There is no such thing as a small price; it is the number of items sold. Consider a tissue paper, for instance, and its cost. Would you rather sell one car in a week or a thousand Tissue paper rolls in one day? That sweet concept of economics is FMCG.
FMCG stands for fast-moving consumer goods. These include essential commodities for everyday use, including milk, bread, tea, coffee, fruit, toiletries, soda, packaged food, and conventional drugs, etc. The FMCG are quickly sold because of their low prices. Besides, they are frequently bought because they’re part of every customer’s daily needs. The Covid-19 pandemic has shaken the whole world by affecting the health care system and the world’s economy severely. Consumers’ purchasing power has significantly altered from their routine.
Covid-19 is a severe virus that started in Wuhan city of the Republic of China and rapidly escalated across the world. It is a disease transmitted through human interaction, causing severe respiratory disorders that could prove to be fatal. This deadly virus in the world has affected over 200 countries. It has generated over four million deaths to the day and counting; therefore, people are concerned about their well-being. Markets are struggling to run their businesses smoothly. Businesses face a massive shortfall in their sales because people are too scared to come out – but not FMCG.
Massive sales of FMCG
It has been observed that consumers’ purchasing trend has moved towards FMCG products more than any other segment. The only priority in peoples’ shopping lists in the pandemic has been household cleaning products, goods to maintain hygiene, necessary food items, and medicines. This article will identify FMCG behavioral changes in the following list.
The fast-moving consumer goods industry has seen a massive boost in sales, whereas other areas are over-blown with low or no sales at all. Some researchers believe that after the pandemic, the market situation is not going to change much, and people’s behavior to choose necessities over luxuries is going to remain unchanged.
FMCG Companies have started e-commerce if they were not practicing it already. Stay-at-home situations during lockdowns or curfews in several countries have made people realize the comfort of buying goods online. They are enjoying the privilege of receiving their shopping at their doorstep. It saves time or money for fuel and allows them to stay in their homes. Due to the worldwide pandemic, consumers will prefer to identify the supply chain to ensure their products are not exposed to any viruses or germs. Some countries might face a severe decline in their sales because of consumers’ fear of buying from them. They would want to be aware of the origin of the product.
Food with exceptional nutritional values will be preferred over an average product to remain safe from future viruses or health issues. Immune boosting food items will be chosen by all age groups to avoid any risks and fight diseases as COVID-19. It is an excellent opportunity for FMCG companies to come out on top, as their products are fast sellers than other segments of the market.