FMCG Brands Capitalise On Innovation Trends To Drive Business Growth In The New Normal
Monday, November 30th, 2020 | 226 Views
BASES, a Nielsen Global Consumer Business, released its highly anticipated Top Breakthrough Innovation winners for 2020.
This year’s winners from Chinese mainland, Hong Kong, Taiwan and South Korea showcase the winning strategies adopted by companies as they extended their existing product lines to deliver exceptional product experiences. Aside from the above markets, BASES also announced breakthrough achievements in FMCG from the Japanese market.
This year’s Breakthrough Innovations have reached success with a formula made of true devotion to consumers’ needs, marketing savvy, and the right balance of speed and rigor. And when the Covid-19 outbreak determined a change in consumer behaviour, marketing activation adapted to serve the innovations optimally. It is noteworthy that up to 25 percent of new product launches shrink an existing brand franchise. Some of this year’s winners grew the brand and the category by expanding into new consumption occasions or attracting new buyers, some others by capitalising on a trend or differentiating with a premium positioning. Other winners broke the mould with out-of-the-box development and activation.
“BASES Top Breakthrough Innovations celebrate successful new product launches that at their foundation pair good ideas and product delivery with the right in-market activation. These stories highlight the diverse strategies that lead to winning new products. Few of these strategies include stretching beyond traditional category boundaries, targeting a highly engaged consumer segment, and differentiating on emerging benefits and ingredients,” says Gautam Seth, Nielsen BASES Leader for Asia Pacific. “Despite a changing and challenging environment of lockdowns, restricted movement, and social distancing, consumers are still always going to seek out innovations that resolve a point of tension in their lives. Manufacturers that recognise and adapt to the altered consumer needs can quickly turn adversity into an opportunity,” adds Seth.
Current FMCG market trends indicate innovation possibilities in the near future will rest on new trending themes like ‘plant-based’, ‘sustainability’, and ‘personalisation’ along with the emergence of the new normal post the onset of the pandemic.
According to a recent survey by BASES, the most significant aspect consumers want to know while buying FMCG in the food category is nutrition details inside the pack. Additionally, consumers are also seeking to treat themselves while buying premium and tasty products and wherever possible they wish to replicate at home food that they were used to buying before COVID -19.
“Furthermore, consumers’ consciousness towards health and well-being, environmentally friendly products is paving the way to manufacturers to address emerging needs and a holistic approach to meet demand both offline and online,” concludes Seth.
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