By IRI Commercial Director – Media & Analytics Justin Nel.
This year has been another interesting one for the FMCG industry. Sales have continued to outpace pre-pandemic levels despite supply chain challenges, thanks in part to ongoing elevated in-home consumption and price increases across multiple categories. Consumer behaviours have begun to shift back towards a new normal, but the landscape for FMCG and retail in 2022 is expected to look significantly different.
Looking ahead, at IRI we believe mobility will continue to increase, and we anticipate that inflation will be an ongoing issue. Consumers will likely continue to go out more when it’s possible and safe to do so. At the same time, consumers will feel ongoing inflationary pressure as costs of many essentials go up and large FMCG manufacturers continue to push through price increases.
Shopper comfort with and excitement for e-commerce solutions will only grow further in the coming year, increasing the importance for retailers and brands to address both in-store and online shopping experiences.
FMCG retailers and manufacturers need to adapt to this changing landscape with the right answers for pricing, products, assortment, promotions and their other marketing and digital investments.
Our analysis of IRI scan, panel and customer data suggests that the following seven approaches will be sound strategies for FMCG success for the rest of the year.
Read about the seven strategies in the August issue of Convenience World.