The full form of FMCG is Fast Moving Consumer Goods. FMCG refers to goods that are swiftly and affordably sold on the market. These are likewise recognised as CPGs and typically not long-lasting (Packaged Goods for Consumers).
Meat, vegetables, dairy products, fruits, processed foods, soft drinks, cosmetics like soaps, deodorants, lip balm, and eyeliner, as well as everyday items like toilet paper and soaps, shower caps, face towels, over-the-counter medications, and other consumer goods, are a few examples of FMCG products.
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Properties of FMCG products
The shelf life of FMCG products is extremely short, and the products are typically sold out or replaced after a few days, weeks, months, or other short periods. Despite FMCG products having lower sales profitability than other products, net profit is still larger due to their extensive commercial sales. Demand for FMCG products has been greatly influenced by the globalisation of the internet and the growth of the brand population over the past 25 years. The success of FMCG as a corporation is mostly attributed to brand value, promotions, the distribution network, and an in-depth understanding of consumer behaviour and preferences. The following is a description of FMCG product characteristics.
From the marketing expert’s viewpoint:
- Huge volumes
- Small margin for contribution
- Widely distributed
- Inventory sales soaring
From a consumer viewpoint:
- Regular invests
- Low charge
- No action to select one item
- Limited Lifetime
- Quick use
- Comparison of consumer prices over online transactions