BRAND owners and other players in the nation’s Fast-Moving Consumer Goods (FMCG) space have been charged to be dynamic to enable them meet the ever-evolving consumer needs, and solve the issue of huge unsold inventory currently facing Nigerian manufacturers.
The experts gave the charge at the sixth Industry Summit, organised by The Industry Newspapers, in Lagos.
They noted that the socio-economic realities of the time have left today’s consumers with decreasing purchasing power, resulting in a lot of such consumers opting for brands that meet their needs at any particular time.
Delivering the keynote address, a marketing communication practitioner and Managing Director/CEO of Nitro 121, Lampe Omoyele, said consumers are modifying their purchasing behaviours by focusing more on essential goods while reducing discretionary spending.
As such, he argued, brand owners/businesses must put themselves in the shoes of the consumers by giving them what they want, to win them over.
Focusing on a recent survey conducted by his company, Omoyele said price sensitivity, availability, and perceived value are some of the factors that necessitate people to switch brands, especially in product categories such as food and groceries, household items, and personal care.
“From our study, respondents between the ages of 35 and 54 with monthly earnings of N250,000 and above said that they have made adjustments to their shopping habits in the past one year,” he noted.
He, therefore, believed the nation’s FMCG sector is evolving, with trends like digital payments, e-commerce expansion, and sustainability-driven packaging.
Consumers, he added, are seeking healthier product options, while brands invest in direct-to-consumer (DTC) models, influencer marketing, and loyalty programmes to drive engagement and retain customers in a competitive landscape.
To, therefore, stay ahead, he advised that FMCG brands must adopt data-driven marketing, omnichannel distribution, and direct-to-consumer models.
A marketing consultant, Toyin Nnodi, stated that Nigerian businesses cannot afford to stay stagnant; since consumer demands have continued to evolve.
Nnodi, who was speaking on the theme: “Adapting FMCG Business Models to Meet Shifting Consumer Demands,” averred that Nigerian FMCG companies must find a way to adapt or die, insisting that brands servicing consumers must constantly evolve to remain relevant to such consumers.
She listed collaboration and partnership, omni-channel marketing, agility and production innovation as some of the actionable strategies for successful FMCG operation.
On his part, Co-Founder/CEO Innova Hive Integrated Ltd, Stanley Obi stressed the need for brands to position themselves strategically, since that will enable them offer unique experience consumers will cherish.
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