portability, disposal, ordering, replenishment, and fulfillment. In addition, device, payment, and application technologies are also key considerations in providing a convenience experience. Ease, utility, and simplicity are the primary drivers at the forefront of this rising wave of consumer demand.
Across the globe, consumers want to do more with less effort, in order to help balance the demands of work-life and provide time for relaxation and pleasure. Fortunately, technology is evolving as rapidly as the changes in consumer demand. According to the Nielsen Convenience report, leveraging intuitive technology enables your company to identify key consumer touch points, and provide consumer solutions that can help your company to stay ahead of the competition.
The Nielsen Report shows that 27% of consumers want products that make their lives easier, 26% of consumers want products that are easy to use, 20% of consumers want products for smaller households, and 19% of consumers want products tailored to specific needs. These statistics are based on global research, and apply worldwide. In particular, current changes in consumer desire and demand affects food and dining, household cleaning, personal care, and transportation industries. All of these industries will need to evolve to meet consumers’ new requirements.
Shopping has been transformed by e-commerce as well as the immediacy of consumers’ needs. Today, more and more traditional brick-and-mortar stores are offering pick-up, delivery, and fulfillment of orders via on-line or telephone ordering. The availability and accessibility of products and services from the Internet allows consumers nearly unlimited choice. Shopping and the shopping experience you provide must become easier and more convenient for your customers if you are to stay competitive.
Whether your customer base is worldwide, national, or simply your neighbors, ways to provide easier ordering, delivery, fulfillment, and payment options should definitely be on your company’s radar.
April 9, 2019 at 04:09PM
Forbes – Entrepreneurs