Rethinking Pricing, Margin, and Profits in the Food Industry
The industry brief for the food industry provides an overview of the state of the industry and introduces a framework guaranteed to drive revenue growth and profitability.
The food industry is rapidly changing in how food is produced, sourced, prepared, processed, packaged, sold, and delivered. Food companies that sell to other businesses as well as to consumers have to understand these changes and adapt to them in order to find new growth opportunities and greater profit margins.
This paper explores the state of the food industry, the changes it’s experiencing, and proposes a framework of how food companies can grow in a challenging market. It then examines a suite of artificial intelligence (AI) and machine learning (ML) capabilities that are founded on data science and over 35 years of deep industry insights. With those combined, food companies will learn how to transform their end-to-end sales process in order to provide a fast, smooth buying experience for their customers, ultimately driving rapid growth and profitability.
10 Questions this Industry Brief Will Answer:
- How can food companies grow greater than 4%?
- What has changed in the food industry?
- How have people’s eating preferences changed?
- How has digital ordering and delivery impacted the food industry?
- How have food industry customer expectations changed?
- Why does cost-plus pricing no longer work?
- Why are traditional methods of handling food waste no longer enough?
- What does it mean for a food company to listen, personalize, and engage?
- How can food companies leverage artificial intelligence?
- What are food companies currently doing to improve the customer experience?