Why is the innovation culture on the rise in the food industry? 7 strategies for fostering a culture of innovation in food businesses

Business

By

-

May 14, 2023

Innovation is key to success in any industry, and the food industry is no exception. With the rapidly changing tastes and preferences of consumers, food businesses need to constantly innovate to stay ahead of the curve. Fostering a culture of innovation can help food businesses to develop new products, improve efficiency, and stay competitive in the market.

In food businesses, fostering a culture of innovation means creating an environment that encourages the development of new and exciting products, the adoption of new technologies, and the continuous improvement of processes and operations. This can help businesses stay ahead of the curve in an industry that is constantly evolving.

However, it is not just about encouraging new product development, but also about creating an environment that values and rewards creativity, collaboration, and risk-taking. It involves creating a safe space for employees to experiment and make mistakes, while also providing the resources and support needed to turn innovative ideas into reality.

Fostering such culture is extremely important, especially in today’s highly competitive and rapidly changing market. With consumers becoming more health-conscious and demanding, and with technology driving new trends and innovations, food businesses must continually adapt and evolve to stay relevant.

It is essential for staying competitive in a rapidly changing market, driving growth and success, and meeting the evolving needs and preferences of consumers.It also helps to grow in the modern world as consumers are more aware and are open to trying first-of-a-kind products. Creating a culture of Innovation within your company is driven by multiple factors.

Firstly, the rise of new technologies and the increasing use of data analytics in the food industry are making it easier for businesses to identify trends and opportunities for innovation. By harnessing these technologies and analyzing consumer behaviour, businesses can identify gaps in the market and develop new products and services that meet the changing needs and preferences of their customers.

Secondly, the growth of the food startup ecosystem is also driving innovation in the industry. As more and more startups enter the market, established businesses are being forced to adapt and innovate to stay competitive. The culture of innovation that is often found in startups is also spreading to established businesses, as they seek to stay relevant and capture a share of the growing market.

Thirdly, consumers are becoming more demanding when it comes to the food they eat, and they are increasingly looking for healthier, more sustainable, and ethically produced food options. This is driving innovation in areas such as plant-based and alternative protein products, organic and non-GMO foods, and sustainable packaging.

Not to be forgotten, the COVID-19 pandemic has also accelerated the need for innovation in the food industry. With the shift towards online ordering and delivery, businesses have had to quickly adapt to new ways of operating and find innovative solutions to meet the changing needs of their customers. Alongside, the pandemic has enabled people to think towards more nutrition and improved immunity-boosting ingredients to stay healthy & fit.

Strategies for fostering a culture of innovation include encouraging experimentation, embracing failure, creating a collaborative environment, celebrating successes, investing in training and development, and encouraging diversity and inclusion. Here are some strategies for fostering a culture of innovation in food businesses:

1. Encourage creativity: Encourage employees to think outside the box and come up with new ideas. This can be done through brainstorming sessions, innovation workshops, or simply by giving employees the freedom to experiment.

2. Create a safe space for experimentation: Encourage employees to experiment with new ideas without fear of failure. Create a safe space for experimentation by allowing employees to test new ideas on a small scale before implementing them on a larger scale.

3. Develop a culture of continuous learning: Encourage employees to continuously learn and develop new skills. This can be done through training programs, workshops, and other learning opportunities.

4. Foster collaboration: Encourage collaboration and teamwork between employees from different departments. This can help to bring fresh perspectives and new ideas to the table.

5. Provide resources and support: Provide employees with the resources and support they need to innovate. This can include funding for research and development, access to new technology, and support from management.

6. Recognize and reward innovation: Recognize and reward employees for their innovative ideas and contributions. This can be done through bonuses, promotions, or other forms of recognition.

7. Embrace new technology: Embrace new technologies such as automation, artificial intelligence, and data analytics to drive innovation and improve efficiency.

By fostering a culture of innovation, food businesses can develop products quickly and efficiently that are more relevant to the changing trends at a faster pace and better efficiency when combined with good technology and facilities.

