12 ways your festive feast may change in 2017
- Customers are becoming more disruptive than competitors – changing tastes and growing customer expectations will continue dictating the fortunes of food companies – who must meet these demands or risk losing preference.
- Connectivity is empowering consumers – There’s a growing trend for consumers to want direct links to the companies that grow and produce their food. Companies are collecting more data and using it to feed customers with the information they crave.
- Scandals, scrutiny and impacts on brand value – Fake food, contamination, safety and quality failures, ethical and environmental concerns cost money and damage trust. Bad news travels fast, and will quickly influence today’s social-media addicted consumers.
- Millennials and mobile commerce is changing the game – Demand for organic, sustainably sourced, ethically traded and healthy food is rising, spurred by millennials and more conscious consumers. Mobile devices are researching and publishing tools, with mobile commerce becoming the online shopping tool of choice for millennial shoppers.
- Companies are going further than rules and regulations to win trust – Regulations are increasing worldwide from governments and industry bodies as they respond to the surge in supply chain failures. But food companies are going further than compliance to win trust.
- The security of food supply is being challenged – Price spikes, availability of food and the integrity of supply are a concern as global food demand grows. Solutions are linked to trade, regulation, technology, infrastructure and increased public-private-partnerships.
- Smarter technology to manage data from farm to fork – Improving supply chain traceability and transparency is at the heart of building trust in food. Solutions include the creation of farm-to-fork ecosystems enabled by the digitisation of food supply.
- Buying up whole supply chains – Big food companies are investing millions in the integration of their supply chains to improve oversight, control and integrity.
- Globalisation is transformational – Global megatrends, such as climate change, urbanisation, digitisation and demographic change, are transforming society and the way we do business. It’s a world without borders. Staying on-top of these issues means adapting faster.
- Shifts in economic power are changing the customer base – The growth of maturing economies is creating huge consumer markets where none existed before. More economies are moving up the value chain and becoming core consumer markets.
- Growth opportunities and differentiation – Food trust isn’t about playing defence – it’s about playing offence – finding competitive advantage by shaping a strategy of disruption avoidance and sustained performance in response to the changing marketplace.
- …But Christmas with all the trimmings is unlikely to change – Roast turkey, turkey sandwiches, turkey salads, turkey soup… you’ll likely continue eating Christmas leftovers well into the New Year, every year. Some traditions will never change!
James RobertsPwC Global Food Supply and Integrity ServicesNew Zealandjames.email@example.com+44 7561 233 815
Mike DaviesDirector, Global CommunicationsUnited Kingdommike.firstname.lastname@example.org+44 20 7804 2378+44 7803 974 136