This guest post comes from Kelly Thompson Kell, North American Market Strategy Director for Trace One.
Increasingly savvy and informed consumers now demand more information from suppliers and retailers, including more detailed product data. Consumers want to know exactly what they’re buying and where it comes from because they want to feel good about the products and companies they support, including private brands.
A recent ECommerce Foundation study found 88% of consumers research product information before they make a purchase online or in stores. Another report found 72% of consumers would be more likely to buy a product with information in their own language.
The types of data consumers care about include products’ origin, allergens and sugar content. A separate global study reports 70% of consumers seek greater transparency about the social, health, environment, and safety credentials of the products they buy, making corporate social responsibility (CSR) another key area for product data reporting.
Social media scrutiny has also forced brands to be completely open about their sourcing, production, and pricing, making collaboration is essential between retailers and product suppliers to collect accurate, up-to-date product data. Sharing deeper product data can distinguish a company, and boost brand trust and loyalty. Disclosing information about products demonstrates open communication and builds meaningful relationships with consumers.
In response, Whole Foods Market recently launched a searchable online product catalog, which includes product data on ingredients, allergens and dietary preferences like vegan and keto. To support up-to-date product information, Carrefour plans to use blockchain technology to track all fresh products by 2022.
Since packaging limits the space for product information, retail companies can share additional product details on their websites, social media accounts and blogs to boost consumer confidence.
Kelly Thompson Kell
North American Market Strategy Director, Trace One
Kelly is a thought leader in the areas of food product development, grocery technology strategy and supplier-retailer collaboration. Her 13 years of internal consulting, strategy engagement and project leadership within the technology, retail, and CPG industries allow her to bring first-hand experience to the table.
Given her involvement in private label grocery sourcing at Target Corporation and her background as a food scientist and business consultant at Nestle, Kelly sees a strong need to improve communication between grocers and suppliers during the product development process.