
Valued at $230 Bn in 2023, the fast-moving consumer goods (FMCG) segment is estimated to grow by 27.9% CAGR to reach $1288 Bn by 2030. [1] There are enormous success possibilities and with demographic dividend, booming economy, and lifestyle upgradations on its side, the India FMCG sector can script a new success story in the coming years.
That said, the industry is not without its share of challenges. Flickering choices, scattered customer loyalty, and switching behaviours are significant issues the sector is contending with.
In fact, when it comes to the overall churn rate of customers, the FMCG sector is among the worst-impacted sectors of the economy.
83% of retailers accept that being a part of a loyalty program influences them to buy from the same brand.
It means that loyalty programs are great for boosting customer retention and their effectiveness in converting casual buyers into loyal customers is well known in the FMCG industry.
These programs are wonderful for attracting new customers, strengthening brand loyalty, and achieving superior growth and profitability.
However, all loyalty programs are not created equal and differ in their ability to bring customers to the fold.
This story is from the November 17, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 17, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In

Congress' Karnataka Crisis Unfolds Like Rajasthan, MP
Congress leader Rahul Gandhi is facing a significant dilemma over Karnataka, as the situation mirrors the political crises of Madhya Pradesh and Rajasthan in 2020.

Delhi High Court: Women Face Harassment in Public Even After Decades of Independence, Real Empowerment Begins With Right to Move Freely
The Delhi High Court in the case Anupender Versus State Of NCT Of Delhi observed that even after decades of independence, women face harassment in public spaces and has emphasised that real empowerment begins with the right to live and move freely without fear.
Court Orders Cong Leader to Share Info With Atishi, Sanjay Singh in Defamation Case
The lawsuit alleged that the two AAP leaders were \"deliberately causing harm to Dikshit's goodwill.\"

Prem Rawat Smashes Harry Potter Author J.K. Rowling's Book Reading Record with Historic 1,33,234 People in Attendance in India
New York Times bestselling author Prem Rawat, alongside Indian author Vipul Rikhi, set a new Guinness World Record for the largest audience at a multiple-author book reading, attracting an astonishing 133,234 attendees.
TDP Has Expanded Media Curbs Under 'Red Book' Rule
The opposition YSRCP on Monday claimed that the TDP government in Andhra Pradesh has expanded restrictions on media coverage under the Red Book regulations, further intensifying the controversy in the state legislature.

BJP Focused on Hurling Abuses at AAP, Not Work, Says Atishi
Leader of Opposition in Delhi Assembly Atishi on Monday accused the ruling BJP of hurling abuses at Arvind Kejriwal and her in the House and asked if it intended to spend its five-year term attacking AAP instead of working for the people.
Supreme Court Deplores Practice of Making Oral Mentions to Modify Orders or Judgements: 'Judicial Verdicts Not Like Sand Dunes'
Adding to it, the court stated that, 'This court deplores such practices of making oral mentions for modification of the orders or judgments in the guise of a review and the same cannot be permitted circumventing the legal process of filing a review.'

'India's Got Latent' row: Supreme Court allows Ranveer Allahbadia to resume his show with standards of 'decency and morality'
The bench headed by Justice Kant took exception to one of the accused making comments about the case in a show conducted abroad.

MOIL Hits Record February Production With 1.53 Lakh Tonnes of Manganese Ore
Maintaining its strong growth trajectory, MOIL Limited, a Miniratna state-owned manganese-ore mining company, has delivered its best-ever February production of 1.53 lakh tonnes Manganese (Mn) ore, the Ministry of Steel said in a statement.

Telangana CM Meets Union Min Patil, Raises Krishna Water Sharing Issue
'Telangana Farmers Are Suffering'