22 Jun Millennials continue to dominate retailers’ minds
Leslie Sarasin, President and CEO at FMI, wrapped up day one of FMI Connect with her presentation on the future trends facing retailers. Millennials are once again the group of shoppers dominating retailers’ minds when they look to the future.
FMI’s research shows that food retailers are part of an elite group that millennials trust most, which also includes doctors and farmers. So how can the grocery sector sustain this level of trust with a group which is notoriously difficult to win over?
To maintain and build on this advantage with millennials, Leslie is encouraging retailers to both provide great food products alongside full transparency about all aspects of said products. The more detail about provenance, ingredients, nutritional facts etc the better, for this generation craves information.
Leslie says: “Food retailers need to develop social exchange with shoppers, helping to provide information that will shape the shopper’s choice.”
To achieve this, there needs to be a greater flow of information from suppliers and manufacturers through the retailer which goes back to consumers. Feedback from consumers must flow back to retailers and suppliers to create a virtuous circle of trust in response to both positive sentiment and complaints or returns.
When suppliers and retail teams are unified around a brand, focussed on creating a great experience, we call this delivering a Unified Brand Experience (UBX).
This is especially key with retailers who sell private brand products. Allowing information about these products to flow between customer, retailer and supplier is the starting point of creating ‘One View’ of product performance. This enables the retailer and its suppliers to act on product performance with the objective of creating a great brand experience.