Delhi’s Food Truck Policy finally on the roll: 40 locations identified, late-night hours approved

News

By

SnackTeam

-

May 13, 2023

0

The people of Delhi can now indulge in their favorite street foods like Gol gappa, chaat-papdi, and chowmein until 2 am as the city government has accelerated the implementation of its ‘Food Truck Policy.’ This ambitious plan has already identified 40 locations for food trucks to operate, bringing convenience and delicious food to the masses.

According to officials, the establishment of food truck hubs will take place gradually in multiple phases.

“In the first phase, food truck hubs will be opened at 10-15 locations. The main aim behind this project is to boost the city’s night economy and create employment,” said a senior Delhi government official.

The policy was initially introduced in the “Rozgar budget” of 2022 and was scheduled to be announced in October of that year. The plan aimed to select five plots of land and launch 25 food trucks. However, the program was stalled for two reasons: first, the appointment of the Delhi tourism department as the executing agency required cabinet approval, and second, a disagreement between the AAP government and the L-G caused further delays, leaving the scheme in a state of uncertainty.

According to officials, the plan has been finalized by the tourism department and will be subject to review by Chief Minister Arvind Kejriwal.

As per officials, the government will not grant licenses to individuals for setting up a single or a couple of food trucks.

“Our aim is to give different food options to residents and tourists. So, instead of issuing licences to individual food truck owners, they will be given to a firm or a concessionaire which will manage the land where food trucks can be set up. The concessionaire or the company will be selected through a tender which will be floated soon by the tourism department,” said an official.

The government has identified sites under its jurisdiction to prevent complications in obtaining NOC and land usage permissions.

“Getting an NOC is a big problem, which often leads to delays. To avoid this, the 40 spots identified come under DJB, PWD and other departments,” said an official.

Officials have stated that the food trucks are anticipated to be located in close proximity to metro stations, markets, residential areas, and high-traffic areas like Dilli Haat.

D2C platform The Ayurveda Experience achieves remarkable revenue growth in FY23, sets course for profitability

News

By

SnackTeam

-

May 13, 2023

0

tae — TAE inaugurated its inaugural standalone brand store in the US in October 2022 and intends to open an additional store this quarter.

The Ayurveda Experience (TAE), a direct-to-consumer (D2C) platform that sells products across 20+ countries, is poised to achieve profitability in the current fiscal year after experiencing strong growth in FY23. The health and wellness startup saw a noteworthy 91.48% increase in revenue, reaching INR 270 crore in FY22-23, up from INR 141 crore in FY21-22.

TAE has received support from well-known investors such as Anicut Capital, Fireside Ventures, The Kalpavriksh Fund (Centrum Group), Sharrp Ventures (Mariwala Family Office), Riverwalk Ventures, Singularity Ventures, Emerge Capital, and more.

Rishabh Chopra, Founder & CEO, TAE, said, “This growth in revenue over the years can be mainly attributed to launching new products that help solve user concerns, rampant growth in our European markets, and significant optimisations in our advertising cost-to-revenue ratio and promotion costs as a ratio of revenue.”

“We expect to be profitable in the current FY 2023-24. We were already profitable in the USA and Canada in FY23,” he added.

TAE was founded in 2010 and has established an Ayurveda-focused D2C platform to serve customers in North America, Europe, Australia, and India. Its product range spans across categories like skincare, body care, personal care, and supplements. The company has raised INR 105 crore in primary capital and attracted around INR 30 crore through secondary share purchases from investors.

“North America is our biggest market but we have seen rapid adoption of Ayurveda products in European markets in recent times,” Chopra said.

TAE inaugurated its inaugural standalone brand store in the US in October 2022 and intends to open an additional store this quarter.

Talking about future investment plans Chopra said, “We are actively investing in new product development/research. enhancement of existing products and scientific/ clinical trials. We are also investing in supply chain technologies, and technologies to help recommend products better to our users/personalize the purchase experience for our users.”

FMCG platform Soptle raises $1M in funding, with Kube VC and We Founder Circle as lead investors

News

By

SnackTeam

-

May 13, 2023

0

Soptle, a retail platform that focuses on fast-moving consumer goods (FMCG), has recently secured $1 million in funding. The investment round was led by Kube VC and We Founder Circle, and also included participation from Iceland Venture Studio (IVS), Nyra Ventures, the founders of Dunzo, Jar, Bijak, 888VC, and the managing partner of Rocketship.vc.

