Have you ever wondered what is inside a can of organic beans? Is it just beans, or does it contain something else? Are those beans really organic or is it only a baseless claim? Is the expiration date correct and does it really come from co-operative farmers or big corporation farms? Plenty of questions can arise just from a simple can of beans. Business owners may think that those questions are trivial and won’t affect their revenue, but it is apparent that the data says otherwise.
Let’s dive into various market intelligence info that proves transparency affects sales and consumer perception on a brand.
According to Nielsen, consumers look for transparency in three key attributes when it comes to making food purchases in the fast-moving consumer goods arena: sustainability, processing claims (such as natural, organic or non-gmo) and ingredients. The modern consumer wants to be informed to get specific products to match their needs. In the past, customers may have only been influenced by price, looks and taste, but it’s no longer that way based on the data that Nielsen has provided.
To explain the three attributes, we can examine certain customer profiles that often tailor to their needs. For example, a vegan wants to make sure the product has no animal-based ingredients, people with nut allergies absolutely need to avoid products that have nuts inside, different practitioners of religion such as Islam avoid products that have non-halal ingredients, and the list goes on. Most people have their own preference hence they require transparency to fit their needs. In fact, 67% of consumers want to know everything that goes into the food that they buy according to Nielsen. And 46% of Americans said food product claims have a direct influence on their purchases, especially on products that include claims such as “organic,” “natural,” and “free from……”
Brands often claim that they are sustainable in various ways. Some claim that they do fair trade with farmers in sustainable cooperative farms, while others do sustainable sourcing practices. These are the claims that many consumers want to see. Nearly 65% of U.S. households buy sustainable products, according to the Nielsen report. The greatest sales growth in that area comes from products that claim sustainable farming (+14%), social responsibility (+8%), sustainable resource management (+6%) and sustainable seafood (+3%.)
From the report, it is also highlighted that consumers are more aware of labels that are in the product and the contained nutritional facts. That is why it will be very advantageous for brands to enhance their packaging to accommodate the customers. Providing a method to see clearly the claims that the product has to offer. Conventionally, products used to show pictures and narratives on their product. But that can no longer be sufficient in today’s market dynamics where customers are clearly shown to demand much more transparency than a well-crafted printed narrative.
This is where Gratitude’s blockchain powered supply chain transparency solution can enhance any product to prove their claims. The way Gratitude enable this is by providing businesses with easy-to-use tools to record their supply chain, narrate the story, verify on blockchain and present the data on a beautiful landing page that can be issued via Gratitude’s QR Code or URL that can be placed on a physical product or embedded on digital marketing campaign. Customers can then simply scan the QR codes placed on the product or click the link on a digital campaign and clearly see the product’s journey, verify sustainability claims or any supply chain data that the company wants to reveal to the customer.
Begin your business’ true transparency journey by implementing Gratitude to unlock the hidden value of your supply chain data. Talk to our representative in the following channels for support or assistance in implementation:
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