Food & Beverage Innovation Forum 2017 FBIF2017
Food & Beverage
Food & Beverage Innovation Forum 2017 (FBIF2017) is the leading F&B event in Asia to be held in Shanghai from April 19th to 21st, 2017. The theme of FBIF2017 is “Global Innovation, Powering Future!”, FBIF2017 is a three day conference contains Plenary Session (Day One) and four co-current session on Day Two and Day Three, which are: Product Innovation A: Beverage & Dairy, Product Innovation B: Functional Food & Snacks, Marketing Innovation and InnoPack. More than 90 speakers will present and 1200-1500 senior executives from F&B industry are expected to attend FBIF2017.
Retaining Fickle Chinese Consumers
Brands do not know what consumers want, so do the consumers themselves. It is not an exaggerate description of the current state of Chinese consumers. Over the last 20 years, Chinese consumers experienced the consumption experience of developed countries have been experiencing for a century, thus causing them to be labeled the “most fickle consumer”. Therefore, the biggest problem for brands is how to retain fickle consumers and ensure the hit the “purchasing” button?
The current food industry is facing an awkward situation of both oversupply and undersupply. On one hand, homogenization and overcapacity of products exist. On the other hand, consumer demands are constantly increasing and ever changing. Facing the conflicts between the supply of food and consumer’s consumption, how should brands ensure their products stand out? Over the past 2 years, Vita Coco dominated the drinks category with their coconut water. It undoubtedly injected new vitality into the beverage industry. Nevertheless, the plant-based beverage still has more possibilities for development.
Consumer demand is increasingly diversified and personalized. A single product may face difficulties pleasing the majority of consumers, especially the Millennials’ demand. According to the report “The New China Playbook” researched by BCG and AliResearch, consumption by young-generation Chinese consumers is growing at a 14% annual rate. The Millennials injects to the market new vitality and has become a force that cannot be ignored. The rise of Millennials will bring new challenges and requirements forcing upgrading.
How to Refresh Old Brands?
China is accelerating into an era of brand consumption. There is a rise of start-up brands. So do foreigner brands. Consumption of established local brands with rich historical and cultural backgrounds is now facing a new round of market “reshuffle”. After many years of brand baptism and sales “knockouts”, the established and famous brands are showing signs of “ice-fire equally heavy (two completely conflicting opposites)” situation. With The fragmented attention of customers, new emerging class is coming up, Pan-entertainment Era is swelling up, a change in consumption environment and a strong influence of the Internet, the leading enterprises of the traditional food industry are facing a bottleneck in new development.
Apart from constantly updating their products with times, the most impressions brought to the public is even more crucial for those enduring century-old brands. Reliable quality assurance, good memories attachment, and innovative forms of advertising are all required to inject the old brand with new vitality. It will be the rejuvenating key of combining the heritage of classic elements with times
Innovation Stems from Consumer Insights
Brands have to constantly innovate “preservation” in order to remain refresh. Although the beverage market growth experienced a relative slowdown in this year, it cannot disregard the momentum of competition and driving force of new products. With the carbonated beverage category gradually shrinking, industry giant Coca-Cola has accelerated expansion in the fruit juice and vegetable-based drinks market and achieved great results.
Simple product innovation can bring product competitiveness but is insufficient to fully support development of a brand. It is only from production to the final end user – from product development, packaging, marketing communication and other aspects of all round innovation, that a brand can drive long-term sustainable development. The source of innovation comes from market insight and consumer research.
With the generalization of information technology, application of new technologies, change in the form of content, and emergence of communication channels, the market competition environment is intensified. When the traditional prevalent marketing strategy is no longer suitable, it is not as simple as before to accept a brand for consumers. Listening to the voices of the consumer, meeting and guiding the needs of the consumer, and carrying out marketing activities are the starting point and main focus of brands. How could marketing be customized? And how could we find a balance point between satisfying needs and creating new demand for customers by keeping tightly up with their new insights?