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Consumer Goods & Services Database

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Consumer Goods & Services Database

Consumer Goods and Services

Goods that are sold to consumers are referred to as consumer goods. Consumer goods can either be used in the home or school or for recreational purposes. On the other hand, activities provided by people are referred to as services. Examples of service providers include doctors, dentists, barbers, waiters, online servers, etc. When it involves consumer goods, there are three types – durable goods, nondurable goods, and services. Examples of non-durable goods are food & drinks.

The term goods and services together refer to the consumption and spending of money by consumers. Goods and services complement each other. For example, consumers who purchase gasoline for their vehicle also pay for its transportation.

Pandemic Effect on FMCG Sector

Fast Moving Consumer Goods (FMCG) is a sector that contributes significantly in the generation of revenue for the Indian government. Personal care and household items make up 50% of the sales.

The lockdown that was announced was in the midst of an already slowing Indian economy, and the announcement by the citizens was taken in the right spirit. The lockdown induced many manufacturing units to shut down or cut down their production. Along with that, the supply chain was

Smarter FMCG companies diversified flexibly by supporting the fight against the pandemic. They converted their facilities and produced essential products like masks, hand sanitizers, or ventilators. This kept them floating in the business and sustain!

Using Consumer Goods & Services Databases and Technology

Before the downtrend in the Indian economy began, the FMCG sector topped few revenue-generating sectors in India. Now the global pandemic has cast a lot of uncertainty going forward. But there is a way out to survive and barge ahead for businesses.

Embracing technology and making smart use of databases can help you to overcome the obstacles. Data Analytics can help you, and implementing Artificial Intelligence (AI) and robotics can bring down labor costs. Leveraging digital marketing that uses personalization campaigns can help you to improve business sales and revenues.

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