How are data changing mass consumption product companies?

In .Consumer Products & Retail, .Customer Experience, .Data & applied AI, Blogfest-en by Baufest

The mass consumer product industry is uniquely dynamic and needs to keep up to date with market tendencies if it is to offer consumers the right product at the right time.

Monday 12 - September - 2022
Los carritos de compras y las bolsas de compras en los teclados de las computadoras portátiles representan un gráfico de cuota de mercado para las expansiones personalizadas de las compras

As in other commercial sectors, companies in this industry are currently experiencing an acceleration of digital transformation as they leave the old product centered approach behind to focus on the customer. This makes data analysis more important than ever, since it enables such companies to better understand customers and their changing preferences and to work on increasing their commitment and participation and thereby pave the way to greater customer loyalty.

 At the same time, companies in this sector have to adapt to a situation in which electronic commerce and the digital world are more and more preponderant and direct sales to consumers are characterized by greater participation.

Data analysis

The benefits of data analysis are not limited to improving customer experience (which clearly results in greater sales); this practice also provides significant information for decision making based on data from different fields at a time when the market has become more competitive than ever.

We might say that in the products of mass consumption sector, data analysis provides three main advantages:

  1. Relevant information to better focuscommercial offers.
  2. Production and supply chain optimization, and special attention for problems of product return reduction, stock management, efficient order filling for final customers, and supplies.
  3. Assistance for improving operations and reducing costs.

Creating customer loyalty

At a time when companies are striving to optimize customer experience, data analysis can help mass consumption product companies offer their customers a better omni-canal shopping experience.

Besides this, the use of predictive intelligence in real time is a key part of anticipating consumer preferences, understanding market objectives, and innovation in promotions and sales offers. It enables the identification of trends in order to offer products that really interest consumers. Within this framework, it is obviously of fundamental importance that companies respect compliance and data privacy regulations.

Analytics also help to forecast demand and improve inventory administration, in accordance with market trends.   

Data-based decision making processes

Another aspect of business that can be optimized with data analysis is price policy: data analysis provides sales and marketing teams with the facts they need to make informed decisions about prices and promotions, while taking market objectives and competitors into account.

 On top of this, it also helps companies improve their scalability, flexibility, and value creation. And it collaborates on the generation of data and reports that make it possible to prevent fraud and contribute to greater organizational security through the use of predictive models of vulnerability to fraud. In this sense, the efficient implementation of data analysis helps companies protect their physical, intellectual, and financial assets from internal and external menaces.

Discover how here at Baufest we can help companies in the mass consumption sector develop experiences that evolve together with the customers.