Development of Retail and FMCG trade
The first months of 2022 are running with growth rates for the Retail and FMCG (Fast Moving Customer Goods) markets showing that it is possible to overcome last years difficulties.
Friday, May 13, 2022
Despite the consequences of the unexpected pandemic, Retail trade continues to be in the 2nd place of the Greek economy and FMCG to have a great importance for the international economy.
According to ELSTAT (Hellenic Statistical Authority), the Turnover Index in Retail Trade increased by 16,8% in February, compared to the corresponding index of January 2022 and the General Volume Index (turnover at constant prices) presented also an increase of 10,8% compared to the corresponding index of January 2022[1]. Compared to the previous year, the Turnover Index in Retail Trade has decreased by 3,0% in February 2021 compared to the corresponding index of January 2021, as well as the General Volume Index has decreased by 1,8% in February 2021 compared to the corresponding index of January 2021[2].
In the new digital era we are going through, with the unexpected market challenges and the constant changes in the shopping habits of consumers, companies are constantly trying to develop their digital maturity with new and innovative strategies, in order to claim a place at the top of both Greek and international market.
In particular, the importance of the export orientation of industrialization has made the penetration of new and innovative products in the international economy, now identical with their development. Retailers have learned that they have to use consumer data to move from a product-based strategy to a customer-centric one. Increasing their innovation and productivity, businesses become customer-centric and offer their consumers a full-channel experience by streamlining their processes.
In addition, demand for FMCG products is stable and on a daily basis. These products are considered less prone to falling sales, especially in times of crisis. The FMCG trade is distinguished by its high degree of competition, as it constantly displays new and innovative brands and products that are sold quickly and at low cost, which makes them beloved by the consumer public.
Finally, businesses expect that the post-pandemic era will continue to grow, even if Retail and FMCG trade are considered to be among the most demanding industries worldwide.
References:
[1] https://www.statistics.gr/en/statistics/-/publication/DKT39/-
[2] https://www.statistics.gr/en/statistics/-/publication/DKT39/2021-M02