Source: Giuliana Dias, Bizcommunity, 9 December 2020, photo credit: IndustryWired
The past few months have brought unprecedented uncertainty, complexity and change to the FMCG and retail industry across the globe. Interestingly, Covid-19 has accelerated fundamental trends that were already influencing the sector such as business model evolution, the value of purpose, the ruthless focus on reducing cost and the increased power of the consumer.
In South Africa particularly, the retail environment is evolving to meet consumers changing circumstances and shifting priorities, and not only in the direction of e-commerce. Across the retail spectrum, consumers are increasingly in control, increasingly connected and increasingly looking for more convenient and enjoyable shopping experiences to suit their individual circumstances.
Furthermore, retailers are often judged on their prices and value they provide, with consumers referring to affordability – or the lack thereof – as reasons for both praise and criticism. Conversations about affordability are especially pronounced when consumers compare retailers.
After connecting with 618 individuals from different races and age groups who play an active role in household shopping, ViacomCBS has gleaned in-depth insights into the FMCG and retail market in South Africa and how it has been impacted by high country lockdown levels as a result of the Covid-19 pandemic.