Unveiled! Breakthroughs In F&G Retail

Food Retail these days is an amazing industry with new markets and constant changes, resulting in new requirements and needs. New products – the lifeblood of retailing – are infusing verve into existing lines, creating completely new categories and filling unmet needs not previously on consumers’ — or retailers’ — radar.

The changes being witnessed in product development tell a remarkable story of innovation rooted in a compelling value proposition. However, the harsh reality is that thousands of products launches collapse within the first year for any number of reasons. Hence, nailing innovation at just the right moment remains the trickiest and, arguably, the most essential, of all ingredients.

- Sanjay Kumar

There’s no denying the importance of innovation and the role it plays in piquing consumers’ interest and getting them excited to buy, regardless of the shopping channel or medium. However, before moving further on the topic of innovation, it is important to understand what it means to consumers, what sectors and brands are considered innovative, and what role innovation serves as a purchase motivator.

Innovation is translating consumer wants and needs into products that deliver on promise. You need a deep understanding of consumer attitudes and behaviors as well as the market trends. A product that creates consumer passion certainly inspires people to talk about it, and that’s really an indication of success. The third is clearly “speed to market” and getting ahead of the competition. Whenever you have a good idea, competitors are going to have similar ideas. A lot of times, the one that gets to market first is the one that wins with consumers.

A leading industry survey throws up three highlights on the subject of innovation and how consumers perceive it. The survey insights show that the perception of innovation is hugely important in purchase decisions; that consumers are willing to pay a premium for innovative goods and services; and nearly half of consumers buy a new product without fully understanding what it did or how it worked, solely because of the perception that it was “cool.” According to the survey, many consumers are deeply interested in being early adopters of products promising to make life easier and/or better. However, many of the survey’s respondents said that while they are keen to buy new products, they don’t necessarily want to be guinea pigs. To that end, 63 percent favor delaying a purchase until after a product’s been on the market for a while.