At the NielsenIQ Breakfast Conference on Growing Around, “The Big Squeeze,” which recently took place in Lagos, Wanderi stated this:.
“They need to understand consumer behavior and the recent shifts that have occurred,” said Wanderi. According to our research, in the last year, seven out of ten consumers have changed brands; this indicates that consumer behavior is now primarily influenced by price rather than branding. Still, some categories have low switching rates.
Companies should be aware of the categories in which they operate and how customers act, she stressed.
She stated that the insight would allow them to make informed choices about pricing tactics or to reorganize distribution channels in order to better target consumers.
“From the perspective of the consumer market for the remaining months of the year, consumers will continue to switch brands, and consumers are currently not loyal to any brand. As changing economic circumstances force all sectors to continue their operations, we must think creatively instead of relying on past experiences.
“This pressure is critical to restoring the real purpose of data and analytics. She also said, “Management must turn predictive insights into proactive actions.”
“The fast-moving consumer goods, retailers, Telcos, Fintechs, and banking sectors are the ones that have the dual role of being responsible for predicting and shaping consumer behaviour, yet have the burden of bearing the shifts in consumer expectations and trends that occur during a big squeeze, a difficult economic time where the rate of decline in consumer disposable incomes increases faster than the rate of decline in consumer desires,” said Olufemi Awoyemi, Chairman of Proshare.
“Bespoke data providers are moving from transactional to transformational roles these days. New practices and metrics are driven by consumer changes; they connect national trends to consumer realities, impact management, marketing, sales, values, and corporate objectives.
As the changing global and local economic realities put all sectors under tremendous pressure to ensure business sustainability, the Proshare boss says data providers must dare to imagine rather than act from memory.
A new business ecosystem that reflected the world’s present state and future course was created as a result of shifting consumer preferences, economic cycles, and trends.
In addition to traditional threats, he stated that companies were confronted with changes in the market, substitute products, and new competitors.
The failure to anticipate and respond to actions driven by the “laggard nation effect” has accelerated a disruptive influence, which, according to Awoyemi, is causing industries to be upended in a short time.
When changes make industries uncompetitive, the cycle of business transformation occurs every 5–10 years. He noted that consumer preferences and the cost to pay for goods and services are changed by the current technological advancement.
