Any business owner looking to keep their company relevant would have their finger on the pulse of any industry-leading trend that could impact their business. But one of the biggest struggles is knowing where to look.
If you work within the Food and Beverage (F&B) industry, and you’re looking to stay in the know, then you’re in the right place.
These trends aren’t going anywhere anytime soon, so continue reading to get going toward building your best business-practices.
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5 Food and Beverage Industry Trends
With the ever growing competition within the F&B industry, it’s more important now than ever before to stay on top of industry-leading trends. The best way to do so, is with Oracle NetSuite for the Food and Beverage Industry.
Here are the top 5 trends that will help keep your business moving forward:
Sustainability and Transparency
It should go without saying that the future of our planet’s health is and always should be our number one priority. And to build a sustainable future, at least within the business sector, consumers are relying on companies to provide more sustainable options for their everyday needs.
Although customers are more likely to order a food item with a sustainability claim, what maintains trust is the transparency of the labeling. Clients are looking to support businesses that they can connect with, and that comes from clear information on what ingredients are present and from where those ingredients are sourced.
How does NetSuite help?
As F&B companies face strict regulations when it comes to traceability of ingredients, NetSuite provides the ability to trace ingredients from start to finish with improved visibility of the product’s history.
Food inspection and product compliance procedures can be now automated with NetSuite, all while maintaining operational standards.
Better/Diverse Payment Options
In a previous post, we discussed the top software solutions for F&B and mentioned the need for a Point of Sales (POS) system. A feature-forward POS system offers clients a broad array of options to complete a purchase, from cash to tap. But what about your online sales? What options do you provide your customers when it comes to checking out, and how are you able to ensure higher conversion rates?
The solution is simple: offer more payment options.
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Buy now, pay later (BNPL)
The buy now, pay later option has seen a massive increase in recent years, and the moment doesn’t seem to be slowing. The only vertical left to truly adopt the feature is the grocery/food industry–but that’s most likely going to change very soon.
This trend is particularly attractive to younger consumers, who have already embraced the practice at major stores such as Amazon, Walmart, Wholefoods, and Target.
Food eCommerce companies have the advantage of being already digital, with BNPL options that are comparatively simple to add to your checkout process. -
Subscriptions
Let’s be honest–subscriptions aren’t a new idea. But what is new is how much market share subscription models are projected to hold.
Customers have a variety of payment options thanks to the subscription model used by food and beverage firms. The "subscribe and save" model variation is well-liked because it provides your consumers with a discount incentive for their regular subscription purchases.
How NetSuite helps:
In this increasingly competitive marketplace, sometimes success can come simply from properly managing revenue streams. That’s why, with NetSuite’s industry-leading financial management capabilities, you can have a complete and timely view of business performance to ensure the highest business health possible.
NetSuite provides the Food and Beverage industry with the tools necessary for real-time visibility on your business’ finances, through dashboards, key performance indicators, pre-configured reports and a powerful end-user reporting tool.
Investment in Digital Transformation
If you didn’t already know, we at GURUS have always advocated for digital transformation (DT). We’ve even previously written on the importance of digital transformation for your business.
Digital transformation gives your business the ability to grow beyond its current size by assisting with core functions anytime and anywhere.
But why do so many businesses still hesitate to incorporate digital improvements into their operations if doing so is so advantageous?
Some of the main justifications given are the alleged difficulties in doing so and the ostensibly large expenses of bringing in a provider and maybe changing your operations without being completely certain of the benefits they may bring.
Are you interested in implementing a digital transformation plan, but concerned about the difficulties listed above? Then speak to a DT expert today to get your questions answered, and your plan set on the right path.
When it comes to investing in digital transformation Netsuite provides F&B with the most robust modules and features that will help your business grow, and will continue to grow with you.
Going Direct-to-Consumer (DTC)
The food and beverage industries' conventional strategy has been to negotiate agreements with general or grocery merchants to sell their goods in their stores.
However, companies now have the option to go it alone by conducting direct-to-consumer (D2C) sales through an owned eCommerce website.
If you’re distributing your products through wholesale distribution channels we’ve already discussed how to compete with D2C. But, if you’re looking for a trend to keep your business relevant among younger generations, or even among a broader audience in general, you need Social Media Commerce.
Social media sites like Facebook and Instagram can be used to market and sell goods and services through social commerce. Customers can make purchases using this kind of selling model without leaving social networking apps.
Social commerce allows consumers to:
- Discover brands
- Research products
- Interact with customer support
- Purchase items
Social commerce offers clients a more engaging way to interact with your business and an easy way for them to purchase your products. Plus, you get the added benefits of built-in metrics for you to see what your customers want, and how they shop.
If you’re looking to keep the competitive edge, then social commerce and going direct-to-consumers is the way to go.
Where does NetSuite come in?
Along with the robust financial management features, NetSuite also boasts a feature-rich Customer Relationship Management (CRM) solution.
NetSuite CRM gives user the ability to manage interactions with current and potential customer.
With all the capabilities of a traditional CRM solution, such as sales force automation (SFA), customer service management and marketing automation, you’ll be able to corner the social commerce market.
Looking for more information on industry-leading trends? Speak to one of our Food and Beverage experts by filling out the form below.
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