NIQ Webinar
Byzzer Buzz
Dive into the dynamic world of Consumer Packaged Goods with our exclusive newsletter, Byzzer Buzz. Whether you’re a CPG enthusiast, an industry insider, or a curious mind, Byzzer Buzz is your ultimate source for all things emerging, innovative, and exciting in the realm of CPG.
Buzz Word: Omnichannel
Omnichannel Definition
Omnichannel retail is an integrated approach to retail that aims to provide a consistent and unified shopping experience across various channels, both online and offline.
Why is it important to have an omnichannel strategy?
Omnichannel selling offers several benefits to retailers, brands, and customers. For retailers, it provides a competitive edge by improving customer satisfaction, increasing customer loyalty, and driving sales growth. By leveraging multiple channels, retailers can reach a wider audience and cater to different customer preferences and needs. The goal is to create a cohesive and interconnected environment where customers can engage with a brand at any point in their shopping journey.
Buzzworthy Trends
All industries are under pressure from inflation, and consumers are reacting by shifting their behaviors. Your industry is not immune to these shifts, but are all the trends bad?
TOP COFFEE TRENDS
- Increased at-home consumption – Post-pandemic 35% of shoppers only focus on buying essentials; coffee brands that cover convenience and cost-savings are making market gains.
- Rising popularity of cold brew coffee – One of the biggest drivers of the trend is that cold brew coffee is often seen as a healthier alternative.
- Growth of alternative coffee additives – Plant-based milk has become increasingly popular in recent years. The industry is experiencing remarkable growth with an 11.6% increase over last year.
- Demand for sustainability and wellness in coffee – Responsible sourcing is one of the most important sustainability claims to 45% of consumers.
- Rapid gains in online and value retail – Online growth still far outpaces in-store growth for Coffee.
TOP MEAT TRENDS
- Increased demand for plant-based meats – 15.5 million Americans follow a Vegetarian lifestyle, with around 2 million of those following a purely vegan lifestyle.
- Rising popularity of sustainable meats – Consumers are increasingly interested in knowing where their food comes from and how it was raised.
- Growing interest in Ethnic Meat – Consumers are now more likely to purchase meats from different cultures, such as lamb from the Middle East or pork from Asia.
- Convenience is king – Another growing trend among consumers is that they are looking for ways to save time and make meal prep easier. This is leading to increased demand for pre-cut meats and pre-marinated meats.
- Personalization is on the rise – With 86% of US CPG dollar sales represented by “omnichannel shoppers,” enhancing in-store and online shopping is vital.
Are you following CPG best practices?
In our free eBook, we share some of the key ways successful CPG brands are staying on top in a chaotic marketplace and ways that you can adopt their habits.
Get ready for the season opener!
The second annual NIQ Founders Pitch Slam will bring together some of the most innovative and transformative emerging CPG brands, challenging an elite set of founders to pitch their companies to industry insiders and business leaders as they vie for a first-place award of more than $500k including a $50,000 cash prize and in-kind prizes.
Join the 2024 NIQ Founders Pitch Slam mailing list to be the first to know!
Ask an Expert
Hannah Bates-Walsh – Associate Client Director
An enthusiastic, consultative, information gatherer with over 16 years of expertise in CPG sales and analytics, primarily in category management, pricing, promotion, consumer demographics and behaviors, and assortment analytics, delivering insights to drive action oriented business decisions. My favorite thing to do is build a fact based story that helps a client achieve their strategic goals. Nothing makes me feel more successful than contributing to the success of others.
What is your advice for emerging brands?
Invest in data! Make sure you have the information you need to track how you’re doing against your business goals and objectives. Set KPIs and use that data regularly to understand how you’re doing against those goals. Benchmark yourself against your competition (both other emerging brands and already established ones), so you can understand their strengths and weaknesses, so you can identify market trends and opportunities, and so you can see how you’re disrupting the market. Educate your team on the use of data and data analytics so that decisions can be made internally based on actual information rather than theories, and so that your sales and marketing team can be armed with fact-based stories that allow them to most efficiently sell your products. Be open to having to adjust your strategies so that you can quickly react to what’s happening in the marketplace.
Why is having an omnichannel strategy important?
Every consumer is shopping within the OmniChannel. Without an OmniChannel strategy, driven by OmniChannel data, they’re missing out on the full view of the market. Without that view, there’s no way they can accurately understand what’s happening with their business or what their place in the market is. Having an OmniChannel strategy offers a comprehensive approach that allows brands to thrive in an increasingly connected and customer-centric landscape.
What’s your favorite omnichannel report in Byzzer?
There’s no way I could pick just one. I’m a huge proponent of pulling the report that answers the question you’re trying to answer, so it really depends. I think they’re all important, insightful, and necessary. I also can’t wait for OmniShopper to be available in Byzzer!
Byzzer Updates
Discover Stories for Emerging Brands
It can take a lot of time to accrue data, glean valuable insights from it, and then put it into a usable format for your retailer meetings. That’s why we’ve created the Stories, available through the Byzzer platform. Stories a way for CPG manufacturers to automate the creation of presentations for retail category reviews and internal business reviews.
Ready to get started with Byzzer?
Set up your complimentary account and get 3-free reports and weekly alerts. No credit card required.
Already have an account?
Login to check out all of our latest features and upgrades.