We are more likely to interact with at least a customer packaged goods (CPG) brand every day. To be straight and clear, these goods have become an indispensable and omnipresent aspect of our life. Despite this fact, it would be hard for many of you to believe that this industry saw a decline in 2018. However, the strange part is even after the decline in the industry, many more companies are still cropping up in the market.
This has led a tussle between the new entrants and the traditional players of the market, which eventually has made it evident that no branding and marketing can replace the customer-centricity. Thus, to help you in this regard, here is a list of trends and opportunities that you can consider to maintain CPG loyalty.
Ecommerce Growth of Groceries
The dominance of eCommerce has made groceries and other products much more accessible to the customers. Because of the hassle-free and convenient way of purchasing groceries, the average customers now prefer going online and get their household needs fulfilled.
The Persistent Rise of Amazon
Amazon and other similar big shots in the field of eCommerce are bringing a big competition to the traditional players because of their high-quality products and discounted rates. Even more, such eCommerce platforms have become a force to be reckoned with because of excellent customer services and speedy resolutions to customers’ concerns.
Subscription Based Plans
According to a survey, only 16% of consumers choose a subscription to buy their daily household needs. But, more than 1/3rd of them are considering it in the future. However, this aspect is a little tricky since only loyal customers are likely to take up the subscription plans and not those making a one-time purchase. However, because of convenience, personalisation and low cost, 15% of online shoppers are signing up for subscription-based plans that assure about delivering products on a time-bound recurring basis.
Leveraging Artificial Intelligence
All thanks to Artificial Intelligence and its continuous development that has increased sales in the CPG industry drastically. According to a survey, around 17% of CPG manufacturers have invested in AI-driven CPG loyalty programs (5.7% increase from 2018). Looking at the increasing rate of companies adopting AI-based solutions, it is clear that artificial intelligence is going to rule in the coming future.
To know about more ways through which you can grow loyalty in your CPG business, you can get in touch with the experts of Incentiwised.