Kube VC and Dunzo founder Ankur Agarwal, who are existing investors, also took part in the funding round.

Soptle plans to utilize the funding to expand its network of retailers and manufacturing partners throughout India. The company aims to introduce new products and enhance its technology to enable local retailers and manufacturers to access larger markets and expand their services in various regions across India.

Pravas Chandragiri, Chief Executive and Founder of Soptle said, “Over the last two years, we have worked hard to bring together 80,000 kirana store owners and retailers across India on our platform who are now using our technology for their geographical expansion. We strongly believe technology can help us realise the potential of the FMCG industry.”

Founded by Chandragiri, a 20-year-old entrepreneur, Soptle is a SaaS-based B2B retail commerce platform designed to assist consumer goods companies with product distribution through its extensive network. The platform was launched in May 2022.

By offering a nationwide distribution network at zero fixed cost, Soptle empowers FMCG manufacturers to increase their revenue. At the same time, the platform enables retailers to access products with significantly higher margins, three to four times more than the average, along with financing options to grow their business.

“With this innovative, tech-led, manufacturer-centric and distribution-first model, Soptle can create a next generation B2B commerce platform that increases value realisation and income for manufactures. We are delighted to support Soptle which is enabling manufacturers better access to market and distribution of their product using Soptle’s strong tech infrastructure,” said Faiz Mayalakkara, partner at Kube VC.

7 elements to understand the right social media platform for your food business

Business

By

SnackTeam

-

May 13, 2023

0

social media platform for your food business

In today’s digital age, social media has become an essential tool for businesses to connect with their audience and promote their brand. The food industry is no exception, as restaurants, cafes, and other food businesses have turned to social media to reach a wider audience and showcase their products. However, with so many social media platforms available, it can be challenging to determine which one is right for your food business.

Social media has become an essential tool for businesses to reach their target audience and promote their products or services. In the food industry, social media can be especially effective in showcasing menu items, promoting new dishes, and engaging with customers. It allows businesses to share their brand story, connect with their audience on a personal level, and ultimately drive sales.

Understanding their social media preferences refers to identifying the social media platforms that your target audience uses the most. This is an important step because it helps you focus your social media efforts on the channels where your target customers are most active, which can lead to higher engagement and ultimately more conversions.

It’s also important to note that different social media platforms appeal to different demographics, so understanding your target audience’s age, gender, interests, and geographic location can help you determine the best platforms to use for your food business.

When choosing a platform, it’s important to consider how each platform aligns with your content goals. For example, if you want to showcase high-quality images of your food and restaurant, Instagram would be a good choice. If you want to provide helpful cooking tips and recipes, Facebook and Pinterest would be suitable options. If you want to engage with customers in real-time and provide updates on your restaurant, Twitter would be a good choice.

Altogether, it is a difficult and confusing decision that will always make you feel the Fear of Missing Out. Hence, we will discuss seven essential elements to consider when choosing the right social media platform for your food business.

1. Define Your Target Audience

The first step in choosing the right social media platform is to define your target audience. Who are you trying to reach? What age group do they fall into? What are their interests and hobbies? By understanding your target audience, you can determine which social media platforms they are most likely to use and tailor your content to their preferences.

2. Identify Your Goals

Before choosing a social media platform, you should identify your goals. Are you looking to increase brand awareness? Do you want to drive traffic to your website or physical location? Are you interested in generating leads and sales? Once you have identified your goals, you can choose a social media platform that aligns with your objectives.

3. Consider Platform Demographics

Different social media platforms have different demographics. For example, Facebook has a broad user base that includes all age groups, while Instagram is popular among younger generations. LinkedIn is ideal for B2B businesses, while TikTok is popular among Gen Z. By understanding the demographics of each platform, you can choose the ones that are most relevant to your target audience.

4. Evaluate Content Types

Social media platforms vary in the type of content they support. Instagram, for example, is a visual platform that supports photos and videos, while Twitter is text-based and limits the length of posts. Pinterest is ideal for businesses with visually appealing products, while LinkedIn is better suited for professional content. By evaluating the types of content supported by each platform, you can choose the ones that are most suitable for your food business.

