Marico Ltd, a fast-moving consumer goods (FMCG) manufacturer, is using artificial intelligence (AI) to understand consumer insights for its international operations to better tailor product propositions in overseas markets.
The FMCG manufacturer also uses AI to observe trends in its domestic market and, if there are any, it will make adjustments to its products and introduce them in its overseas territories.
“The FMCG market has a unique consumer mindset. A good proposition for the Indian market may not be a good proposition for the Vietnamese or Middle Eastern markets. Our holistic AI offering will be able to roll out to the Indian market, fine-tune it locally and then take it to other geographies to gain similar insights and rapidly iterate to deliver products that are relevant to those markets.”
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Also read: Marico maintains double-digit growth in international markets
“We will pilot one product category and segment primarily in the domestic market and then stabilise it from a technology and analytics perspective,” said Vrijesh Nagasan, chief information and digital technology officer, Marico Limited. Business Line.
In the international regions, Marico operates in the markets of South Africa, Middle East, Egypt, Malaysia, Vietnam and Bangladesh. International business accounts for 26% and has achieved a healthy growth rate over the last 3-4 years.
Additionally, Marico is considering acquisitions in South Asia as part of its strategy to accelerate growth in the region.
“We are looking at adjacent overseas markets such as Bangladesh and Southeast Asia where size is notable. Once that is done, our international geography team in the region will work to increase the relevance of the product.”
“We are testing the product in various markets to gauge whether we have global capabilities in all the markets we operate in. It will take 2-3 quarters to establish and stabilise this in the domestic market and another 2-3 quarters to roll it out to other markets,” added Vrijesh Nagathan.
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Also read: FMCG companies busy launching new products targeting urban customers
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