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Bangalore (Karnataka) [India], Nov 6 (ANI/NewsVoir): COVID-19 has changed the CPG world as we know it. There's a new normal and consumer goods companies are adapting by reinventing distribution, by sharpening the focus on operational efficiencies.
Brands are moving to B2B eCommerce Marketplaces to power old supply chains and are bringing efficiencies through renewed focus on technology - Data, Intelligence, and Mobility, according to the Right Retail 2020 report released by Bizom, a retail intelligence platform.
With about 1.35 billion people and a rising middle class, the Indian retail market is expected to reach USD 1 Trillion by 2020 as per IBEF analysis. Even though the economy has contracted from the disruptions of the pandemic, the consumer goods sector grew and weathered declining sales during the lockdown.
Growth in such hyper-competitive and challenging retail marketplaces is critically dependent on the strength of distribution. Yet, consumer brands in emerging markets face a host of inefficiencies including escalating costs in traditional distribution models and built-in inefficiencies in operating models. Roles of distributors, stockists and retailers which have to evolve, and demand forecasting is driven by intuitive decisions rather than real-time data and insights.
Faster, deeper penetration into the market, driven by a connected and intelligent supply chain, which works with agility is imperative to driving the next phase of growth. Multi-touch retail intelligence platforms and mobile-adopted distribution apps are creating 'The B2B e-Commerce Marketplace' that will power the next wave of growth.
Brands can begin by investing in data acquisition and linking their inventory plan to the insights gained from analysing the data. For instance, Unilever's investment in technology and data in India has led them to run inventory-less warehouses. Such investments should be boosted with collaborations with channel partners including distributors and retailers. Brands should strive to establish "Just in Time" distribution, which ensures retailers receive their orders in time to meet the demand of their customers.
"CPG brands have to reinvent their trade models to take on the challenges of the new normal. In the last eight months of the pandemic through lockdowns and market disruptions, we are seeing a new energy among brands to bring a greater degree of digitisation to their supply chains. Our Right Retail 2020 ebook provides the framework and insights to CPG brands on how to bring together channel partners and customers in the digital ecosystem of B2B eCommerce Marketplaces," said Lalit Bhise, CEO of Bizom.
Bizom, a Mobile-first, SaaS-based suite of automation solutions, is the retail intelligence platform for brands and their retailers.
We are leaders in providing insights and intelligence to CPG brands in India and emerging markets and are now making inroads into markets in Europe and other developed markets. We help brands achieve smart distribution by improving their manpower efficiency, channel performance and product performance.
We achieve this by helping businesses first digitize their entire sales and supply chain and later help them move from a push-based distribution to a pull-based distribution using solutions that facilitate assisted and inspired selling.
Its customers include international brands such as Cargill, Lactalis, Heineken, Reckitt-Benckiser, Hershey's, Nivea as well as top Indian brands such as Parag Milk Foods, Parle Agro, Jyothy Laboratories Limited, JK Helene-Curtis among a fast-growing list of over 500 brands.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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