#ConsumerPackagedGoods

[victranova]

100% FREE Unlock Your Brand Potential Mastering Product Management in FMCG & FMCD Free Udemy Courses

https://www.victranova.com/master-in-product-and-brand-management

[thincwarehouse]

Taking a trip back in time to this campaign we developed for Marley Beverage Company. Marley Beverage Co

It was a pleasure working with this brand throughout.

For more work samples, see link in bio.

[partner-linq]

The Role of Supply Chain Management in Optimizing CPG Operations: 

[sourcinglab]

In 2023, our beauty closets will no longer be overstuffed with skincare products. Instead, we practice minimalism and gentle skincare. The new focus is in building barriers for a natural and beautiful skin. To do so, Sourcinglab, as your Korean cosmetic manufacturer partner, works only with the best ingredients for our private label options. Learn more about skincare trends at: https://sourcing-lab.com/learn-the-biggest-beauty-trends-for-2023/ #beautytrends #beauty #skincare #makeup #beautytips #makeuptrends #beautyindustry #cosmetics #beautycare #instabeauty #cleanbeauty #skin #consumerpackagedgoods #OEM #korea #kbeauty #manufacturer #beauty #beautiful #skincare #skincareroutine #skincareproducts #selfcare #skincaretips #antiaging #glowingskin #healthyskin https://www.instagram.com/p/Cn64izSLhdA/?igshid=NGJjMDIxMWI=

[rapidpricer]

CPG Assortment Analytics

Written By: Gargi Sarma 

Introduction:

Companies in the fast-moving and dynamic consumer packaged goods (CPG) industry always look for new and creative methods to stay one step ahead of their rivals. Using analytics for CPG selection is one such approach that has grown in popularity. Businesses have found this potent tool to be a game-changer as it offers priceless insights into consumer behavior, market trends, and product performance.

To improve and optimize its overall assortment strategy, a company's product range is systematically analyzed through CPG assortment analytics. This approach explores the nuances of consumer preferences, market demand, and competitive positioning in addition to just stocking shelves with goods. Through the utilization of sophisticated data analytics and technology, businesses may make well-informed decisions that foster expansion and optimize revenue.

The process of leveraging data to optimize product placement and selection inside a retail store or online platform is known as CPG assortment analytics. This facilitates the decision-making process for CPG brands and retailers regarding which products to carry, how much to carry, and where to display them on the shelf or website.

Challenges in CPG Assortment Analytics:

Figure 1: Wallet shifts during a pending recession (Source: NielsenIQ)

For example in Figure 1, businesses are confronted with obstacles arising from the consumer recessionary attitude in light of the current global financial turmoil and the significant consumer reset of the previous three years. Most Europeans perceive the recession as a constraint and feel slightly worse about the state of the economy than they do about the world economy. The wallets of consumers will keep changing. Reductions that were greater than expected at the start of the year have led to a growing emphasis on at-home consumption as opposed to consumption outside the home in spending intentions.

Product assortments are analyzed in consumer packaged goods (CPG) assortment analytics in order to maximize product offerings and satisfy customer demand. CPG Assortment Analytics has many obstacles despite providing insightful information.

Figure 2: Challenges in CPG Assortment Analytics

Integrity and Quality of Data: CPG businesses frequently work with disjointed data that comes from a variety of sources, including market research, sales, and inventories. It can be quite difficult to integrate this data and guarantee its validity.

Adaptive Customer Preferences: It can be difficult for CPG companies to stay on top of the most recent trends because consumer preferences can change quickly. It's possible that analyzing past data won't always predict future desires.

Promotions with Seasonality: Unpredictable demand fluctuations may result from promotional activity and seasonal variations. Planning ahead and accurately forecasting these variations is essential to maximize assortment.

Complexity of the Supply Chain: The supply chains for CPG goods are frequently intricate, involving numerous suppliers and channels of distribution. A smooth supply chain and effective management of this complexity are necessary for assortment planning to be successful.

Competitive Environment: CPG businesses must keep an eye on rivals' tactics and adapt accordingly. Decisions about assortment can be influenced by the behavior of competitors, which can affect consumer preferences and market dynamics.

Dynamics of Channel and Location: Distinct selection techniques may be needed for various sales channels, such as online, brick-and-mortar, etc. A more detailed approach to assortment planning is required because local preferences and demographics are significant factors.

Privacy and Data Security: Managing customer information and market research necessitates a strong data security strategy and adherence to privacy laws. Preserving confidence and safeguarding confidential data is essential.

