|The air in a Lay’s packet is seeing high competition with the new chip in town.|
|Yes, chip. Not a pack of chips. A single 5gm chip sold for ₹199 and more.|
Claimed to be the spiciest chip, it has already garnered over 15k consumers in India by creating FOMO (fear of missing out) on social media with its #LastChipChallenge.
But how many of these consumers will buy it again? While FOMO can drive a lot of first-time purchases, sustainable demand generation amongst different consumer demographics is built on availability and quality.
Even Lay’s comes in various options, but how many do we actually buy repeatedly and how many flavours have we just tried out once for the sake of knowing what it tastes like?
The consumers of your products are just the same.
While variety is the spice of life, brand power can only entice them to try out new and different products once, at best twice. But to become a constant in consumer lives, businesses need to ensure the right product availability at every source of demand.
This remains an aspiration of more than 60% of retail products in the industry today, yet many have aced the game with retail intelligence. Hershey’s is solving the issue of availability by using an auto-replenishment system that monitors the stock levels continuously, and automatically creates new order requests when the stock gets too low.
So is everyone eating Hershey’s chocolates today? Probably not.
But we are always seeing Hershey’s in most stores around us.
Leveraging retail intelligence and coupling it with the pricing strategy of the INR 10 snickers, from medical stores to stationery shops, everyone is selling Hershey’s now.
Whereas a decade ago, Hershey’s was mostly seen only on supermarket racks.
For any business today, building sustainable products remain one of the primary long-term objectives. But leaders often make the mistake of only focusing on increasing their product lines to enter new segments, instead of deep-diving into their present market and understanding how to increase sales efficiency.
Truth is, it’s impossible to drive continuous demand for every type of product without proper processes that guarantee the availability of quality products, at the right place and time.
So should you try it? The chip. Well, let’s just say “health and taste are a personal choice”.
But ensuring your products don’t see a similar future like that chip is not even a question. It’s a must. To know how you can leverage Bizom’s retail intelligence platform to boost product sales, connect with our team at firstname.lastname@example.org to schedule a product tour at your convenience.