For the Love of Food, Transparency & Digital Technology
How Millennials Are Defining the Future of Food Retail
Millennials across the globe are entering their peak spending years. They are also taking over as the biggest generation from the Baby Boomers and are growing in influence at the same time across the globe. And we are not saying that just because we belong to the millennial generation ourselves.
It is a fact corroborated by many different marketing researches across the globe – millennial behaviour is influencing the behaviour of older and younger generations, creating an overarching mindset that is crucially influencing market trends across industries and in food especially.
Something FutureCast and Barkley are calling the Millennial Mindset. To stay competitive in the food retail business, it is crucial to adapt to this influential consumer group – the millennial consumers.
Trendsetters in Food
Food trends are defined by the younger generations – what Millennials want in food today is what soon everyone will be asking for. Millennials care about food. For us it is an experience, a way of self-expression, an extension or sometimes even the definition of the lifestyle we choose. And we are not just referring to the love of sharing photos of our favourite restaurant meal or our latest cooking endeavour on social media. As Coca-Cola Retailing Research Council’s recent report on the future of food retailers states, food shopping journey itself is increasingly a lifestyle choice, not a chore, for millennial consumers.
When buying food, we are increasingly seeking out specific food products that help us live a more individualistic or personalized life around food. Decisions like following a gluten-free diet or eating only locally sourced organics often do not reflect only food shopping preferences but are focused around wider values, general view of the world and specific lifestyles. These choices in turn become the motor of setting new food trends, such as an increased demand for transparency in food production and the rise of online food shopping.
Value Radical Transparency
The food shopping habits and preferences of the millennial consumers make food product features, as well as an open and honest communication about these features, essential for successful food marketing. In fact, radical transparency is one of the best approaches when building brand loyalty in food. For millennial consumers, the story behind our food is especially important – learning more about what is in it, where the ingredients are from, how it is made, and how it impacts the environment and society. Going beyond the label is a necessity among demands for increased transparency into food production for safety, ethical, and religious reasons. As Millennials, we realise we are voting with our wallets every time we make a purchase and want to support those brands that are in line with our lifestyle and our values.
For food retailers and producers this means that disclosing more information than what is legally required is a way to winning the millennial customers’ preference. And this is crucial more than ever, as the whole retail market is undergoing a digital transformation. A transformation powered by the Millennials’ love of digital technology.
Embrace Digital Technology
Bottom line is that for food retailers, using digital technology to successfully tap into millennial consumers’ expectations and offering your customers more of what they need and want faster than your competitors can be a decisive business advantage that will distinguish the winners from the losers. Or as Klaus Schwab, the Founder and the Executive Chairman of the World Economic Forum, put it: “In the new world, it is not the big fish which eats the small fish, it’s the fast fish which eats the slow fish.”
To find out more how you can become the fast fish and drive transparency in your food retail business today with the help of OriginTrail digital solution, contact us at: firstname.lastname@example.org or request your OriginTrail demo here.
- Coca-Cola Retailing Research Council: Surviving the Brave New World of Food Retailing
- J. Walter Thompson Intelligence: Millennials Want More Facts About Their Food
- Millennial Marketing: The Millennial Mindset
- Millennial Marketing: Millennials Are the Tastemakers in Food
- The Food Institute: How Millennials Shape All Generations’ Eating Habits