Why Convenience Is the Ultimate Currency

convenience

The growing demand for convenience provides many opportunities for all players in the FMCG industry, according to a report by Nielsen.

“Around the globe, consumers need and look for convenience in all forms—whether simplicity, time saving or suitability. When it comes to the fast-moving consumer goods (FMCG) space, convenience is not only about store formats, products or packaging. It means more than the latest technologies or new engagement strategies. Rather, it is about every encounter, interaction and action that can help fulfil consumers’ growing demand for efficiency,” Nielsen researchers explain.

This growing demand for convenience presents manufacturers and retailers with myriad opportunities, the report states. New, innovative and integrated convenience solutions are being brought to market at speed to address multiple consumer challenges.

However, for sustained success, companies will need to adapt and enhance their convenience solutions as consumer needs rapidly evolve. To do so effectively means being ahead of the game – understanding, before your competitors do, how consumer demand will change and what solutions will help.

Many factors, or drivers, are influencing the growing global demand for convenience. Although the convenience trend is evolving in various ways and at different speeds depending on the region or country, it is happening nearly everywhere in the world.

By understanding what drives convenience across various marketplaces, FMCG companies can question assumptions, create better strategies and develop agile, forward-focused plans to satisfy consumer demand.

Six key drivers of change are shaping the need for convenience solutions and can be used as a foundation for identifying future needs:

  1. Rapid Urbanization
  2. Smaller Households
  3. Crowded Transport
  4. Evolving Gender Roles
  5. Generational Needs
  6. Uptake of Technology

“To date, most solutions are based on consumer ‘search’ matching solutions to a consumer’s geo-location,” says Pedro Manosalva Retail Vertical, Developing Markets, Nielsen. “But consumer inputs are becoming increasing automated, factoring in consumers’ past purchases and preferences, connecting to other parts of their lives including health considerations, price history, daily schedules and much more. Soon consumers will simply get a prompt from their device asking whether it should order a salad to be picked up at the store as they travel to their 1:30 p.m. meeting. This type of customization and programmatic consumption based on consumers’ data won’t just happen in mature markets either. It is equally relevant in emerging markets as local players adapt to circumstances and connectivity via internet and personal devices continue to grow.”

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