Transparency in Food Retail

Supply chain transparency and enhancing product information relating to ESG, provenance and safety for consumers is a growing requirement and one that retailers and food manufacturers must now achieve through the adoption of technology.

Industry statistics also substantiate the need for change:

• Average cost of food recall according to the FMI & Grocery Manf Ass is $10mil

• 67% of consumers want to know the origins of their food

• 72% of people in the UK believe their is an issue with food fraud

• 71% of consumers are willing to pay more for brands that provide full transparency

Benefits to successfully adoption such a strategy can be split into Marketing benefits & Risk Management:

Marketing benefits

• Brand reputation - Consumers can make an informed decision and purchase from brands who provide product & ESG transparency

• Increase consumer confidence by providing brand transparency and authenticity

• Confidently meet tracing standards

Risk management

• Identify & prioritise risk mitigation from regulation & supplier related issues

• Visualisation & prioritisation of risks via accurate supply chain mapping

• deliver legal food safety requirements (HACCP) in a more efficient and authenticated way

• Reduction in product recall time and likelihood by knowing the complete origin of product & risks allows enhanced adaptability and risk monitoring

Through the adoption of The Vision Chains (www.TheVisionChain.com) CADMIN process key actions and appropriate technology solutions can be applied to enhance product safety and consumer confidence.