We are witnessing a paradigm shift in consumer behavior, businesses, and business models, which will result in the decline of some businesses and the slowing of others.
Consumer purchasing habits are also expected to change in two ways.
- Consumers will make every effort to reduce their trips to supermarkets.
- Online shopping will become the new norm.
The impact of Covid on the FMCG sector in India can be easily noticed as there is a decline in growth from the second to the third quarter of 2020 from 7.3% to 6.6% respectively. Organizations that can adapt quickly to changing demand patterns and demonstrate agility in thought and execution will gain market advantage.
The statistics below are therefore taken from Industry data available pre-Corona virus impact.