There are certain products that we all need, they are products of mass consumption in society. This causes high competition from companies that are dedicated to this sector, which try to differentiate themselves through alternatives to get more customers.
It may interest you: Postgraduate in Digital Product Management
In a changing environment in which we find ourselves, this sector, more than any other, must adapt to these changes, take advantage of them and turn threats into opportunities. In this article we will talk about what mass consumer products are and what are the best practices that companies in this sector must implement to achieve success.
Index of contents
- How to create amazing products and services
- What are mass consumer products?
- Best practices for mass consumption
How to create amazing products and services
What are mass consumer products?
Mass consumer products are defined as high demand products. They are those products required by all strata of society, which motivates competition between companies in this sector for attracting customers, trying to differentiate themselves by offering alternatives, prices or aggregates.
Among the main characteristics of these products we could highlight the following:
- Immediate consumption : these products do not usually last long in the home, they are manufactured with the idea that they are consumed in a short period of time.
- Everyday purchase : being essential products that are consumed quickly, they are acquired by consumers on a daily basis.
- Easy to find : you can find mass consumer products in different places without much difficulty since there are countless companies dedicated to this sector.
- Reduced price : the demand for these products varies depending on the prices. As we have mentioned, all strata of society consume them in such a way that they have a very affordable price.
Digital Product Manager Vs Product Manager
Best practices for mass consumption
The mass consumer sectors are facing unprecedented challenges that they have to face. Here are some of the best practices you can implement to get it done:
One of the most common practices lately among mass consumer companies is to get rid of those brands that do not align with the core of their business, that is, those that generate value and that will provide a beneficial competitive advantage for the company.
A clear example of this practice is found in the company Alicorp, the largest consumer goods company in Peru that operates throughout the American continent. This company sold everything in different lines of business, even including an omega 3 production plant. However, it reversed this trend and ditched its Lamborgini ice cream lines and the Mimaskot and Nutrican pet foods. This allowed them to sharpen the process. Like Alicorp, we found other brands that during 2014 rebuilt their portfolio of brands, shedding those that did not add value. This is the case of Nestlé, Procter & Gamble and Unilever, which go from producing “everything” to specializing.
In a market where resource limitations are increasing, the digital medium becomes the best ally for interacting with consumers. Online sales of mass products have increased considerably . A successful example of digitization in consumer products could be the drive system that was developed in France. This consisted of a chain of self-services with which the customer buys products online and then picks them up at the closest point of sale, halfway between eCommerce and traditional commerce.
To achieve success in this process we give you some tips:
- Fun shopping experience : it is essential to attract the attention of the buyer when buying mass consumer products.
- Being able to save the shopping list : for online shoppers it is very useful, especially in the case of the purchase of mass consumer products, to be able to save their shopping list since they often purchase the same products repeatedly. In this way, the consumer saves time by increasing Internet spending and brand loyalty.
- Detailed information : to increase consumer confidence in our products, thus avoiding the typical confidence of online shopping, it is important to include detailed information on the products on offer. Including images of them is also very useful.
- Being able to choose different types of payment : to facilitate the customer the last phase of the purchase avoiding the abandonment of the cart, you can choose to give customers the choice of different types of payment. Among the most common we find: virtual POS, integrators such as PayPal or SafetyPay, user online bank transfer, virtual wallets such as Google Wallet, mobile payment or offline payments.
- Automatic confirmation processing : to achieve the perfect checkout and turn the user into a regular customer instead of making a one-time sale. In online shopping, the sale does not end until the customer has the product in his hands and there is a period of time in which he has neither the money nor the product since he pays in advance. To make the customer feel safe, it is very useful to receive a purchase confirmation that includes an identifier, a summary of the purchase, the payment method and the amount paid as well as the billing information.
- Fast delivery and possibility of follow-up: it is important that the user has the possibility of knowing in which part of the process his order is located, for example: in preparation, sent and delivered, this generates security.
