Insights
Deepen In the early days of computerised records , there was a story ( possibly apocryphal ) of a car dealer who approached a credit card company to buy access to customer statements , to look for people who hadn ’ t purchased car tyres for a long time . The dealer reasoned they were going to sell their car soon , so were likely prospects for buying a new car .
In the next few years , this kind of crossindustry data intelligence will become more important as FMCG businesses seek to understand their customers better – as people , not just customers . This is why Google paid USD $ 2.1 billion for Fitbit in 2019 – considered well over market value for the technology , but a bargain for access to the health and fitness history of millions of Fitbit users .
Here are more examples of how businesses will try to leverage AI and data to better understand customers :
• Analysing public social media posts and comments to build a profile of a customer ’ s gender , sexuality , education , political leanings and social causes .
• Monitoring activity in the moment to assess a customer ’ s moods and emotional states .
• Engaging in virtual worlds ( such as the Facebook / Meta metaverse , Minecraft and online gaming worlds ) to learn how customers engage .
• To disrupt . When Uber was launched in Australia a decade ago , it was a novel idea . But now we don ’ t think twice about accepting a lift from a random stranger we “ met ” online . In the past , taxis were backed by known brands , infrastructure and regulation ; now , Uber ’ s underlying platform provides that infrastructure , security and trust .
The same applies to the FMCG sector . Historically , the largest players leveraged their size to muscle out small competitors . But now and in the future , those competitors have access to powerful technology platforms that elevate their power .
An Uber-like platform for FMCG products would allow growers and manufacturers to sell directly to customers . They could :
• promote directly using social media , influencer marketing and virtual reality
• showcase unique features of their “ smallness ”, such as boutique offerings , local presence , community involvement and social causes
• collaborate with other providers for offers , holiday specials , discounts and bundles .
Some customers have always preferred boutique providers but were forced to pay a premium price or have less convenience , because large established players can leverage economies of scale . But that won ’ t be the case in the future , because these platforms give providers – and their customers – the best of all worlds .
How will your business transform by 2025 ?
Traditional media – newspapers and TV – was well-placed to embrace the online world , but “ adapted ” by simply turning their physical offerings into digital form . They were overtaken , and then overrun , by Facebook and Google , who provided a better consumer offering .
Many FMCG businesses are already well on the path to enhance or personalise their operations , and will focus on those efforts alone . That ’ s a good first step , but it leaves them just as vulnerable as those traditional media companies . Those who thrive in 2025 and beyond will look to deepen , and even disrupt , the way they operate today .
GIHAN PERERA is a business futurist , speaker , and author who works with business leaders to help them lead and succeed in an uncertain but exciting future . Visit GihanPerera . com .