Like much of consumer goods, the food industry is in the midst of a massive shift. The fickle consumer is testing the age-old brick-and-mortar business model by more rapidly changing product preferences and purchase channels. This briefing adopts the framework developed by Euromonitor’s Shopping Reinvented MegaTrend and applies it to Food and Nutrition. It highlights and discusses four distinct business models that go beyond retail and digital, providing case studies from across the globe.
Like much of consumer goods, the packaged food industry is in the midst of a massive shift. The fickle consumer is testing the age-old brick-and-mortar business model by more rapidly changing product preferences and purchase channels paving the wave for a multitude of alternative business models leveraging technology and e-commerce.
This report takes the framework of the Shopping Reinvented Megatrend Euromonitor identified and applies it to food and nutrition. The new journey of food manifests itself in four distinct pillars: 1) subscription services; 2) blended formats; 3) personalisation; and 4) just-in-time delivery.
While each element of the alternative business models framework can be assessed in isolation, there is much overlap between individual models meaning that manufacturers should borrow and combine elements from several models in order to further consumer engagement.
Alternative business models is heavily informed and influenced by the access economy. As a result, it requires increased flexibility and efficiency. Brands and should go beyond pure functionality to provide a more creative and entertaining experience to consumers, leveraging technology to full effect as they aim to elevate the overarching purchase experience.
The recent developments in technology as exemplified by a plethora of delivery and nutrition apps, connected home appliances and use of AI and MI are certainly helping facilitate new models of business but there are more disruptive go-to market strategies that go beyond digital or mobile, such as out-of-home, vending, and direct selling.
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