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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.