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Private Label brands are critical to a retailer’s value image, supporting margin and profitability. Tools and networks are becoming more mature and accessible, making it easier to develop Private Label products. Due to all of this, private labels will likely expand throughout the U.S. in sooner than five years
During last week’s Global Food Safety Conference, the leaders of the food retail and manufacturing industry discussed numerous topics, including the push for future growth and innovations working to keep food safe from farm to fork. While the topics ranged from panel to panel, there was one collective and overarching focus on the minds of attendees and experts which was the desire to create a stronger food safety culture.
To remain relevant, companies must base their business decisions on market intelligence. And yet: all too often meaningful consumer insights are not taken full advantage of throughout the supply chain. Closer collaboration between retailers and suppliers could change this.
The private label market continues to be marked by intense competition and economic uncertainty. However, with almost half of survey respondents saying their product development is inhibited by the use of generic and offline tools, there is, it seems, plenty of potential for stakeholders to up their game and take better advantage of the opportunity private label offers their business.
To meet the increasingly specific requirements of a well-educated, discerning customer base, retailers need to keep offering innovative products that deliver both quality and choice. When each partner focuses on their respective strengths and adheres to consistent private label communication processes, they put themselves in the best possible position to create products that meet – and exceed – the expectations of today’s demanding shoppers.
On May 20, 2016 the FDA finalized the new Nutrition Facts Panel (NFP) label for packaged foods. The new label will include the addition of new nutrients such as ‘Added Sugar’, changes to calculated %DV per serving value and additional columns on multiple servings, enabling consumers to make better informed food choices. With the final rule becoming effective on July 26, 2016, Private Label retailers and manufacturers are tasked with being 100% compliant by July 26, 2018. Are you ready?
Food Waste is a global problem: according to the UN 30-40% of the world’s annual cereal production is lost through waste each year. While this is a very complex problem that has its roots throughout the supply chain, retailers can more effectively manage the challenges if they know their supply chain and use that knowledge to build a solution.
According to recent research and Freedom of Information requests made to health authorities, hospital admissions in England due to food reactions rose from 2,758 in 2004 to 4,744 in 2015, showing there is a growing need for food products for allergy sufferers. This is supported by research from the US where The Centers for Disease Control and Prevention found that food allergies among US children increased approximately 50% between 1997 and 2011 and currently 15 million Americans have food allergies. Transparency of information is essential to ensure consumers can make informed food decisions and protect themselves against risk.
Big Data was high on the GFSC agenda this year, as organisations in multiple industries look to harness it to improve products and services. The challenge for retailers and manufacturers is the sheer amount of data produced by the global supply chain: everything from the country of origin to the farming methods used in production and the manufacturing processes involved in creating products. Will knowing everything about anything help us change the world (for the better)?
The increasingly complex global supply chain has made food scares a common occurrence, with 63 food alerts issued by the FSA in 2015 alone. Food recalls are also on the rise: according to recent research, the number of recalls per year in the US has almost doubled since 2002. Unless handled effectively, product recalls can have potentially damaging consequences, such as loss of consumer trust and damaging the image of the retail industry as a whole.
In recent years we have seen corporate social responsibility (CSR) evolve from an abstract line item on mission statements to become a real point of consideration for consumers. Retailers have seen it can even have an impact on the bottom line: a recent report found that a company with a reputation as a sustainability leader can expect 20% increase in revenue and customers are willing to pay a 20% premium for its products. Corporate social responsibility needs to extend across the global supply chain to eliminate problems, but with the right processes retailers and manufacturers can wage the war with better weapons at their disposal and preserve consumer trust.
Transparency has become a critical pillar for our industry to drive consumer trust. With consumers still reeling from food scares of recent years, from horsemeat to more recent examples like the E.Coli scare at Chipotle in the US, the need for real time collaboration through all tiers of the supply chain couldn't be more urgent. Trust is a delicate thing; but for the retail and customer relationship it's the foundation of success.
Last year, Halloween delivered £325m in sales in the UK and $6.9 billion in sales in the US – retailers and suppliers will be keen to exploit the period’s growing potential this month. There are a number of important steps that retailers and manufacturers can take during Halloween to innovate in private label products, engage with consumers, and make the most of this multi-million pound opportunity.
Consumers are now demanding more information than ever. The growth of the internet and the spread of mobile devices mean that information on almost any subject is at our fingertips. This is revolutionising the way that people work, play and shop. we are entering an “Age of Disruption,” where retailers that deliver a customised experience to consumers across all devices will be the most successful.
The last week of June saw the arrival of The Consumer Goods Forum Global Summit in New York, where Trace One was in attendance along with some of the biggest names in the food and drink industry. One of the main themes discussed was the importance of consumer trust within the industry, and why retailers...