An interesting week of curated news from the Label Insight team, with news coming out of Nestle about major steps they are taking towards transparency, coverage of the Super Bowl Corn Syrup debacle, to an intereting personalized nutrition acquisition around personalized microbiome. There's never a dull week in the food industry. Enjoy your week. Nestle speeds up efforts towards full supply chain transparency - nestle.com Nestlé today announced that it would disclose the list of suppliers alongside a variety of data of its 15 priority commodities, the first disclosure of its kind in the industry. This will accelerate the company's journey to reach full supply chain transparency. These commodities cover 95 percent of the company’s annual sourcing of raw materials. (curated by @theabourianne)
The following video comes from Graph Connect Europe conference - an annual conference drawing connected data experts and enthusiasts alike. This particular video is by Transparency-One, an enterprise software company for the retail and consumer packaged goods industry that has built the first B2B social network for supply chain transparency on ingredients, companies and certificates. Transparency-One uses Neo4J to allow its customers to increase consumer trust through mapping, searching and analyzing complex supply chains. "We're trying to address the average $10,000,000 per incident in product recalls" Julian D, Transparency-One At Label Insight we find the future of supply chain management fascinating, with such technologies as Block chain and Market Networks (such as Neo4J) positioning for a very exciting and more transparent future.
Is there any better measure of the mainstream zeitgeist than the content of the Super Bowl ads? This year the ads were specifically telling about the importance of transparency in our industry (and probably the more entertaining part of the day!). The following three commercials represented brands choosing to spend $5-10M for a spot to talk about ingredients. It seems clear that this represents the need for transparency and the pressure companies are feeling to provide consumers with more information, even leveraging transparency as a point of differentiation – and not so subtly, sometimes! Enjoy.
Each week at Label Insight several articles are curated from around the internet and shared on our internal communications channel with the aim of keeping us all up to date. This channel has grown organically, and is now a valuable resource for the company. We're reproducing the most "liked" articles here for wider consumption.
An interesting video came across the wire today from Chris Medenwald of Fieldagent.net showing the Kroger trial of digital shelf tags in a couple of stores. The shelf tags are a collaboration between Kroger and Microsoft and the video explores the implementation and consumer reactions to the shelf tags. "I like them a lot, they're really clean looking, vibrant and colorful" Customer reaction We have to say they look interesting and obviously the opportunity for engagement opportunities are limitless. We at Label Insight are pretty excited about them.
The final phase of the the category management plan is creating the Tactical plan and implementation schedule. Following the last phase of outlining the strategy and the category scorecard based on the category assessment, it is critical to wrap up the CatMan 2.0 process by detailing the tactics by which the strategy is to be achieved, and to schedule the timeline. Tactical Definition and Purpose Category management involves 5 types of tactics, which are the 5 kinds of actions one may take to realize a strategic objective and build business. Those 5 tactics are: Assortment - change SKUs in the current array Pricing - change the price of an item or segment Merchandising - change how or where the items are presented to shoppers Promotion - change the type, size or frequency of incentives offered to shoppers Service - change the level or method of personal service to shoppers for certain categories (e.g. service deli) Tactics are created to deliver strategies. Therefore, we have selected specific tactics to meet each strategy.
After completing the Assessment "what" and Assessment "why" phases of the CatMan 2.0 process, it can be tempting to jump straight into the tactics and implementation of all of the existing things you've learned. However, it is critical that category managers take their time at this stage, to document the Strategies and Scorecard that reflect the go-forward strategy for the category. The tactics and implementation of category management review findings can be far reaching and involve resources from across the company. Therefore, it is fundamental that the Category Strategy and Scorecard be completed as a quick resource to ensure alignment across implementation and over time. What should a Category Scorecard DO? Monitor progress to ensure that you’re going to accomplish the strategic objectives in the category plan Include regular reviews of the business that includes key performance indicators (KPIs) Measure how your organization is doing against pre-defined goals or targets What Category Scorecard should NOT DO? Your category scorecard is NOT the same as corporate monthly reports that measure overall business results. Below, we'll summarize the category review with an example Category Strategy & Scorecard for Jones Grocery's ice cream category.
Following the Assessment "what" phase of the CatMan 2.0 process is assessment "why." In the previous phase, we identified 5 findings that will go on to inform the Ice Cream category scorecard for Jones Grocery. The assessment "why" phase of the process is a recent addition to the CatMan 2.0 process, which captures the need to include the perceptual and attitudinal analysis to the category. In essence, the assessment "why" phase of the category management process should answer the question, "Why is the category bought?"
Assessment WHAT Perspectives Once the Category Role has been defined and the retailer and category management partners are aligned the next phase is the assessment phase. Generally, the assessment phase is broken in to the assessment "what" and assessment "why" phases. This stage is where the CatMan 2.0 process differs significantly from CatMan 1.0. In the latter, the assessment phase was largely limited to "shopper facts", a behavioral assessment of who, what, when, where, and how is the category bought? In CatMan 2.0, the assessment phase leans much more towards "shopper insights" and includes attitudinal & perceptional assessment - effectively answering the question "why" the category is bought.
Retail Health & Wellness @Label Insight It's that time of the year again where research groups race to get out their 2019 predictions. It seems the reports keep getting earlier and earlier, in line with the holiday music and decorations. This year there are some notable trends that are worth exploring, among them the fact that cannabis is now being considered as a next frontier of health and wellness ingredient - from illegal drug to health product? Wow, things are changing quickly. There continues to be a lot of movement in the health and wellness market. Most notable are the huge investments Albertsons has been making to take on health and wellness such as the Rite Aid merger which they believe will position them as one of the leaders in Health, Food, and Wellness. Lastly, health and wellness continues to make headlines in the store, particularly when tied to technology implementations such as the Kroger app. To get the latest curated news on retailer health & wellness for November read on and enjoy.