As we have been saying, all sectors are experiencing changes and adapting to them to survive in the market. The mass consumer sector was not going to be less considering the enormous effect it has on society. These are changes derived from both new technologies and the rise of the Internet, as well as changes in consumer behavior and their preferences. Brands are adapting, thus creating a competitive advantage and radical and disruptive business improvements.
This environment of constant change means that what is an advantage today, tomorrow will be an essential requirement to survive in the market.
Do not be left behind! If you have a business and you want to adapt it to the current environment by selling and creating unique products, do not hesitate to consult the Postgraduate in Digital Product Management that will help you make the change that your organization needs to face new advances and transform your company.
Has this article helped you? Help us spread it!
Postgraduate in Digital Product Management
Learn with the best professionals
Get trained in new models of product creation and sale!
How to Create Account in EXMO step by step
In this article you will learn how to register in EXMO in 2022, as you well know it is a cryptocurrency platform to trade, as well as buy and sell digital currencies. Next, we are going to make you a quick and easy guide to create your account.
How to open an account in Exmo.com step by step
Access the official website of EXMO to be able to register for free.
At the top right you will have a Registration button, click on it and there you will open a form to place basic data such as username, email, telephone, password and its confirmation, as well as the acceptance of terms and conditions of the platform.
Likewise, if you want you can subscribe to receive news you just have to activate the option. then activate the captcha and click on “Registration”
Phone and email verification
They will send you an SMS to the registered phone to place the verification code and give it confirmation. The same will happen with the email, in which they will send you an email with a link to confirm the account and activate it.
Once you have completed all the registration, you must verify your account, this is quite important that you do it so that you do not have limitations, it is a financial platform and as such, by regulation you must verify your identity and address.
- For identity, you can do it through your ID, passport or other identity document, also a selfie with the document, you can support yourself by linking the mobile if you do not have a webcam.
- In the case of the address, it would be verified with a bill for services such as electricity, water or other document where they can verify your location or residence, this is to raise the limits further.
- For the card, you need to enter your card details and even take a photo and attach it.
Ideally, you should verify everything, but the first thing is the identity, in which you will be required name, surname, middle name in the case you have. Secondly, you will be asked to identify what type of document you are going to use to identify yourself, for example, the DNI.
After that, you must upload a photo of the front and back of the identity document, if you do not have them at hand, you can do it with your mobile and send it to you by mail or web whapsapp or another application, and then upload it from the computer.
Once this is done, it will request a selfie with specific details, where you must write down on a paper the word EXMO, followed by the date of the day of the photo and hold the DNI without covering anything, there you capture the photo and attach it, with these steps you will already be in the process of verifying the identity.
Likewise, you can do it to verify the address with a receipt and in the case of the card you must do the same, they are similar processes quite simple, the idea is that you complete the entire registration process.
Another important point regarding registration is the security configuration in which you can add extra protection and have two-step authentication. Likewise, you can observe other options such as personal information, which you can review carefully.
How to create an account on Poloniex step by step
In this article you will learn how to register with Poloniex in 2022, it is a cryptocurrency trading platform, where you can trade with margin or leverage and you can also do hodl. Here’s a step-by-step way to create an account on Poloniex.
Go to the official website of Poloniex
Access the Poloniex registration page to later follow the step by step that we will give you to register for free.
Select “Sing Up”
Once you are on the platform you must select in the left menu “Sing Up”, where you must enter the email and password, the latter you must confirm it. Additionally, you must place the referral code (optional), as well as accept the terms and policies that govern this page.
Verify your email
Once the previous form has been completed, you must check the email where a link will be sent for the purposes of verifying the email, in order to continue with the account registration process.
With the email and password data entered, we select “Log In” and access. Among the important things that there are is the “profile”, where you will have to verify your account.
If you want to apply margin for trading or leverage you must verify your profile in “Upgrade” you will be able to select other aspects that will help you verify your identity, you will probably be asked to upload a file, such as a photo of the DNI or an invoice to verify the address.
Then, in the event that you want to use the future option that allows margin up to one hundred leverage, you have to have verified these things.
