The FMCG industry in India has seen a remarkable transformation over the last two decades. This has been facilitated by rising income levels, urbanization and changing consumer behavior. The general industry sentiment is positive and optimistic post demonetization and GST implementation with large players set to gain. The rural consumption has superseded industry expectations with the size of modern retail estimated to grow three times in the next five years. A significant change in lifestyle choices, as well as a substantial increase in disposable income, has fuelled this growth.
Nonetheless, the changing market dynamics bring with it an array of products that compete for customer loyalty and attention. Here is a look at the trends for the FMCG market in 2020:
Digitization: Increasing smartphone and internet penetration will help people in rural areas easily access online shopping on various e-commerce websites. The availability of easy mobile payment options has lead to an increase in the number of orders from tier 2 and tier 3 cities, which enables people to get timely delivery at their doorstep.
Multiple Channels of Trade: Multiple channels of trade will help users make purchases through platforms on which they spend a lot of time like Facebook, Youtube, and Instagram. This has led to a more interactive overall shopping experience as users get the best of both entertainment and shopping. Other than these traditional portals like Flipkart, Amazon, as well as supermarket apps like Grofers and Bigbasket, are also popular.
This story is from the January 2020 edition of Progressive Grocer.
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This story is from the January 2020 edition of Progressive Grocer.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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