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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, manufacturers and suppliers should put trust at the forefront of their working practices.
Procter & Gamble’s Chairman, President and CEO, AG Lafley, claimed that it should be no surprise that food and consumer brands are highly trusted; due to the scope of their reach, frequency of purchase and frequency of use. While he claimed the company’s brands had driven success through trust and consumer engagement, he also recognised this means staying incredibly close to the shopper and consumer in order to ensure their needs are being fully met. At Trace One we believe this means that retailers and manufacturers need to be able to respond to new consumer tastes almost as soon as they appear and go above and beyond in providing the information the next generation of savvy shoppers are demanding. Closer collaboration between all parties will be key to achieving this in the years ahead.
Another big name at the event was Indra Nooyi, PepsiCo’s Chairman and CEO, who had an interesting view on how retailers and brands now need to engage with the “L.A.T.T.E” generation of consumers. She questioned why consumers, and particularly millennials, are shifting their buying patterns towards smaller companies and demanding products which are local, authentic, traceable, transparent and ethical that they can trust. We agree that the industry needs to follow this trend and gain the necessary transparency into its supply chain to champion these credentials to consumers and retain their trust. Just one food scandal or product recall can cause immeasurable damage to trust, which is hard to gain and very easy to lose.
We engaged with many more interesting thought leaders at the event, and the discussions always came back to the same key point: that transparency will be even more important to retaining and building consumer trust in the years to come.
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