Players in the Fast-Moving Consumer Goods (FMCG) space have been charged to be dynamic to be able to meet the present-day consumer needs which are constantly evolving.

Experts said this at the 6th Industry Summit, in Lagos, with the theme: “Understanding Changing Consumers Preference in Troubled FMCG Space”.

Delivering the keynote address, Managing Director/CEO of Nitro 121, Lampe Omoyele, said consumers are modifying their purchasing behaviours by focusing more on essential goods while reducing discretionary spending.

“As such, to succeed, brand owners/businesses need to put themselves in the shoes of the consumers – by giving them what they want, to win them over.”

Drawing from a recent survey his company conducted, Omoyele said price sensitivity, availability, and perceived value are some of the factors that necessitate people to switch brands, especially in product categories such as food & groceries, household items, and personal care.

“From our study, responded between the ages of 35 and 54 with monthly earning of N250,000 and above said that they have made adjustments to their shopping habits in the past one year,” he noted.

“The Nigerian FMCG sector is evolving with trends like digital payments, e-commerce expansion, and sustainability driven packaging. Consumers are seeking healthier product options, while brands invest in direct to-consumer (DTC) models, influencer marketing, and loyalty programs to drive engagement and retain customers in a competitive landscape.

To, therefore, stay ahead, he advised that FMCG brands must adopt data-driven marketing, omni-channel distribution, and direct-to-consumer models. “Leveraging AI for consumer insights, optimising supply chains, and creating engaging brand experiences through social media and influencer collaborations can help businesses effectively navigate these market shifts.”

Also speaking on the theme, Toyin Nnodi, a marketing consultant, said Nigerian FMCG companies must find a way to adapt or die.

Nnodi said brands servicing consumers must constantly evolve to remain relevant to the consumers.

She listed collaboration and partnership, omni-channel marketing, agility and production innovation as some of the actionable strategies for successful FMCG operation.

On his part, Co-Founder/CEO Innova Hive Integrated Ltd, Stanley Obi, called on brands to position themselves strategically, as it will give any brand the competitive advantage aside ensuring that “they don’t just sell products or services but offer an experience that no one else provides in the same way.”

In the panel discussion moderated by Assistant Brand Manager, Indomie, Gift Uche-Ewule; Nana Milagrosa, CXO- Chief Experience Officer, MPXM, said consumers are no longer throwing away money in every campaign/experiential activity they attend as they now seek value.

Celestine Umehi, CEO, Arewa24 charged agencies handling brands to have a deep knowledge of the various brands they are working with to ensure value addition.

He listed skillset, data analytics, agility & adaptability and trust as some of the factors that will make any brand relevant in the present economy.

In his opening remarks, Convener of The Industry Summit, Goddie Offose said the event was aimed to celebrate innovation, resilience, and excellence in the FMCG sector, particularly in the face of changing consumer preferences.

According to him, the summit’s theme is a timely reflection of the challenges and opportunities that the industry, and by extension, the Nigerian economy, faces at the moment.

“As consumer behaviours and expectations continue to evolve, it is crucial for businesses to stay ahead of the curve and adapt to these changes,” he said.