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Retailers and manufacturers wasted £2.7bn over the last year
According to manufacturing consultancy Newton, food manufacturers and retailers in the UK grocery industry waste £2.7 billion annually on product innovations that consumers do not want.
If companies focused on products consumers want rather than basing innovations on ‘gut feelings’, the industry could generate up to £233 million in profit from new products and offset the £2.7 billion wastage (Source: Foodbev.com, January 2018)
This coincides with the fact that according to Nielsen, 75% of new FMCG product launches fail in the first year.
Don't leave it too late
Most Food & Drink SMEs use insight post-launch, to justify staying on-shelf. For many, this is too late.
They have developed and launched a product that doesn't truly meet the needs of their target audience......who therefore don't buy it. By this stage, it's probably too late to take their customer's needs into consideration.
Few Food & Drink SMEs do their insight at the start or during the actual innovation process.
“If we hadn’t used Prop B, we’d have ploughed on ourselves without involving consumers enough.
We now have a clear understanding of who our consumers are, what’s important to them and where we can offer them something different.”
Andrew Richardson, Director, VC2 Brands