Consumer Goods & Services

Consumer Goods and Services Industry battles Tangible Impact of Economic and Cultural changes

Among several industry verticals, consumer goods and services is one that experiences tangible impact of economic changes and cultural evolution. Today, consumer behavior and preferences change in no time influenced by a number of external factors. Rising disposable income, entry of multinational consumer goods companies, rising global travel, and shopping malls are some key factors that have influenced consumer buying pattern in emerging economies. Cultural differences that impact the uptake of new products and developing local marketing strategies are key that consumer goods and service companies keep up while formulating growth strategies. 

The global consumer goods and services industry is highly competitive. Low initial investment for entry into the market, rising consumerism, and government subsidies are some key factors for increasing participation of new companies in the consumer goods and services market. Product quality, price difference, distribution channels, and word of mouth marketing leads to retail competition between companies in the consumer goods and services industry. Also, companies in the consumer goods and services industry need to interpret cultural mindsets and customer purchasing behavior regionally to be successful in retail markets. 

At the manufacturing end, managing relationships with global raw material vendors is a task for companies in the consumer gods and services industry. Telephonic conversations, exchanging season’s greetings, and client visits are some gestures companies need to extend for dependable raw material supply. 

Consumer safety regulations along with packaging specifications laid down by statutory bodies need to be complied by companies in the consumer goods and services industry. Consumer grievance cell and toll free numbers for consumers to reach out add to the credibility of players in the consumer goods and service industry.