The millennial generation has become the topic of much discussion throughout multiple industries-especially in the retail grocery market.
The spending power is on a rise, however, in order to capitalize on the growth, the buyer personal must be understood at a high level—the ages are between 21 and 39, make up about 22% of the entire population, and own $1.7 trillion in spending power.
What are consumers looking to purchase this year? In a store filled with thousands of products, standing out throughout the aisles is no easy task—catching the eye of the consumer is difficult. Here is a quick list of packaging trends that tops our list for the year. Packaging with Transparency The culture trends in the…
The highest level of food integrity is a requirement in today’s environment. In order to keep customer loyalty and trust, grocers, retailers and their supply chain partners will have to provide their customers with clearer insight into how their products are manufactured, sourced, and brought to market moving forward.
The Center for Food Integrity’s 2015 Consumer Trust Research report indicates food manufacturers are expected to lead this charge. In a marketplace where consumers are demanding transparency not only from grocery stores and restaurants, but also the food companies manufacturing their products, the best way to retain customer loyalty and trust is to build a transparent supply chain. To gain this type of visibility into the supply base, there are a few best practices to keep in mind.
Every year, the US alone wastes 160 billion pounds of food. Even more shocking, that comes out to 40% of the food produced ending up in the garbage. While this waste happens throughout the supply chain, from production to the household, the largest share of waste is directly related to confusing date code labeling.
With Halloween quickly approaching, we thought it might be appropriate to highlight the “horror stories” that can come from having expired products in your stores. We will not focus on anyone that is still in business, but there are examples out there of news crews going into grocery stores and publicizing the expired products that they find. No one wants to be identified as a store that sells expired products, but what can that look like if it happens?
When we talk with grocers, we often have a discussion about how much they are losing to shrink every year due to expired food. Some can give you a general volume of how much ends up in the back room in a given month, and others can give you an exact dollar amount they lost last year. While its great when grocers are tracking their finances down to that level, there is a category of expired products that get accounted for elsewhere in the finances: sales. In reality, if you are finding expired products on your shelf, customers are too, and some of them are purchasing it.
Managing expired products is a pain. With the average grocery store carrying 40,000 different SKUs, it is nearly impossible to prevent having expired products on your shelves. But what can you do today to do a better job?
Today, many supermarkets have abandoned rotating when stocking center-store products in favor of a spot-checking schedule. Using this method, items are checked by section or aisle according to a scheduled cycle.