Valued at $230 Bn in 2023, the fast-moving consumer goods (FMCG) segment is estimated to grow by 27.9% CAGR to reach $1288 Bn by 2030. [1] There are enormous success possibilities and with demographic dividend, booming economy, and lifestyle upgradations on its side, the India FMCG sector can script a new success story in the coming years.
That said, the industry is not without its share of challenges. Flickering choices, scattered customer loyalty, and switching behaviours are significant issues the sector is contending with.
In fact, when it comes to the overall churn rate of customers, the FMCG sector is among the worst-impacted sectors of the economy.
83% of retailers accept that being a part of a loyalty program influences them to buy from the same brand.
It means that loyalty programs are great for boosting customer retention and their effectiveness in converting casual buyers into loyal customers is well known in the FMCG industry.
These programs are wonderful for attracting new customers, strengthening brand loyalty, and achieving superior growth and profitability.
However, all loyalty programs are not created equal and differ in their ability to bring customers to the fold.
This story is from the November 17, 2024 edition of The Business Guardian.
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This story is from the November 17, 2024 edition of The Business Guardian.
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