As retail grows increasingly competitive, brands are looking for new ways to get closer to their customers. One way of doing this is directly online, making contact with their customers and providing them with a full brand experience. However, while the online shop has worked wonders for various sectors, the FMCG (fast-moving consumer goods) market has failed to keep up.
Taking a closer looks at FMCGs, it is perhaps unsurprising that these types of products (such as food items, toiletries and non-alcoholic beverages) haven’t experienced the same online growth as other industries. These low cost goods are sold quickly and typically in large quantities, and industry experts have put their failure to launch down to the convenience and speed afforded to shoppers when they purchase them from a supermarket – advantages that group such as fashion shoppers aren’t particularly held up on.
But there are a range of benefits from selling online that FMCG brands may have overlooked, namely, the level of customer insights to be obtained. Within the realm of the online store, companies can watch the behaviour of their customers from afar. This observation is discreet, incredibly easy, and hugely rewarding. Want to know what products consumers are looking for from you but you don’t stock? Or the journey they took to reach you? These stats are ready and waiting for you at the click of a button. What’s more, FMCGs look set to make a real impact online, with the number of British consumers planning to do their food shopping online now at 27% (according to a study by Nielsen).
While going online with an FMCG has become an important and perhaps necessary measure, what comes next for brands looking to make the next move? Well, it’s time to think big, open your doors to the rest of the world, and go global with your FMCG.
Ever heard the saying ‘act local, think global?’ Never has the phrase been so true then when branching into a new market. According to Capita Translation and Interpreting, going international with your brand requires a strong marketing and website localisation strategy in order to appeal to your new audience in a way that makes them connect and identify with your brand.
Take Warburtons for example, recently identified as the number one brand in UK ranking, the British baking firm has established a product which resonates with the British public and, thanks to a clearly defined local strategy, successfully evokes a sense of national pride. Of course, Warburtons have the benefit of being a British brand selling to British people, an advantage your brand may not possess. To take your brand beyond your homeland and achieve success as though you were born and bred there will require strategic, well-researched marketing and retail translation services.
Brands which succeed in a global market are those which are adaptable responsive to the needs of each local market. For any brand looking to expand their global reach, a ‘one size fits all’ approach will get you nowhere. This could mean rethinking the design of your products’ packaging, creating a new pricing strategy to fit with the expectations of the market, or coming up with a new name or slogan to avoid being lost in translation (a translation and localisation agency can help with this).
Going global with an FMCG is far from plain sailing, but for the brands that are able to hone in on international markets and provide a product truly tailored to that particular consumer, there is great potential. Over the next decade, developing markets (Asia, South America, Saudi Arabia), will experience considerable growth; it will certainly pay for brands to put in the groundwork in these areas now, to reap the rewards in the near future.