Introduction to FMCG
Fast Moving Consumer Goods or FMCG products have high demand and thus need to be replenished quickly. They sell at a low price because they are usually daily essential consumer goods like commonplace drugs, canned or frozen food items, daily provisions and beverages etc. These goods are non-durable and perishable, which adds another reason why they are called Fast Moving goods.
Understanding Fast Moving Consumer Goods (FMCG)
FMCG products are perishable and are fast moving, sold quickly and are affordable. This industry relies heavily on packaging, marketing to stay and survive the market on a competitive basis. Being an employee is rewarding in an industry like this because it becomes easy to associate with the company as a consumer, working on mundane goods that are essential and common and available. Areas that the industry relies heavily on are market research, information services, marketing and packaging, particularly social media management in the modern day. It offers and opens various fields of work to applicants.
At the level of consumption and retail, these goods are frequently purchased, and therefore the elasticity of these products is negligible. The effort to choose between products is nil, as a result of which it poses the marketer a greater challenge to attract the consumer’s eye and retain them as a regular consumer of their brand of the common product. Its rapid consumption, low prices, short shelf-life and extensive distribution all contribute to its growing turnover.
Highlights of Fast Moving Consumer Goods (FMCG)
Pushing for local consumption, especially for FMCG products, has been steadily on the rise as it eliminates the wait and transportation and inventory costs for certain items of daily consumption. It thus helps local businesses grow.
Businesses producing and distributing FMCG products that work in rural areas provide great employment opportunities for the locals. The industry represents at least a fourth of the total economy in India, therefore also provides the highest employment rate.
