Top 3 reasons why food & beverages industry needs eCommerce
“As long as there is technology backing your business, it’ll never cease to excel”
The food and beverage industry is thriving with expected revenue growth from USD 14.9 billion in 2019 to about USD 22.4 billion in 2020. A very important factor behind the tremendous growth is the shift in customer trends. The technology of course has been a great facilitator behind these increasing numbers, coupled with the changing human inclination towards online shopping and web surfing for Food & Beverage (F&B) products or services.
Studies show that more than 80% of consumers wish to know about their purchase through a detailed description. It is considered pretty crucial while making a buying decision, thereby making eCommerce a necessity rather than just a trend. Even the sales numbers back to the analysis, where e-commerce sales in 2020 accounted for about 14.1% of retail purchases worldwide and are expected to rise to 22% in 2023.
The eCommerce adoption in the food and beverages industry is not just boosting the sales but is also increasing the scope for online sales of food and beverage.
The curious case of food & beverages
Unlike other industries, the nature of food products and beverages is very time-critical. The industry has to maintain the quality and freshness of the products while getting them delivered to its customers. With eCommerce the criticality rises several more notches due to food preservation standards and regulations, not to mention complex logistic dependency and customer demands.
The secret to the success of food ordering and delivery services is on-demand availability and immediacy. Without these enabling factors, it would have been really difficult to imagine the eminence of this industry as it is today. However, having an eCommerce website or mobile application to conform to such high-level requirements is anything but easy. Your search for a trusted food & beverages website design & development company ends here at Biz4Commerce. A highly proficient team of expert eCommerce developers and designers ensure that you get nothing short of the best restaurant website design and development. Having a presentable experience in the field of food & beverages website development , Biz4Commerce comes across as a one stop solution for all your eCommerce needs. Contact us today to get a free consultation from our experts!
The adoption of e-commerce
The fact is, about 36% of specialty food and beverage sales in 2020 was carried through one or the other eCommerce platform. This trend of fresh produce, packaged goods, and ready-to-make meals delivered to the front door is only expected to continue as the industry tries to keep up with the preferences and demands of consumers.
The trend is not just beneficial for the customers but is equally helping companies fuel their growth prospects as well. According to RSM Food and Beverage Monitor survey 2017, nearly 64% of successful food and beverage companies have adopted the eCommerce model to keep up with the changing trends.
But how will a thriving market trend bring improved sales and customer attention to your business?
Let’s first try to understand the shift in the millennial mindset due to the proliferation of accessibility and convenience. A lot of customers today want to enjoy browsing, product selection, and purchase from the comfort of their homes. And to large extent, eCommerce has turned it into reality, allowing anything and everything to be delivered to your doorsteps. Business owners need to assess this profitable turnaround of events and make use of modern technology to facilitate their customers efficiently. Reaching out to your customers through social media channels can further improve your relevance, thus improving your customer satisfaction and sales numbers.
With about a 15% rise in the sales of specialty foods and beverages products from 2014 to 2017, the scope of growth in this particular industry is quite large. Here are 3 reasons why food & beverage companies should consider embracing E-commerce.
1. Though adopted, it's still underutilized
It is pretty evident that the food and beverages industry has done a good job of implementing an eCommerce model within their biome. Even the graphs have shown decent growth in terms of sales. In a recent global report, channels like direct-to-consumer sites and third-party eCommerce platforms boast up to 36% of food and beverage sales. However, its full potential is yet to be explored. Looking for a food delivery website design company? Biz4Commerce is your trusted partner in the journey to eCommerce success. Talk to our experts for a free consultation
2. Improve your sales with a data-driven approach
We are in an age of digital intelligence where data is among the most valuable assets for a business house. In a report published by McKinsey, the use of Big data has helped a number of food and beverage companies to bag a profit hike of nearly 60%. However, it only makes sense when one can derive actionable insights from the heaps of data produced every minute. Restaurants and comfort food brands can easily generate detailed insights by joining hands with trusted technology partners like Biz4Commerce. By understanding, customer behavior businesses can even predict upcoming trends and turn them around to gain increased revenues.
3. Customers preference
There can be numerous reasons as to why a food and beverages company should embrace eCommerce. The most imperative reason for being customer demand. The fact is people like being served with their favorite product with just a click, and if early projections are right, nearly 70% to 80% of food shoppers will turn to online channels in the next five to seven years. Companies who fall behind in the adoption of eCommerce may soon find it difficult to hold their spot in the moving trend.
As Roger Sterling truly said, “e-commerce is gonna do a lot of magical things for companies within the F&B industry.” It is high time that the industry picks up the changing trends and gives its customers what they really pine for. Biz4Commerce is among the top restaurant web design & development companies in the world with a number of successful website development to its name. Want to see your vision turn into reality? Reach out to our eCommerce experts right away!