Analytics Checklist For CPG Industry

If you’ve made it till here, Brava(o)!! Just a few final checklists we want to send you away with.

Ensure your data is relevant and timely: With CPG historic data is important, it is more important to go with the current trends and see the changing landscape. Analyze only relevant data: With many data sets and data sources evolving over time, you can be flooded with information – deal with the information you need!

Keep with the trends: Keep checking data with new CPG channels and sources. Old is gold, but new can be diamonds.

Track your retailer data: Deal with partners that are essential and useful for you, by maintaining scoreboards with refreshable data you can keep easy track of retailer health.

All of these are in addition to the KPIs that we spoke about sales performance, industry benchmarks, SKUs, and product lines. If you’re thinking about why this is important. Let’s put it into perspective: According to NielsenIQ, every year 30,000 new products are launched every year in the CPG market of the United States and 95% fail. In India, the CPG market is growing at 27.9% till 2025, therefore staying competitive is the only way companies can keep up with the growing market.

Last but not the least, with the omnichannel approach, data security is a rising concern. According to a survey by McKinsey, 40% of respondents stopped buying from a company when it violated their digital trust. So, ensure that your data is well-protected and secure.