Thanks to digital channels, FMCG firms have started to make a strong recovery post pandemic. The past 18 months have been difficult for those operating in this industry, demand has been volatile, the market has been uncertain and supply shortages have been in abundance. Despite these factors, the FMCG industry has almost recovered to pre-covid levels according to this article from the Economic times and some sub-sectors within the industry are outperforming their pre-covid sales, such as nutrition and health products.
Businesses are opening up their doors again across the world, and supply is in high demand as these firms try to recuperate losses made over the pandemic. One of the most prominent and important trends that the industry saw in the last 18 months was the shift to digital purchasing methods. The FMCG market in India is worth over $100bn. According to a report from Unicommerce, FMCG sales through e-commerce grew by 36% in volume in comparison to the previous year.
B2B traders are finding online purchasing easier, safer, faster and more time efficient. On top of this, B2B buyers around the world are getting younger, statistics provided by Pharmaoffer show us that in the 2 years leading up to 2020, the percentage of millennial buyers rose from 12% to 46%. Unsurprisingly, 90% of those millennials prefer to find their business partners and products online, rather than through traditional B2B methods such as emailing and phone calls.
The online FMCG market is growing rapidly. And those who hold stock at this point in time have a massive opportunity to capitalise on growing demand now that sectors such as hospitality and leisure are picking up traction again. The best way for these firms to capitalise on this opportunity is by utilising a B2B specific ecommerce solution.
Introducing SouqBox, the company that has been developing solutions in the B2B e-commerce space for the last 5 years. Specifically tailored for B2B traders, the SouqBox platform makes for a seamless transition from offline to online selling and trading. With functions such as fixed and negotiable pricing built in, any B2B trader can have a site up and running within 30 minutes.
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