The Switch is On
Nearly 40 percent of millennials say that they will switch brands if promised more transparency. This is why so food producers that provide the most accurate and honest information win.
Innovative PLM formulation and labeling process solutions that serve as a single source of truth are the surest path to delivering complete, accurate information. Trust in the label must be a top priority. Millennials make up more than 30 percent of the world population, a total of 80 million. They are target consumers in every industry, but particularly for food and beverage producers, they are a crucial source for sustainable growth.
Product Lifecycle Management: Learn how to drive innovation, reduce costs and risks and eventually gain a competitive advantage.
Millennials are the most tech savvy, using their smart devices to look up and verify label information in the grocery store aisle while they shop. Their primary concern is transparency and authenticity. They value natural, ecofriendly, organic, and environmentally produced products. 73 percent of millennials are even willing to pay more for these kinds of products.
Millennials demand less sugar, less fat, more fiber, no nuts – healthy, nearly perfect foods that taste great and promote a sustainable lifestyle. Balance is crucial – and difficult to achieve without the proper tools.
The key for food producers and manufacturers lies in their data – in finding a way to accurately analyze, integrate and provide cross-functional support for the development and management of the most complex aspects of recipe-based production.
Appealing to Millennials, Gen X, Y & Z
More than 95 percent of young consumers say that labels are a huge part of their decision to make a purchase. They expect clean, concise, accurate labels that provide the information they want – down to the products’ origins as a single source of truth.
Unfortunately, extensive reporting of unethical food labelling practices has created a culture of distrust of many large brands. As noted by industry experts, millennials have been a key factor in changing the way the majority of the population shops; they insist on bright, colorful food labels that are simple and easy to read, with specific nutrition facts and information that reflects the food product’s natural, locally sourced, and sustainable origins. Millennials, Gen X, Y, and Z are all increasingly aware of environmental issues and therefore demand consistency and truthful labelling in all their food purchases.
New product efficiency is imperative
Food manufacturers can increase production efficiency by learning how to use data as a strategic asset. Using data for product lifecycle management (PLM) thus allows food and beverage enterprises to provide seamless, connective, end-to-end solutions across their entire product development system.
An innovative PLM platform supports rapid response, speed-to-market and optimizes product development along the supply chain while monitoring quality controls, regulatory compliance and specific recipe data such as halal, kosher, allergens and nutritional information.
In terms of transparency and availability of information, a PLM platform can be uploaded to the GDSN with a single click, setting the global stage for rapid product rollouts, new market penetration and increased sales around the world.
Trust in the label
Nothing is more important than trust – trust provides brand loyalty across product lines and across the globe. Clean labels as a single source of truth can propel your business to substantial new heights.
Industry leaders and successful organizations – manufacturers that thrive in all market conditions – understand the value of brand loyalty, and the necessity of providing customers with trusted product information.