Adoption of Technology and Analytics: It might be difficult to integrate cutting-edge analytics tools and technology into current systems. Success depends on ensuring that these tools are properly deployed and integrated throughout the company.

Interdepartmental Cooperation: Assortment planning calls for coordination between the supply chain, marketing, and sales divisions, among others. Making sure that goals are aligned and that communication is successful can be difficult.

Ever-changing Economic Landscape: Shifts in the economy, such inflation, can have an effect on consumer buying habits. CPG businesses must modify their assortment strategies in response to the current state of the economy.

A comprehensive strategy that incorporates advanced analytics, technology integration, and a thorough comprehension of customer behavior and market dynamics is needed to address these issues. Effectively adapting plans to current market conditions and real-time data is essential for success in the ever-changing CPG industry.

Transformative Capabilities of CPG Assortment Analytics:

Let us look into the possible effects of value-diluting complexity and the common places where it can appear are highlighted by examining the usual value chain of a CPG manufacturer (Figure 3).

Figure 3: Complexity-good and bad-occurs throughout the value chain (Source: McKinsey & Company)

Analytics has become a game-changer for businesses looking to maximize their product offerings because of its ability to run complex algorithms and provide data-driven insights. Here are some of the capabilities.

SKU Suggestions for Cross-Selling and Upselling: Understanding customer preferences is essential to seizing upsell and cross-sell opportunities in the ever-changing CPG market. Utilizing past data, customer behavior, and industry trends, assortment analytics makes suggestions for SKU combinations that optimize sales. Businesses can carefully bundle offerings, encouraging customers to investigate and purchase additional items, by choosing products that complement one another.

Avoiding Stock Outs: Nothing irritates customers more than finding products that are out of stock. This problem is aggressively addressed by CPG Assortment Analytics, which uses real-time data to forecast and avert stockouts. Businesses can proactively modify their assortments to maintain stocked shelves and high customer satisfaction by closely monitoring inventory levels, demand trends, and supply chain dynamics.

Optimizing Routes for Effective Distribution: For CPG companies, the distribution network is essential, and route optimization plays a key role in reducing expenses and optimizing productivity. Combining assortment analytics with logistics data allows for the optimization of delivery routes, which lowers costs associated with transportation and guarantees timely product availability. Businesses can optimize their supply chain operations by taking into account variables like demand density, traffic patterns, and delivery timetables.

Forecasting Techniques for Accurate Scheduling: The key to effective assortment planning is precise demand forecasts. CPG Assortment Analytics uses machine learning algorithms to examine past data, current market conditions, and outside variables influencing demand. As a result, businesses are able to eliminate waste, reduce excess inventory, and match production with actual market demands thanks to an improved and more flexible forecasting model.

The Next Best SKUs to Find: Remaining competitive requires anticipating changing consumer demands. CPG Assortment Analytics uses customer behavior and new trends to discover the next best SKUs, going beyond traditional forecasting. Businesses can develop new products or versions that align with changing consumer preferences by utilizing predictive analytics, which gives them a competitive advantage in a market that is changing quickly.

Current trends in CPG assortment analytics:

Figure 4: Percentage of Companies Using CPG Assortment Analytics

Data-driven decision-making: To decide on their assortments, CPG companies and retailers are depending more and more on data from multiple sources, including market research, shopper behavior data, and point-of-sale data. They can use this information to better understand consumer preferences, spot trends, and tailor their product offerings to meet the needs of their target market while maintaining profitability.

Focus on personalization: Assortment analytics is being used to give customers more customized shopping experiences. Retailers can personalize their assortments to each customer by analyzing data on their tastes and past purchases. This can boost sales and foster client loyalty.

Emergence of omnichannel retailing: As online shopping continues to grow, CPG companies and retailers must take into account how their assortments will show up on various platforms, including mobile apps, physical shops, and websites. They can guarantee that clients receive a consistent experience regardless of the channel they choose to shop through by optimizing their product offerings with the use of assortment analytics.

Application of machine learning (ML) and artificial intelligence (AI): ML and AI are being utilized to create increasingly complex assortment analytics systems. Large data sets can be analyzed by these instruments, which can also spot patterns that are invisible to the human eye. This can assist retailers and CPG brands in making even better choices regarding their assortments.

Emphasis on sustainability: People are becoming more and more interested in purchasing goods from sustainable firms. Retailers and CPG companies can utilize assortment analytics to find and highlight sustainable products in their assortments, which will help them draw in more business and enhance their reputation.

