5 Technology trends of Consumer goods in the world

The world FMCG industry is expected to generate $721.8 billion in revenue in 2020, according to Startup Insight. To grab this “fat” piece of the pie, FMCG companies have started to deploy cutting-edge technologies such as blockchain, artificial intelligence, digital assistants and robotics, with the aim of enhancing operations. and improve customer experience and increase customer satisfaction.

1. Digitizing distribution channels

Digitization is becoming a priority for FMCG brands as customers interact with brands across multiple online and offline channels. Companies have access to valuable data from valuable sources, from various social media platforms, web and mobile apps, and also interact directly with their customers. Digital technology enhances the omnichannel experience and supports companies to convert one-time shoppers into repeat customers.

2. Big Data & Data Analytics

FMCG companies actively leverage Big Data to innovate and compete in the industry. As data becomes more and more accessible as consumers move to shop online, brands are beginning to discover new ways to increase customer relationships and better understand their behavior. The analysis of customer behavior and preferences data provides FMCG 79 companies with a valuable source of information for a deeper understanding of their customers. Big data solutions enable brands to optimize communication with their customers and deliver more personalized experiences.

3. Artificial Intelligence (AI) 

Solutions powered by Artificial Intelligence (AI), such as Machine Learning and Natural Language Processing, are becoming popular and creating opportunities for the fast-moving consumer goods (FMCG) industry. 

For example, are becoming popular and are creating opportunities, in addition to personalized product recommendation engines. By implementing AI-based solutions, FMCG companies can enhance the customer experience, customer satisfaction, and retention.

4. Blockchain technology application 

Blockchain is seen as an option for companies in FMCG to gain a competitive advantage while the FMCG industry is increasingly competitive. 

Prominent Blockchain applications in this industry include Smart Contracts and Blockchain traceability that enable FMCG companies to grasp bottlenecks in their supply chains and take action cards when needed. Blockchain also increases transparency for consumers by allowing them to track the source of the goods they buy. Additionally, Blockchain platforms offer cryptocurrency and loyalty programs allowing consumers to collect, exchange, and redeem points, thereby increasing customer engagement.

5. Internet of thing- IoT 

IoT devices and sensors have the advantage of automation and are affordable, allowing FMCG companies to use them in brick-and-mortar stores, warehouses, and production facilities. An example of an IoT device implementation is delivering targeted messages to consumers while shopping. Another is inventory management, both in-store and outof-store. Combined with relevant emerging technologies, IoT creates new channels of consumer interaction and revenue streams for FMCG brands