Technology - Enabled Consumer - Centric Innovations by FMCG Sector during the Pandemic
DOI:
https://doi.org/10.21095/ajmr/2022/v14/i1/171528Keywords:
<p>Covid-19, Entrepreneurship, FMCG, Innovations, Pandemic, Technology</p><p>JEL Code</p><p>L24, L26, L66, M31, M37</p>Abstract
Innovation is considered a by-product of adversity. The pandemic disrupted normal lives across the world and caused serious disruptions to business operations. A fragmented supply chain and mounting losses exacerbated matters. Shift in consumer behavior was triggered by lockdowns, declaration of containment zones and social distancing rules. However, some businesses, particularly in the FMCG sector demonstrated exemplary resilience by realigning their operating models with these changes in consumer behavior. Companies collaborated with others to offer innovative solutions to address consumer pain points. Demand from Tier-2 and Tier-3 cities and rural areas enabled FMCG players to recoup their losses. The crisis also acted as a springboard for monumental growth in E-commerce in a shorter time frame and spurred innovation and entrepreneurship. This research effort attempts to understand the drivers for technology-enabled consumer-centric innovations and the resultant benefits for functional areas. Finally, the research bases conclusions on the real-time evidence collected highlighting the strategic value that this experience would give to the FMCG players. This is a conceptual study based on secondary sources of data available that uses a descriptive research design. This study can be a good starting point for businesses wishing to drive innovation-led growth by using technology levers.
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