Insights:

The global CPG assortment analytics market is expected to reach $3.2 billion by 2027, growing at a CAGR of 12.3% (Source: ResearchAndMarkets).

Investment in personalization technologies for assortment optimization is expected to reach $8 billion by 2025 (Source: Gartner).

The use of AI/ML in CPG assortment analytics is expected to increase by 50% in the next three years (Source: Accenture).

Conclusion:

CPG assortment analytics stands out as a crucial tool for businesses looking to achieve sustainable growth and competitiveness in a time when data is king. Businesses may gain important insights, optimize their product portfolios, and remain ahead of the curve in a constantly changing market by utilizing data analytics. Adopting assortment analytics is not just a smart move, but also a must for anyone hoping to succeed in the competitive consumer goods market as it continues to change.

About RapidPricer

RapidPricer helps automate pricing, promotions, and assortment for retailers. The company has capabilities in retail pricing, artificial intelligence, and deep learning to compute merchandising actions for real-time execution in a retail environment.

Contact info:

Website: https://www.rapidpricer.com/

LinkedIn: https://www.linkedin.com/company/rapidpricer/

Email: info@rapidpricer.nl

[surveycircle]

Tweeted

Participants needed for online survey! Topic: "Dish soap innovations that lead to happier people" https://t.co/bSouAxyByV via @SurveyCircle #DishSoap #ConsumerPackagedGoods #happiness #soap #innovations #survey #surveycircle https://t.co/bXFMt49x3p

— Daily Research @SurveyCircle (@daily_research) Nov 16, 2022

[countrymadefoods]

“Takeout Kit was launched in 2016, is available nationwide, and is already profitable.The long shelf-life pantry kits, which are offered on a subscription or an a la carte basis, come with the option to add fresh ingredients, but contain all the components you need to make a complete meal, including proteins, explained Lake, who has not sought outside capital to date. 

Meal kit subscriptions have grown 67% over the past 12 months, although many of the subscribers are triers/researchers (40%), who frequently try many subscriptions in the same category before fully committing, it says. Surprisingly, men make up the majority of the meal kit subscription market (58%), compared to women, who make up 42%. This group is overwhelmingly young, as millennials make up 58% of the market, and skew on the lower side of income, as 55% of subscribers make less than $100,000/year. 

We attract customers that are a better fit in the first place Rather than seeing Takeout Kit as competing with the likes of HelloFresh or Blue Apron, said Lake, We think our market is the ~$300bn online grocery market.  

We're not spending huge sums of money on customer acquisition; we've found it's been most effective to be where customers are looking for meal kits such as on the Amazon marketplace under the meal kit category, or on Walmart.com, so most of the time they'll discover us there and then their second purchase will be direct from takeoutkit.com. 

Meal kit companies should be managed more like CPGs or grocery stores than startups. Yes, you should always invest in the brand, product, and efficient marketing. But avoid high new customer acquisition costs, especially when you learn that they are not sustainable based on average CLV  [customer lifetime value] data. Our best partners to-date have been suppliers that share our goal...”

 (via Takeout Kit bets big on shelf-stable gourmet meal kits: ‘We’re already profitable with a strong customer retention rate’)

[solvcialmedia-blog1]

According to eMarketer, Influencers earn the highest media value in the CPG food campaign. 

Our Take: UGC continues to perform within our CPG communities. Influencers present an opportunity to even further increase engagement and reach.

[athleticeatery]

The life-cycle of your favorite protein powder #milk #cow #proteinpowder #wheyprotein #whey #cheese #pasteurization #cheeseprocessing #wheyisolate #microfilter#wpc80 #supplements #gym #fitness #fitfam #bodybuilding #sportsperformance #athlete #coolshit #science #fitfam #consumerpackagedgoods #workoutsupplements #workout #gymlife #sportsnutrition #musclebuilding #ultrafiltration #athleticeatery #toronto (at Toronto, Ontario)

[sourcinglab]

As we head into the new year, we're ready to change up our beauty routines, here you will learn the biggest beauty trends for 2023. In the hair category, side-partings and copper style are a key look for the new year. Learn why: https://sourcing-lab.com/learn-the-biggest-beauty-trends-for-2023/ #beautytrends #beauty #skincare #makeup #beautytips #makeuptrends #beautyindustry #cosmetics #beautycare #makeuplover #beautybloggers #beautyblog #fashion #instabeauty #cleanbeauty #skin #consumerpackagedgoods # #OEM #korea #kbeauty #manufacturer #hair #hairstyle #beauty #haircolor#style #beautiful#hairdresser#hairgoals https://www.instagram.com/p/Cn4nFLqrb-A/?igshid=NGJjMDIxMWI=

