It is best for all types of industries to take the best benefits from using data resources and analytics. One can gain profits by targeting more customers and cutting the costs of their products even down.
FMCG sector is still lacking much in adopting big data to find new insights to drive business. But in reality, they have lots of data to get some revolutionary commercial outcomes.
Predictive Analytics plays a significant role in the FMCG industry – improving the quality of products, pricing strategy, customer services, logistics management, and many more. Here are some anecdotes of the same;
1) Making the Right Products as per Demand
Many FMCG companies are using their data to develop and launch a new range of products – they can make better use of predictive analytics, business intelligence tools, and data mining. Also, there are many different techniques for processing big data to create their goods. Hence, they can better understand their customer behavior and needs by interacting with them and plan to offer the same in the future.
Data-based technologies are evolving at a fast pace. Thus, it provides a more detailed insight into the FMCG sector to predict something unusual to move ahead in the competition. Companies can also make the best use of big data to better strategize their ROI, product demand, and sales forecasts.
2) Strengthen the Supply Chain
An FMCG company is nothing without a proper supply chain process. The complete operation of manufacturing then transferring it to the retail and making the sales smoother.
Today due to the availability of various analytics tools, one can use big data to make better decisions. It will be fruitful for the supply chain management. The difference in current strategies is that they are data-driven – it depends more on accurate analytics and algorithms applied to relevant big data.
To enhance the level of customer service, optimize supplier, source performance, manage transportation and logistics prices, cut holding costs, and boost inventory levels – it is ideal to implement data analytics in every process of the business. An FMCG company can optimize its delivery network by merging different systems into the most streamlined process that saves time. As a result, it helps businesses to enhance their accuracy of service.
It also helps in real-time tracking and management of facilities and processes of warehouses. Many big data technologies can help much in it, especially tracking the performance of a machine using sensors. A company can identify income deliveries, delivery mismatches, and inventory levels.
3) More Detailed Customer Insights
FMCG companies can get the essential information about their customers to serve them better in the future. Target the right customers for better conversions via personalized offers on products’ prices. One can get effective customer segmentation and enhance the loyalty of customers with minimal churn.
A firm can use better promotion techniques, using up-sell and cross-sell strategies. It can help them to retain customers and gain lifetime value from them. To plan a better combination of services and products that works best as per the needs of the clients.
One can collect purchase data of each individual with the help of printing unique codes provided on the packaging of the goods. A good source of big data is to track the purchasing habits and real-time behavior of the customers.
It is not tough for any company today to uncover all the details of their consumers about what they need when they need, how much they need, and many more. They can get better insights into the behavior of their customers by using the purchase data of their customers with survey reports.
Like others, FMCG companies also need to realize that they need to mix their marketing approach with individual purchase data. Thus, they can better target their every customer by using some intelligent promotions for them in real-time.
To conclude, if you are running an FMCG business, it is the right time to implement Big Data Analysis or Predictive Analytics in your business process. And if you are wondering how to start with it – feel free to get in touch with NextBee.
NextBee is successfully delivering Data Science services to small, mid, and big scale companies and has a successful track record of developing high-end software application sin SaaS model. Be it the Data Science service or Software Development work, we are ready to help with all your requirements.
