Big Data and How Consumer Packaged Goods (CPG) Companies Use Them
Consumer packaged goods (CPG) are items that are utilized daily and require constant refreshment and replacement. Some of these include food products, beverages, make-up and cosmetics, and even tobacco and household products.
Big Data is all about consumer data. Most CPG companies have a hard time determining consumer data and data analytics. While government regulations play a vital role in determining the production, pricing, and distribution practices, consumer data can help expand determination in pricing each commodity, the marketing, productions, and even on promotions and insights to consumers and executives.
The major problem in Big Data is the lack of confidence among CPG manufacturers to utilize this information. While many professionals in the CPG industry have trusted consumer data, many companies do not see this as important and essential in making decisions on their products.
While these data are available, most companies also lack analytical capabilities in determining trends, activities, and movements in CPG customers. Resources that would help to analyze these reports are also absent or lacking in most companies. While these data are presented among executives for compliance and analysis, most CPG companies are using these to create sales promotions and concentration in distribution among urban and rural stores, and other branding initiatives.