FMCG Spending on Analytics Market: 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.
Major Key Players of
the FMCG Spending on Analytics Market are:
Accenture plc, Sysware Group, Phygital Insights, Tableau Software, Wipro
Limited, IBM Corporation, Cognizant Corporation
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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.
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.
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