Consumer Products

Consumer Products

Consumer products constitute products purchased by individuals for consumption. Examples include items such as food, beverages, clothing, jewellery, and electronics. Consumer products generally fall under two categories – durable and non-durable products. As the name suggests, durable products last several years whereas non-durable products typically last less than three years.

Consumer Products Industry Challenges

Consumer products, as an industry, is going through profound change because of the innovations in digital technologies. Businesses, worldwide, introduce hundreds of products in the market every month. Moreover, rapid consumerisation of digital technologies is resulting in shortening of product life cycles and threatening brand loyalty. This is creating fundamental change in the purchasing and consuming habits of consumers. This shift in consumer habits is making it difficult for consumer product companies to compete and grow. Only the companies that are agile to embrace the latest facts-based decision making strategies are likely be able to exploit the opportunities.

Veravizion Case Study in Consumer Products

The Client Objectives

The client was a firm specialising in producing and selling an electronic consumer product. The client had business concerns about flat sales and lack of understanding about the real buying customers. They also needed help on marketing strategy for the niche product.

Case Challenges

There were a few challenges in the case that made the entire analysis complicated. The data collection on client’s POS was not methodical. Moreover, the data was scattered in multiple file formats. Additionally, an external challenge presented in the form of Chinese products getting dumped in the Indian market.

Key Actions and Results

  • Understood project objectives, collected and collated information for detailed analysis
  • Analysed data by applying specialised tools
  • Generated insights based on quantitative and qualitative data analysis
  • Shared insights and recommendations with client for strategic decision making
  • Collaborated with client regularly to keep him updated of the progress

The case helped discover untapped market segments that could spur the required growth. The Chinese challenge brought along a sense of urgency to innovate and upgrade the products with streamlined processes, which the client successfully accomplished in a relatively short period of time. Also, there was potential reduction of marketing expenses owing to the knowledge of specific target customers.

Image credits: photo by Bernard Hermant

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