The Artificial Intelligence has been actively gaining prominence over the last five years, with many of the companies actively investing in exploring the potential of technology in the industry. This emerging technology of AI is helping FMCG companies with supply chain management through the logistics, predictive analytics, and the transparency.
Changes in consumer demands towards preferring fast, affordable, and easily accessible food options has led to a transformation in the food and beverages industry, with market leaders leveraging advanced technologies, such as artificial intelligence and machine learning to scale operations and help companies stay relevant in a dynamic market environment.
Digitalization: FMCG’s growth
Digitalization of FMCG companies can help them in several ways. “They can listen and engage with consumers, innovate new products and business models, sell through new channels, including online, and digitalize operations through analytics and automation,” she asserts. Technology adoption is relevant for tapping and propelling rural and tier-2 market opportunities.
Improving Customer Engagement
When speaking in context with the FMCG sector, chatbots can serve the purpose of answering customers’ and distributors’ queries. One of the biggest advantages of chatbots is that they provide 24/7 service at reduced costs. This reduces turnaround time and offers a live chat service to customers. Live chat and reduced turnaround time provide a greater level of customer satisfaction and convenience.
Providing Accurate Demand Prediction Forecasts
Data analytics helps in drawing granular data on sales productivity, opening new areas of opportunity, and allowing for better forecasting.
According to industry leaders, the only way a company can bring about a high level of digital adoption is if the top management is clear on the objectives and processes involved. It becomes important to develop a company-specific framework and evaluate everything against that.
Optimizing Better Pricing Strategy
The FMCG industry has now more than ever become a price-competitive sector. There are various similar products available at different prices. And these prices might differ because of the quality of ingredients in the product. But not every customer goes with the quality of ingredients. Best pricing is what consumers look for. Developing an optimal pricing solution is a complex process that requires pricing segmentation based on the demand for products, the current availability of stocks, and market trends. AI systems can assist FMCG companies to develop an optimal pricing strategy.
Reshaping Product Marketing to Another Level
AI systems can help to build personalized marketing solutions. They can send personalized advertising via emails or push notifications to consumers. ML algorithms can monitor when a person shows interest in a company’s profile digitally. AI marketing tools can bring together data such as seasonability, location, and marketing platform to help develop marketing strategies for various platforms.
TransOrg Analytics have significantly impacted the growth of FMCG industries Increasing role of digitization across the board. Get in-depth understanding of Artificial Intelligence (AI) in Food & Beverages market-particular drivers, constraints, and major micro markets.
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