PARIS: Procter & Gamble, the FMCG multinational, plans to address "chronic consumer issues" and to improve its existing offerings by entering into new product categories, the company's chief financial officer has revealed.
Speaking at the Deutsche Bank global consumer conference in Paris, Jon Moeller said the move represented P&G's commitment to innovation, productivity and focus, the Drum reported.
"Innovation creates value for consumers and for our retail partners, it creates cumulative advantage, it combats commoditisation, and it generates higher sales and profit per unit and creates value for share owners," he said.
P&G, which currently organises its brands into four global divisions – beauty, global health and grooming, family care and household care – has not revealed what these new categories would be, but Moeller said it would enter into a new category within the next six months.
He also informed delegates that e-commerce now accounts for $2.5bn of P&G's $85bn in sales and that the sector is growing at the a rate of between 30% and 40%.
The company aims to increase its e-commerce market share to the same level as its physical store presence so that it is relevant wherever consumers decide to shop.
"We're looking at both the entry of new categories as well as the creation of new categories as a way to build our business," Moeller said, in comments reported by Cincinnati Business Courier.
"And that's particularly important and relevant in an environment of slow market growth," he added.
Data soured from the Drum, Cincinnati Business Courier; additional content by Warc staff