5. Analyze Your Competitors

It’s always a good idea to analyze your competitors’ social media presence. Which platforms are they using? What type of content are they posting? How often are they posting? By analyzing your competitors, you can gain valuable insights into which platforms and content types are most effective in your industry.

6. Determine Your Budget

Social media platforms offer various advertising options, including paid ads, sponsored content, and influencer marketing. Before choosing a platform, you should determine your budget for social media marketing and evaluate the cost-effectiveness of each platform’s advertising options.

7. Monitor and Measure Results

Once you have chosen a social media platform, it’s essential to monitor and measure your results. Use analytics tools to track engagement, reach, and conversion rates. By analyzing your results, you can optimize your social media strategy and ensure that you are reaching your target audience effectively.

Selecting the right social media platform is crucial for the success of any food business. By understanding your audience, and the features of different platforms, and aligning them with your content goals, you can effectively reach and engage with your target customers. You can ensure that your social media strategy is effective and tailored to your business’s needs.

Zomato transforms into Mazoto, honoring mothers worldwide on their special day

News

By

SnackTeam

-

May 13, 2023

0

In a heartwarming tribute to mothers around the world, food delivery giant Zomato has rebranded itself as ‘Mazoto’ on the occasion of Mother’s Day. With a new brand video that showcases the selfless love and sacrifices made by mothers, the company aims to underscore the idea that ‘Ma’ always takes precedence. As families celebrate this special day dedicated to the most important woman in their lives, Mazoto’s gesture serves as a touching reminder of the unwavering bond between a mother and child.

The video aims to portray a unique food delivery platform that is entirely developed by mothers. The interface showcased in the video closely resembles Zomato, but with a distinct twist. Everything is “Mo(m)dified,” featuring exclusive promo codes like ‘CLEANROOM25’ for a generous 25% discount and a minimum order requirement of more than one roti.

Although the video maintains a lighthearted tone, it effectively communicates the profound warmth associated with a mother’s love language: food.

As a complement to the video, Zomato will be launching a captivating feature called “ChildGPT” that aims to take customers on an emotional journey, adding an extra layer of engagement to the platform.

Starting on Mother’s Day (May 14th), Zomato’s app will offer a special feature for a limited time. Customers will have the opportunity to participate by answering three easy questions, enabling them to create a delightful drawing and a short poem from the perspective of a toddler. This interactive activity invites users to tap into their imagination and express their creativity, providing a unique and heartfelt experience for both the users and their mothers.

Deepinder Goyal, Chief Executive Officer, Zomato said, “Mothers are special. To you, to me, to us all. The ‘Mazoto’ campaign is our ode to all mothers, and we wish them ‘Happy Mother’s Day’ in the style we love and enjoy.”

Watch the video here:

DS Group to open first exclusive Laderach brand outlet in Delhi this July, plans to expand in key cities across India

News

By

SnackTeam

-

May 13, 2023

0

The FMCG conglomerate, Dharampal Satyapal Group (DS Group), is set to open the first exclusive brand outlet of Swiss chocolate brand Laderach in Delhi this July.

The boutique will be constructed as a premium store following the directives provided by Laderach headquarters.

Earlier this year, DS Group, the parent company of well-known brands like Pulse, Rajnigandha Silver Pearls, Chingles, and Paas Paas, formed a partnership to introduce the premium chocolate brand Laderach in India. DS Group will handle the repackaging and distribution of the Swiss-made products imported into the country.

Rajiv Kumar, DS Group’s Vice Chairman, said, “According to the reports, the per capita consumption of chocolates in India is too low as compared to the global standards. So, on similar lines chocolate consumption is expected to further grow in India.”

He emphasized that the luxury market in India is predicted to expand at a faster pace due to the rapid adoption of luxury.

Over the next two years, DS Group and Laderach intend to launch roughly 5-7 stores in key metropolitan cities across India. The brand will not only be available through exclusive outlets but will also be sold through shop-in-shops, e-commerce platforms, and airport stores targeting India’s premium audience.

In India, the retailer is also exploring opportunities in the corporate, wedding, and event gifting sectors for Laderach.

Without sharing any revenue targets, Kumar said, “Our focus is never primarily on the numbers. We will instead be focusing on brand building and distribution. The larger aim is to keep the exclusivity of the brand intact.”

