FMCG Spending on Analytics: Introduction
- Fast moving consumer goods (FMCG) use analytics solutions to understand pricing insights, customer insights, sales insights, marketing insights, supply chain insights, and the options of driving maximum revenue and profitability through all channels.
- Analytics solutions generate customer insights on the basis of their purchasing behavior. Implementation of FMCG spending on analytics provides various benefits to the FMCG sector such as decreased markdowns, increase in sales margin, and aids inventory management. It also simplifies workflows, makes daily communication easier, improves business processes, increases contact center interaction, reduces communication complexity, and improves work tasks in any organization.
- The global FMCG spending on analytics market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies across the globe.
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Global FMCG Spending on Analytics Market: Dynamics
Global FMCG Spending on Analytics Market: Key Drivers
- Rising consumer shift toward customized and personalized products is expected to propel the FMCG spending on analytics market during the forecast period.
- Increasing demand to make the FMCG industry smarter along with automation of collaborative business workflows and procedures is estimated to boost the growth of the FMCG spending on analytics market during the forecast period.
- Rise in demand to enhance customer experience and increase the sales margin along with the need to modify promotion strategies are some of the major factors likely to accelerate FMCG spending on analytics in the next few years.
- Rising demand for better interaction and communication with the physical environment to accomplish a broad range of activities in a more informed and efficient manner across the globe is estimated to boost the growth of the FMCG spending on analytics market during the forecast period.
- Rise in need to minimize risk exposure and fraud, enhance loyalty, reduce operational costs, address compliance issues, and maximize revenue growth is also expected to propel the FMCG spending on analytics market during the forecast period.
- Increasing adoption of smart technologies and distributed applications by consumers is anticipated to boost the FMCG spending on analytics market.
- However, rising number of e-retailers across the globe is anticipated to hamper the FMCG spending on analytics market during the forecast period.
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Impact of COVID-19 on the Global FMCG Spending on Analytics Market
- Increase in cases of COVID-19 across the globe is resulting in economic slowdown and adversely impacting the global FMCG spending on analytics market. Developed countries are strongly affected by this pandemic. Most of the manufacturing or production of goods is temporarily suspended globally. Businesses have been adversely impacted in different countries due to partial or full lock down. This, in turn, is projected to indirectly hinder the global FMCG spending on analytics market in the next few years.
North America to Hold Major Share of the Global FMCG Spending on Analytics Market
- In terms of region, the global FMCG spending on analytics market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global FMCG spending on analytics market in 2019. The U.S. is the key market in the region due to increasing adoption of smart technologies and rapid implementation of analytics solutions by FMCG.
- The FMCG spending on analytics market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing adoption of digital technologies in the region.
Global FMCG Spending on Analytics Market: Competition Landscape
Several local, regional, and global players are active in the FMCG spending on analytics market with a strong presence. Rapid technological advancements have created significant opportunities in the global FMCG spending on analytics market.
