NielsenIQ BASES announces Breakthrough Innovations for 2021
The Bases Top Breakthrough Innovations have been announced for this year and they highlight some of the most successful and well-received consumer product innovations in Saudi Arabia. Innovations this year have garnered a combined sale of USD 35 million in the first year of launch with an average growth of 50% in the second year
A total of seventeen FMCG products won across 85 categories in the country. The winners demonstrated effective approaches in creating long-lasting connections with their consumers and were selected based upon a validated framework, which evaluated market performance based on sales, the ability to bring incrementality to the brand, category distinction and finally the competence to endure in the market.
NielsenIQ BASES helps clients develop and commercialize new products that generate profitable growth by identifying unmet consumer demands, optimize their innovations to deliver on that demand, quantify the opportunity of their innovations and help accelerate commercialization success with more precise launch plans and real-time optimization of in-market activities.
"Innovations play a key role in growing the brand for a FMCG manufacturer. You can have a brilliant idea, a fantastic concept but with a suboptimal product you cannot succeed in the long run. Consumers are becoming more aware and almost 50% Saudis claim to check product ingredients before making a purchase decision. As we mark the 10th year anniversary of the award this year, we celebrate the success of outstanding innovations that capitalize on growing trends like Health and Wellness, Convenience, Accessibility and Customization,” said Zulfiqar Razvi, Executive Director at NielsenIQ BASES for Middle East Africa and Turkey.
The Future of FMCG innovation in KSA
According to the insights gathered by NielsenIQ BASES’, there is an evident change in the shopping behavior, consumers in KSA are making informative choices. 88% of consumers feel transparency is more important to them today as compared to five years ago. This because over 71% of shoppers tend to look for nutritional facts on label before purchase.
After the pandemic, findings explain that consumers are willing to pay a premium price for home care products especially when it comes to family protection and staying safe. Effectiveness of the products may be the top priority, but consumers are still looking for uncompromising quality.
45% of Saudi shoppers anticipate buying personal care products that are supported by technology, these could include customer-interfacing technologies such as QR codes and virtual assessments. This since there is a spike in online shopping from 33% to an unprecedented 60%.