DS Group has expanded its premium product portfolio in the market by adding Laderach to its brand lineup. The company’s existing premium brands consist of Le Marche, L’Opera, Uncafe, and Les Petits.

In regards to the strategy of selling a premium brand in a price-sensitive market like India, Kumar stated that price is not an issue for the company, and their aim is to provide the highest quality to their customers.

Citing the FMCG giant’s previous launches, he said, “We were the first ones to move the 50 paisa candy market to INR 1. Now everybody is selling at INR 1. In a way, we cater to the premium segment.”

According to Kumar, DS Group has plans to develop or introduce various categories that cater to all market segments, going beyond just the premium audience.

Colgate-Palmolive India reports 2.3% decline in Q4 profit at INR 316.2 Crore, while sales increase by 4% to INR 1,341 Crore

News

By

SnackTeam

-

May 13, 2023

0

Colgate-Palmolive India Ltd, a leading FMCG company, announced a 2.27% drop in net profit to INR 316.22 crore for the fourth quarter that ended on March 31, 2023. This decline was primarily due to a one-time tax reversal. In the corresponding period last year, the company had reported a net profit of INR 323.57 crore. CPIL disclosed this information in a BSE filing.

During the quarter under review, the sales of the company rose by 3.9% to INR 1,341.69 crore, as compared to INR 1,291.21 crore in the corresponding quarter of the previous year.

The company’s Profit Before Exceptional Item and Tax stood at INR 428.06 crore.

“Excluding the impact of one-time tax reversal in the prior year quarter, the net profit grew by 8.5 per cent for the quarter,” it said.

CPIPL recorded a 2.82% rise in its total expenses during Q4/FY23, which amounted to INR 942.92 crore, compared to INR 917.01 crore in the same period the previous year.

In the March quarter, CPIL’s total income increased by 4.64% to reach INR 1,370.98 crore.

Commenting on the results Managing Director Prabha Narasimhan said, “The Company has delivered domestic growth of 5.4 per cent, with toothpaste delivering high single-digit growth despite continuing sluggish demand trends in the category, especially in rural.

“This has been driven by our strategy to increase consumption, innovation focussed on delivering high-quality science-led products and premiumisation. We remain fairly optimistic that the overall category growth will improve in the coming quarter,” she added.

CPIL’s net profit for the fiscal year ending March 2023 decreased by 2.89% to INR 1,047.14 crore, compared to INR 1,078.32 crore in the previous fiscal year.

In FY23, its sales rose by 2.39% to INR 5,187.86 crore, compared to the previous fiscal year.

CPIL’s board has sanctioned a second interim dividend of INR 21 per equity share with a face value of INR 1 for FY23. This brings the total dividend for FY23 to INR 39 per share.

On Friday, Colgate-Palmolive India Ltd’s shares closed at INR 1,626.30, indicating a 0.12% increase from the previous day’s closing price.

Haryana to permit large offices to serve beer and wine on their premises, marking a first for India

News

By

SnackTeam

-

May 13, 2023

0

In a first for its kind in India, the state of Haryana is set to allow large offices to serve beer, wine, and ready-to-drink low-content alcoholic beverages within their premises from next month. The move has been hailed as “transformational” by some insiders in the alcobev industry.

Haryana’s council of ministers has given the green light to the state’s liquor excise policy for 2023-24. Under this policy, corporate offices in Haryana with a minimum covered area of 100,000 square feet in a single premises and at least 5,000 employees will be allowed to possess and consume alcohol.

From June 12 onwards, the policy will not only permit corporate offices in Haryana to serve alcohol, but also lower excise duty on mild beer, wine, and draught beer. Additionally, it will reduce the annual fee for bar licenses in restaurants, pubs, and cafes.

According to executives in the alcobev industry, the state’s decision will redefine the drinking culture in Gurgaon, which is home to some of the largest corporate offices in India.

“We will be working with large corporates to set up infrastructure and operate these licences,” said Rahul Singh, Founder of beer and pub chain Beer Cafe.

According to him, having “clear-cut guidelines” regarding the size of the office and the minimum number of employees would prevent the license from being misused.

“The reduction in annual fee for bar licences in restaurants, pubs and cafes will help our industry to bounce back stronger from the unprecedented pandemic infused disruptions,” Singh added.

