8 CONSUMER INDUSTRY DEVELOPMENT TRENDS IN 2024

Under the impact of the current macro-economy, the number of consumers experiencing financial difficulties has increased significantly in the past 3 years. However, optimism is gradually returning or even increasing with expectations for a better 2024.

GDP growth and the recovery of key industries (Retail, FMCG, personal care, home care, etc.) create confidence and peace of mind for people about the future and restore their willingness to spend and invest. Consumers tend to search for more products and services (this search helps consumers actively compare prices across channels to find the best deals), driving shopping and creating impetus for the domestic economy.

Below are 8 consumer industry development trends in 2024

Brand building – Increase recognition

In business, building a business’s brand is extremely important and necessary for development.

Consumers tend to buy familiar, popular products from long-standing brands because they believe they are quality products and meet their needs. Therefore, branding is an important factor to attract many potential customers to trust and use.

Normally when launching a new product, businesses often use forms of advertising and promotions to attract potential customers, etc. When the product is known to many people, the business will have a Stable customer base and be trusted by more people.

Develop traditional sales methods

In rural and urban areas, there is no development of e-commerce platforms, most products are sold at retail stores. That’s why traditional distribution channels still have many advantages in increasing brand awareness, increasing revenue, etc.

Maintaining and developing traditional forms of commerce is one of the right business strategies. Because the role of retail grocery stores today play a very important role in contributing to growing revenue for businesses in addition to the strong development of e-commerce.

Access and develop the fast-moving consumer goods industry in rural areas to expand the market

Currently, rural areas are increasingly expanding and developing, so rural areas are fertile land for the development of the FMCG fast-moving consumer goods industry.

This is a sign that developing and expanding markets in rural areas is a strategy that FMCG businesses need to implement quickly if they do not want to lose market share compared to competitors. painting.

Breakthrough promotion thinking

The key to business success lies in understanding the level of product sales. If a business’s products are trusted and chosen by many customers, the business needs to redefine promotional activities to maximize profits and reduce promotion costs. If it’s a newly launched product that’s performing poorly and hasn’t reached many potential customers, a promotion is a perfect way to increase sales. However, businesses should not massively reduce prices but need to ensure product value and quality. Instead of discounts, businesses can choose other forms of promotion such as giving away trial product samples, buy 1 get 1 free program, etc., or change the plan to highlight the benefits of the product. consumers

Orientation of pricing strategy for the future

• Develop appropriate pricing strategy: Build appropriate product prices to balance profits and market share
• Analyze pricing details by analyzing product categories and determining appropriate promotional campaigns
• Identify appropriate promotional activities at the product level in each market, channel, and retail store and understand detailed analytics on promotional effectiveness.
• Collect more competitor information and use this information to create more value for the business

Develop multi-channel distribution channels

In the 4.0 era, many businesses have developed two ways of doing business: online and offline (O2O – Online to Offline). Regarding online forms, businesses often use two main forms: Social Networks and E-commerce platforms with the main purpose of increasing product recognition, thereby bringing more valuable awareness to customers. client.

Meanwhile, the offline form will be the place to provide customers with the most perfect experience. The combination of two forms of online and offline sales is mutual support to help businesses develop business strategies and bring products to consumers in the most sustainable way.

Build effective relationships between Manufacturers and Distributors

Distributors are an important bridge between Manufacturers and consumers. Distributors have a lot of outreach experience and are also the ones who best understand the purchasing behavior and purchasing needs of consumers in each region. Thanks to that, manufacturers will optimize costs in researching customer information. From there, there will be appropriate adjustments to develop products to cover the entire market.

Connect directly with sales agents

If in the past, manufacturers only had sales contacts such as distributors, now manufacturers can go directly to retail locations everywhere. Using an application that connects directly with a sales agent helps reduce the level of difficulty in the ordering process. At the same time, it helps businesses save time during the ordering process, all ordering processes with just one quick and convenient operation through the application to streamline the business’s sales process.

With more than 17 years of experience implementing Distributor solutions for businesses in the FMCG sector. HQSOFT believes that its products fully meet customer needs to bring maximum benefits to businesses. HQSOFT’s current customers in the FMCG industry include Johnson & Johnson, KAO, Vedan, VPMilk, Oishi,…

HQSOFT’s solution aims to integrate sales process management across multiple channels. In addition, HQSOFT also integrates products with Zalo OA to manage distributors’ goods supply and synchronize messages from ZALO. Typical features of eSales Cloud DMS solution

• Synchronize all information according to real data
• Synchronize orders and sales data in real-time
• Manage warehouse, and synchronize inventory according to actual quantity

In addition to distributor management solutions, HQSOFT also provides nRetail solutions – a platform leading the digital transformation trend in the retail market.

nRetail is a New Retail Platform. Is a model with a unique combination of traditional and online retail methods (O2O), creating an extremely effective and convenient ecosystem for suppliers, stores, and consumers together. Participate in experiences and interact online with each other.

• Main features of nRetail:
• Order directly with Manufacturer
• Manage order status
• Provide complete information about promotional programs to each point of sale
• Get real feedback from multiple points of sale
• Provide a price list for each point of sale

HQSOFT is confident that it will provide customers with the most optimal and comprehensive solutions to meet customer needs in optimizing the distribution management system. If your business has any questions or needs advice on distributor management solutions. Please contact hotline: 0792 342 278 to receive the best support.