Omnichannel strategies and their effect on FMCG SME supply chain performance and market growth
1 British American Tobacco, UK.
2 Independent Researcher, Chicago, USA.
3 Independent Researcher, Lagos Nigeria.
4 Independent Researcher, Port Harcourt, Nigeria.
5 Independent Researcher, Abuja, Nigeria.
Review Article
Global Journal of Research in Multidisciplinary Studies, 2023, 01(02), 001–012.
Article DOI: 10.58175/gjrms.2023.1.2.0042
Publication history:
Received on 05 July 2023; revised on 17 August 2023; accepted on 20 August 2023
Abstract:
In the rapidly evolving landscape of the Fast-Moving Consumer Goods (FMCG) sector, small and medium-sized enterprises (SMEs) face increasing pressure to adapt to changing consumer behaviors and market dynamics. This review explores the implementation of omnichannel strategies and their significant impact on supply chain performance and market growth for FMCG SMEs. Omnichannel strategies integrate multiple sales channels such as brick-and-mortar stores, e-commerce platforms, and mobile applications to provide a seamless customer experience. This integration allows SMEs to optimize their supply chain operations, improve inventory management, and enhance responsiveness to consumer demand. This highlights how omnichannel strategies enable better demand forecasting through real-time data analytics, leading to reduced stockouts and overstock situations. By synchronizing online and offline inventory, SMEs can enhance logistics efficiency and streamline last-mile delivery, ultimately improving customer satisfaction. Additionally, the review discusses the role of customer-centric marketing within omnichannel frameworks, which fosters brand loyalty and increases market reach. Despite the advantages, the review also addresses the challenges faced by FMCG SMEs in implementing omnichannel strategies, including technology integration, resource constraints, and complexity in supply chain coordination. To overcome these hurdles, SMEs are encouraged to leverage technology solutions, collaborate with third-party logistics providers, and adopt a phased implementation approach. Ultimately, this review concludes that adopting omnichannel strategies is critical for FMCG SMEs aiming to enhance supply chain performance and drive market growth. By embracing a holistic approach to customer engagement and operational efficiency, SMEs can position themselves competitively in an increasingly dynamic marketplace.
Keywords:
Omnichannel Strategies; FMCG SME; Supply Chain; Market Growth
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