IRI Examines Top Five Trends to Accelerate Growth in Fresh Foods at FMI Connect

--()--IRI:

WHO:

   

Larry Levin, Executive Vice President, Consumer & Shopper Marketing, IRI

 

WHAT:

Perimeter department sales have exceeded center store sales for most of the last decade. However, not all retailers are reaping the benefits. IRI®’s Larry Levin will take a closer look at five critically important business trends that are transforming perimeter departments very quickly in his presentation, “Five Top Trends in Fresh Foods You Can Use to Accelerate Growth.” Retailers that embrace and drive their businesses in line with these trends are dramatically outperforming their competition. And, in some cases, early adopters are growing 25 percent faster. Levin will update the landmark study, “Top Trends in Fresh,” which IRI completed in January for the FMI Fresh Executive Committee, by outlining these trends and identifying the emerging trends that will change perimeter departments into 2017 and beyond.

 

WHY:

The perimeter of the store, which includes fresh meat, deli, produce, bakery, seafood and prepared foods, can now make up to 40 percent of a store in some instances. Because the emphasis on the perimeter is changing the retailing landscape, Levin is taking a high-level look at the following trends that are making the biggest impact on the perimeter aisles. These trends are moving fast and are continuously evolving, so retailers that adopt all five trends will propel growth in the coming years:
  • Food Transparency: Consumers want to know what’s in their food and where it comes from. Retailers that embrace food transparency grow sales up to 25 percent faster than their peers.
  • Convenience: Convenience is king in many categories. Across departments, items that meet consumers’ need for convenience are typically growing much faster than the category as a whole.
  • Connected Consumer: A whopping 40 percent of consumers use digital tools before shopping the perimeter. With e-commerce sales forecasted to grow to 10 percent of total grocery sales by 2022, retailers can position themselves now to win shoppers and market share.
  • New Supply Chains: In response to the first three trends, retailers are creating new sources of supply through either owning their own farms or working with local farmers and sustainable suppliers that turn the traditional supply chain upside down.
  • Prepared Foods and Specialty: Retailers are going toe-to-toe with restaurants by offering such specialties as cheese shops, sushi bars and restaurant-style prepared meals. In fact, prepared foods are the third-largest perimeter department, with $11 billion in sales and growing at 10 percent a year.
 

WHEN:

Tuesday, June 21, 2016, 1:15-2 p.m. CT

 

WHERE:

FMI Connect
McCormick Place
Chicago, Illinois

http://www.fmiconnect.net/

About the IRI Partner Ecosystem

IRI fundamentally believes that delivering differentiated growth for clients requires deep, highly integrated partnering with a variety of best-of-breed companies. As such, IRI works closely with a broad range of industry leaders to create innovative joint solutions, services and access to capabilities to help its clients more effectively compete in their various markets and exceed their growth objectives. IRI is committed to its partnership philosophy and continues to actively enhance its ecosystem of partners through alliances, joint ventures, acquisitions and affiliations. The IRI Partner Ecosystem includes such companies as Adobe, The Boston Consulting Group, comScoreExperian, GfK, Gigwalk, GuestMetricsIpsosKantarMasterCard AdvisorsMaxPoint, Microsoft, Millward Brown DigitalMu SigmaOracle, SPINSUnivision and others.

About IRI

IRI is a leading provider of big data, predictive analytics and forward-looking insights that help CPG, OTC health care organizations, retailers and media companies grow their businesses. With the largest repository of purchase, media, social, causal and loyalty data, all integrated on an on-demand cloud-based technology platform, IRI helps to guide its more than 5,000 clients around the world in their quests to remain relentlessly relevant, capture market share, connect with consumers and deliver market-leading growth. A confluence of major external events—a revolution in consumer buying, big data coming into its own, advanced analytics and automated consumer activation—is leading to a seismic shift in drivers of success in all industries. Ensure your business can leverage data at www.iriworldwide.com.

Contacts

IRI
Shelley Hughes
+1-312-474-3675
Shelley.Hughes@IRIworldwide.com

Contacts

IRI
Shelley Hughes
+1-312-474-3675
Shelley.Hughes@IRIworldwide.com