This request is totally normal, since it is required by all financial platforms by legal issue, with this you would already have verified level 2 and with it you would not have any type of limit.
Right now, you could make all kinds of deposits, normal purchases with certain fairly high limits.
Two-factor authentication verification
To protect your account you can activate 2FA this is double authentication code, so you must enter a code apart from the password to be able to log in.
How to Invest in Cryptocurrencies on Skrill
If you are one of those investors who do not like to deal with many complicated orders, but prefer to hold long-term, then Skrill is an excellent alternative for you. With the simplicity that characterizes it.
But the question is, how to invest in cryptocurrencies within Skrill? The answer will be shown in this article.
But first log in to your Skrill account, then you could already start the step by step that will be shown below.
Access Skrill’s Cryptocurrency Investment Options
Like any financial platform, Skrill puts at your disposal tools so that you can invest in cryptocurrencies within yourself, doing so in a simple and comfortable way. To access these tools, below, we will describe the following procedure:
Within the home screen of your account, in the left sidebar, find and tap on Cryptocurrencies.
Important: It is likely that when you enter this section, you will be asked to accept some terms or similar.
Once there, you are presented with different options in terms of cryptocurrencies. From among these, you will select Invest now, clicking on this option.
Once you access that section, you will be shown an extensive list of existing cryptos in Skrill. In each of which, you are given a Trade option. If you click on any of these, you would enter their trading options.
When you have entered the crypto you chose, you will see a Buy – Sell panel.
Ways to trade cryptocurrencies in Skrill.com
In this buy-sell panel or trading box, you will have some options that will allow you to perform these operations:
Steps to buy cryptocurrencies within Skrill
First of all, talking about the purchase of cryptocurrencies in the Instant mode (which is the usual one), you will be able to do the following:
Select the currency in which you want to buy cryptos.
Set the amount to spend that, for its purposes, must be a minimum of 10 EUR (You are also shown the balance you have available).
Select the cryptocurrency in which you are going to invest.
See what you are going to receive in cryptos in equivalence for what you have invested.
See the commission you will be charged for that transaction.
When you have everything ready, then you can click Next.
After this, you will be able to see the summary of the entire operation; you will be told everything you have added, such as the amount and what you would receive, and also the commission charge, which will be added to the total amount to be spent. If you agree with everything, you can click on Confirm.
Steps to Sell Cryptocurrencies within Skrill
There is not much to comment on in the case of selling your cryptos within Skrill, as they are basically the same steps as in the case of the purchase:
You establish the type of crypto that you are going to sell (and that logically, you should own).
You indicate the amount of cryptocurrencies to sell directly or, if you prefer, using the percentage indicators.
Select the currency in which you want to receive the funds in equivalence.
See how much you will receive, in the same way as the previous case.
Having this ready too, you would click Next.
Following this, you must also click on Confirm in a summary similar to that of the case of the purchase, where you will see important data with which, if you agree, you can proceed to the respective confirmation.
Some other options that Skrill gives you to trade
The options you have in Skrill to trade are very practical and easy to use. And for your convenience, they are not numerous. Here’s what you can find on Skrill for when you want to trade on it:
The Portfolio section
In this section you have at hand some useful things for your negotiations, such as:
The Watchlist, with which you can keep abreast of the indices of your cryptos in the market.
Alerts and orders. With these options you are given the possibility to mark an index within the cryptocurrency, which, if the price reaches it, this will be notified to your email or mobile, as you have it configured.
Recent activity. It is the section where you will get your last financial movements, when it comes to purchases and sales, as is logical.
The Trade section
Within this section, you can do what you are told below:
Visualization of Graphs. This will allow you to take a look at the stock market movement in a not at all complex interface (you can also see the current trend that the market has in terms of sellers and buyers).
As you can see, the trading system within Skrill is not complicated. They are few and simple options, but with the same utility for people like you who do not want to get too entangled in the stock market issue, but to play it safe, but in a simple way.
This tutorial summarizes it this way so that you have a general idea when investing in cryptocurrencies within Skrill.