How FMCG Can Use Alternative Data To Empower Supply Chain In The Times Of COVID-19
Have you been to the superstore recently? Or ordered groceries online? If yes, there is a strong chance that the wheat flour you've purchased for a good decade or so or the ramen your family loves so much has been out of stock for weeks now. There is also a chance that you purchased some other brand that was available and realized that its all the same after all.
Now re-imagine this same scenario from the perspective of a brand marketer. FMCG supply chain is in shambles around the Asia Pacific region due to the COVID lockdown. These are difficult times for brands and marketers who have spent years and millions of ad dollars to build customer loyalty. In a matter of weeks, they could lose the equity and consumer loyalty that has taken them decades to build. Is there a workaround?
Alternative data could help
The definition of alternative data is data from non-traditional sources, unlike traditional data sources that FMCG brands and retailers rely on to make their decisions. In the current context of FMCG supply chain, this alternative could very well help to supplement FMCG brands existing understanding of inventory needs across cities and neighbourhoods.
In addition to understanding behaviour at essential retail locations, alternative data like real world intelligence can enable FMCG brands to streamline supply chains. Real world intelligence can help FMCG brands deeply understand consumer personas in various neighbourhoods and ensure that demand is met via the daily essential stores in their vicinity. In addition to that, online app usage data could contribute to understanding of how people are buying groceries online. In normal times, FMCG brands could very well ensure that they don't just meet the essential needs of these neighbourhoods but also deliver a little extra. But with a hampered supply chain in the times of COVID, alternative data can enable FMCG brands to hyper-target their supply chain in order to ensure that the essential needs of a larger section of consumers in these neighbourhoods are met. This will not only help them retain their existing loyal customers but also gain an edge against brands that do not have access to alternative data to refine their supply chain in these times.
The Post-COVID world will be a brand new Era
And the data decisions brands make today will differentiate the winners from the losers. If you are an FMCG or CPG brand that is looking to refine its insight-centricity with alternative data, request a demo. Were here to help.