AB InBev India’s Vice President of Corporate Affairs, Anasuya Ray, who heads the Indian unit of the world’s largest brewer responsible for the production of Budweiser beer, welcomed the decision to impose lower taxes on low-alcohol beverages like beer, as compared to hard spirits.

Maximum impact in Gurgaon:

“The policy will also improve ease of doing business in the state and enable consumers to opt for premium brands with improved retail access,” she said.

Industry executives have stated that the growth of the alcobev category is hindered due to heavy restrictions and multiple levels of taxation imposed by different states.

Although the policy applies to the state of Haryana, executives have noted that its maximum impact would be felt in Gurgaon, which houses a large cluster of multinational and domestic companies across various sectors such as technology and IT services, automobiles, consumer goods, and consultancy firms.

A senior executive from a prominent technology company based in Gurgaon mentioned that the new policy would particularly benefit offices where employees work in shifts and late hours. However, he preferred to remain anonymous as he is not authorized to speak on behalf of the company.

According to Ashish Kapur, the Founder of upscale bar chains Whisky Samba and Wine Company, the newly introduced excise policy in Haryana will boost the demand for the entire category of alcoholic beverages in the state.

“Reduction in excise on low-alcohol drinks and ready-to-drink beverages will fuel demand from young consumers and encourage so many newer entrepreneurial brands, as well as categories such as premium wines,” he said. “Also, lowering excise fee for bars will encourage people to drink in organised premises and hence will promote responsible drinking.”

Industry executives have appealed to other states to adopt the Haryana policy to encourage the consumption of alcoholic beverages in general.

“States have typically increased excise on liquor; that’s killing the ecosystem. What needs to be done is lower the excise duties and promote responsible drinking,” Kapur said.

The policy incorporates significant provisions for small-scale breweries, and mandates that caution signboards must be displayed in hotels, pubs, and restaurants serving alcoholic beverages.

Nita Kapoor, Chief Executive of International Spirits and Wines Association of India (ISWAI), said the policy needs to also include digitisation. “Digitisation is a key industry ask, especially with respect to label and pricing approvals. Currently, these are done manually and are time-consuming, leading to operational delays,” she said.

As per the policy, a canteen or eatery seeking a license must have a minimum area of 2,000 square feet, and the license will be granted upon payment of a fixed annual fee of INR 10 lakh.

Uttar Pradesh’s excise revenue increases, but alcohol-serving establishments continue to drop

News

By

SnackTeam

-

May 13, 2023

0

Despite the increasing excise revenue year after year, the wining and dining scene in Uttar Pradesh appears to be on the decline. Over the past three years, the number of restaurants, bars, hotels, and clubs that serve alcohol has been consistently decreasing, which is contrary to the widespread belief.

During the fiscal year 2021-22, Uttar Pradesh had a total of 734 establishments serving alcohol. However, in the next fiscal year (2022-23), this number decreased to 711. Interestingly, in the current fiscal year, only 638 licenses have been granted to hotels, restaurants, and clubs that offer alcoholic beverages.

The excise department has reached out to stakeholders for their input, as rising operational and rental costs are not the only concerns. Obtaining a fire safety NOC has become a major hurdle, particularly after the tragic fire incident at a Lucknow hotel on September 5th of last year, which claimed four lives.

According to industry insiders, the cost of obtaining a license to set up a bar in Uttar Pradesh is significantly higher than in other states.

Starting from this fiscal year, the excise department has introduced a special category for issuing bar licenses. Under this category, a minimum license fee of INR 15 lakh is required for bars located within a 5-km radius of the municipal corporations governing Lucknow, Ghaziabad, Noida, and Greater Noida (governed by industrial authorities). Prior to the 2022-23 fiscal year, the fee for such establishments was INR 10 lakh.

As the department prioritized generating higher revenues, bar owners began to withdraw from the industry.

Owner of a microbrewery-cum-bar located in the Summit building of Gomtinagar, Lucknow, Himanshu Dhanuk said, “I am facing a double whammy of sorts. License fee has gone up substantially and so has the duty on brew produced in the microbreweries. Four bars have already shut down in the Summit building in the past few months and it is becoming financially unviable to continue business.”

NewsHub