It’s fair to say that every sector is feeling the pressure to move quickly in today’s rapidly evolving business landscape. However, leaders in the fast-moving consumer goods (FMCG) industry are more aware of the need to move quickly. They understand that swiftness is what will determine whether their organizations exist in the coming years.
The issue here is that it’s not enough to simply operate with agility. FMCG companies must also compete for their customers’ loyalty. And loyalty is far more fleeting today. Consumer behavior and expectations seem to shift every time a digitally-original company enters the market. Innovation is now the key to survival for FMCG organizations. It helps them to better understand and serve their customers’ needs.
Unfortunately, there’s no way to magically aggregate consumer insights, serve them up in real time and then integrate them into operations. At least, not yet. However, there are certainly opportunities on the horizon. And some of these are piquing the interest of forward-looking FMCG leaders.
Meet me in the metaverse
I recently had the pleasure of speaking with Mohammed Gause. He’s the chief information officer (CIO) of Tiger Brands, a manufacturer and marketer of FMCG in South Africa. Mohammed has over 30 years of experience in systems development, change management, IT operations and strategy formulation.
Mohammed obtained a Bachelor of Science in engineering degree from the University of KwaZulu-Natal. He then joined the management consulting division of Accenture in 1989. In this capacity, he spent 21 years implementing IT and business solutions to clients across several industries. They included Banking, Resources, Transportation and Travel, Oil and Gas, Telecommunications and Broadcasting.
We spoke about the potential of the metaverse and some of the exciting trends that came out of the 2022 Technology Vision report. We also discussed the unique position FMCG leaders find themselves in today.
Read my conversation with Mohammed as we discuss the trends from Technology Vision 2022:
Jeniffer: Mohammed, you recently attended the CIO Connect session, a South African-based forum where peer professionals discussed the latest trends impacting today’s business. During this, we discussed Technology Vision 2022. The report focuses on the Metaverse Continuum. That is, a spectrum of digitally-enhanced worlds, realities and business models that will revolutionize life and enterprise in the next decade. But how do you think the metaverse will affect your business?
Mohammed: I believe the metaverse will have a transformational impact on the FMCG industry. The metaverse is becoming the new playground for consumer and FMCG companies. It’s enabling them to launch their new products and ranges in the virtual world. It’s also helping drive brand value and consumer experiences.
The metaverse provides opportunities for FMCG companies to develop virtual products. These products cross over between the physical and virtual worlds. It also supports new ways to market goods. The possibilities are endless.