[blue-cipher]

Purchasing is personal. People like better to buy products that reflect their values and identities, in order that they want to know who a brand is and what they’re about before they open their wallets. That prompts the question… How do successful brands do their branding strategy? What's it that makes them stand out? Here are some pieces of puzzle to assist “build a brand”. Included in these puzzles are other steps involved in building a solid brand identity. Create a unique brand identity Tell a story Build brand awareness Put people first Create brand persona First and foremost, let’s mention brand identity? Brand identity are the deliverables that help recognize your brand. These are brand names, logotypes, word marks, slogan and patterns unique to your brand, which is meant to assist customers easily recognize the brand and remember the promise that it delivers. Tell a story Tell an honest story around your products/services to form your brand persona. Communicate with your audience using a voice that features a personality so as for them to possess something to spot your brand with. Let your story be built around your brand’s core promise. Every interaction with your customers should be done while abiding with your brand personality guideline. Read more about this topic by following the link 🔗 in BIO However, Blue Cipher focuses on creating/launching and rebranding businesses using digital technologies. Consult with us and discuss your options on how to best position your brand today! ________________________________________ #branddesign #brandconsultant #branding #brandidentity #branddesigner #identitydesign #Ecommerce #bigcommerce #ecommercestore #Ecommerceshop #dtcbrands #fashionbrands #fashionworld #consumerpackagedgoods #shopify #bluecipher #brandagency #marketing #brandstrategy #brandguideline #direct-to-consumer #marketingstrategy #brand #woocommerce #thisweekoninstagram (at Ontario Canada) https://www.instagram.com/p/CIn9K9ZAtGh/?igshid=1w6k0afhcbz38

[napabrands-blog]

Napa Brands Private-Label Consumer Packaged Goods (CPG), Products and Services http://NapaBrands.com

[sourcinglab]

If you want to stay one step ahead of trends, you're in the right place. You're likely to find a new flex with the new beauty trends. As a Korean cosmetic manufacturer partner, it is our job to keep up with what’s trending. We do our best to make sure our manufacturing services are excellent and measure up to the market. Come check out some of the biggest beauty trends in 2023: https://sourcing-lab.com/learn-the-biggest-beauty-trends-for-2023/ #beautytrends #beauty #skincare #makeup #beautytips #makeuptrends #beautyindustry #cosmetics #beautycare #makeuplover #beautybloggers #beautyblog #makeupaddict #fashion #skincareroutine #instabeauty #skincarethatworks #consumergoods #cleanbeauty #skin #consumerpackagedgoods #makeuptutorial #OEM #korea #kbeauty #manufacturer https://www.instagram.com/p/Cn15jhQuNc2/?igshid=NGJjMDIxMWI=

[blue-cipher]

Numerous entrepreneurs feel making or investing on a brand identity guidelines is something they don't have to stress over. Be that as it may, guaranteeing the consistency of a brand and its message is similarly as relevant to more modest tasks for what it's worth to more settled organizations. The present customers anticipate that organizations should be wherever they are. That implies your image needs to sparkle and have a solid effect in each customer experience. Making and showcasing messages that are obviously and evidently consistent requires a proper guideline that provided rules for the do's and don'ts. Zeroing in on consistency in your image ascribes personality and implies all that customers see and get with you summons a similar sort of feeling. That feeling is what separates your image from your rivals. It's what interfaces with clients and brings them back consistently. Your own brand guidelines don’t need to be as complex and involved as those of massive global brands. After all, brand guidelines only yield a positive ROI if you spend the time upholding them. That’s why smaller businesses can enjoy “minimum viable brand guidelines.” Even an easy style guide are often enough to urge you started. Learning how to build a unique style guide will help ensure all of your marketing is consistent and on brand without going overboard. In the meantime, feel free to talk to us and ask questions about your brand identity design and guidelines. ________________________________________ #branddesign #brandconsultant #branding #brandidentity #branddesigner #identitydesign #Ecommerce #bigcommerce #ecommercestore #Ecommerceshop #dtcbrands #fashionbrands #fashionworld #consumerpackagedgoods #shopify #bluecipher #brandagency #marketing #brandstrategy #brandguideline #direct-to-consumer #marketingstrategy #brand #woocommerce #woocommercewordpress (at Burlington, Ontario) https://www.instagram.com/p/CImBzwXAUHm/?igshid=zcpy19tgqfit