Static data standards: Over the last decade, there has been a lot of talk about a single source of truth and creating data standards to match. However, during this period we have seen data fragmentation at an unprecedented scale. For any single product, there are hundreds if not thousands of data endpoints all being powered by different data sources with different needs and different levels of accuracy and currency. To say that brands have lost control of their product data would be a dramatic understatement.
Scientists lead search demand When Label Insight first began working with the FDA in 2008, our core use case was powering more detailed search. Fast forward 10 years - e-commerce and robust search has become critically important and, surprisingly, FDA scientists are still leading the way in regards to deep search demand.
The rise of e-commerce in CPG It is no surprise that e-commerce in the CPG industry is expected to grow, but you may be surprised to see just how much. Recent Nielsen Syndicated Data estimations project that by 2020 e-commerce will grow in dollar growth vs today by 49%. Furthermore when looking at ‘the digitally engaged food shopper’ Nielsen and FMI project that by 2025 e-commerce may drive more than 20% of food spend.
This post originally appeared on CustomerThink
Disruptive Innovation: Welcome to a New Game I recently ordered an automatic fish feeder for the twenty five fish that are part of my aquaponics system that’s sustainably producing salad and tomatoes for my small family of three. I hopped on Amazon.com and instantly filtered out all the automatic feeders that had less than 4 stars, then filtered to only those that can deliver to France (where I currently live). I then started diving into some of the products that looked good, and explored the product attributes - I had never bought an automatic feeder before, and so I was simultaneously educating myself on what was important and what the different brands stood for. This lead me to me filtering out a variety of brands that I had no interest in (the low cost ones), and then finally making a decision. Just two days later, it showed up at my door.
In a recent article on Food Manufacturing titled How Big Food Can Stay Ahead of Food Trends, I answered some questions about the wants and needs of consumers in the Big Food industry. Nearly three in every four consumers consider whether they have access to the full list of ingredient information when making purchase decisions, based on our recent Food Revolution study.
Retailers have been quick to react to consumers’ increasing demand for product data transparency and have been somewhat successful in providing more product information. This is most evident in the shelf tag health-and-wellness programs we’ve seen in stores for the past several years (think: those small tags on store shelves that call out claims like organic, gluten free or heart healthy). While these initiatives have been limited to a set number of health attributes, they have provided retailers with a first glimpse into the challenges and opportunities surrounding product data transparency.
This week, Label Insight announced raising $10 million in Series B funding led by KPMG Capital. To say this is an exciting and pivotal moment for the company would be an understatement. This funding represents validation -- validation of our mission and the work we’ve put into solving the product data challenge facing the CPG industry. Beyond this, the addition of KPMG Capital bolsters our already exciting board and partner network. In 2016, we will lead the industry in tackling product data transparency and we know that our partners will be key supporters of this drive.
On Monday, a new study by Deloitte, the Food Marketing Institute (FMI) and the Grocery Manufacturers Association (GMA) was released that showcased some of the evolving factors influencing customer decisions in food and beverage purchases. These findings were very much aligned with what Label Insight is seeing in the industry and what we’ve heard from our customers.
A recent article on NPR explored the new GMA and FMI sponsored SmartLabel™ initiative and its potential to bring increased transparency to consumers around product information. It was a well balanced article exploring several perspectives and focusing on Hershey’s implementation of SmartLabel.