Brand owners and players in the Fast-Moving Consumer Goods (FMCG) space were last weekend charged to be dynamic to be able to meet the present-day consumer needs which are constantly evolving.
The socio-economic realities have made this a reality, as consumers, faced with decreasing purchasing power, continue to challenge their loyalty to any particular brand, with many opting for brands that meet their needs at any particular time.
To be able to get consumers’ attention, seasoned experts and industry stakeholders said FMCG players and brand owners must know their consumers and be ready to evolve along with their preference.
Experts said this at the 6th Industry Summit, held in Lagos with the theme: “Understanding changing consumers preference in troubled FMCG Space”.
Delivering the keynote address, Lampe Omoyele, Managing Director/CEO of Nitro 121, said consumers are modifying their purchasing behaviours by focusing more on essential goods while reducing discretionary spending. As such, to succeed, brand owners/businesses need to put themselves in the shoes of the consumers – by giving them what they want, to win them over.
Focusing on a recent survey conducted by his company, Omoyele said price sensitivity, availability, and perceived value are some of the factors that necessitate people to switch brands, especially in product categories such as food & groceries, household items, and personal care. The majority reported buying in bulk, comparing prices, and switching brands to save cost.
“From our study, respondents between the ages of 35 and 54 with monthly earnings of N250,000 and above said that they have made adjustments to their shopping habits in the past one year,” he noted.
“The Nigerian FMCG sector is evolving with trends like digital payments, e-commerce expansion, and sustainability driven packaging. Consumers are seeking healthier product options, while brands invest in direct to-consumer (DTC) models, influencer marketing, and loyalty programs to drive engagement and retain customers in a competitive landscape.
To, therefore, stay ahead, he advised that FMCG brands must adopt data-driven marketing, omni-channel distribution, and direct-to-consumer models. Leveraging AI for consumer insights, optimising supply chains, and creating engaging brand experiences through social media and influencer collaborations can help businesses effectively navigate these market shifts.
He added that, “Brands that quickly respond to emerging trends, experiment with new product formulations, embrace digital commerce, and invest in technology driven solutions will maintain a competitive edge and sustain long-term customer loyalty”.
“If consumer demands are evolving this rapidly, can Nigerian businesses afford to stay stagnant? Asked Toyin Nnodi, a marketing consultant, while delivering her paper.
Speaking on the theme; “Adapting FMCG Business Models to Meet Shifting Consumer Demands,” she averred that Nigerian FMCG companies must find a way to adapt or die.
On his part, Stanley Obi, Co-Founder/CEO Innova Hive Integrated Ltd, called on brands to position themselves strategically.
Speaking on the theme; Strategic Positioning for FMCG Companies amidst evolving economic challenges, he said strategic positioning will give any brand the competitive advantage, adding that, it will ensure that “they don’t just sell products or services but offer an experience that no one else provides in the same way”.
Celestine Umehi, CEO, Arewa24 charged agencies handling brands to have a deep knowledge of the various brands they are working with to ensure value addition.
According to him, a lot of people are by-passing agencies now because many of the agencies are not adding value to the brands.
“Many agencies want to market for brands that are doing well so, but, when they run into problems it becomes difficult to proffer solutions especially when they don’t have much knowledge about the brand”.
In his opening remarks, Convener of The Industry Summit, Goddie Ofose said, the event was aimed to celebrate innovation, resilience, and excellence in the FMCG sector, particularly in the face of changing consumer preferences.
