These days we see retail shelves embellished with products which are quite unconventional. These products could be flavored pack of nuts, zero preservative juices or gluten free chips amongst others. These products immediately caught our attention because these products vouch for better nutrition value may be on slightly higher price points.
With the changing consumer behavior and evolving eating habits, there is an unprecedented growth for ready- to-eat products. As per the industry data, this industry is expected to touch CAGR of 18.97 percent. Moreover, as the Indian FMCG industry is opening up, the market is witnessing a large number of new snacking brands. In fact, market is becoming penetrated with brands from categories (right from Greek Styled Yogurt to Condiments) which are beyond conventional and new to Indian consumers.
Brands such as Epigamia, Veeba, Raw Pressery amongst others are few successful start-up stories in this domain, which they have managed not only to raise funds but in establishing deeper market penetration as well.
In order to create a success story, product quality is directly proportionate to product visibility. You might have a great at your hand, but if the distribution is poor the brand would not succeed.
IReC 2019 have understood it well, and in order to address the challenges faced by food start-ups, 8th edition of IReC will host a five exciting round tables which will be parallel to food innovation lab. On one hand, your concerns will be addressed by retail veterans in round tables; other hand food innovation lab will offer an opportunity to exhibit the product to attain wider visibility.
Here are top four reason any food-start-up must not miss IReC 2019
Grow income and growth
Tight margins and rising cost of supply chain are two concerning factors for any food start-up. Moreover, with the advent of globalized marketplaces challenges are more than ever to maintain the competitive edge. IReC 2019 will host five round table conferences which will touch upon the key challenges including merchandise, data, customer experience, supply chain and human resource operations. These round tables will be addressed by big names in retail including Vikram Idani, VP and Head IT, Reliance, Shrey Srivastava, Head- Talent Acquisition, Shopclues amongst others.
Earn about omnichannel growth
An online sale of FMCG is growing 4 times faster than offline sales. Though the medium of distribution always depends upon the nature of the product, but adopting multichannel approach will certainly help any food start-up. Having said that, delivering omnichannel experience is tough call even for FMCG giants, to address the same, IReC 2019 is committed to touch all aspects of omnichannel experience.
Harnessing the digital potential
Eretail market has grown three times, within total FMCG retail sales in the last two years. Estimates are that by 2020, 40% of FMCG purchases in some select categories will go online. E-commerce as a distribution channel for FMCG is expected to grow to become a $6 billion industry.
Opportunity to network with VCs
Capital is the basic ingredient for any business to thrive. Even the start-up can be bootstrap but being an entrepreneur you can look at raising funds at any point of time. Keep in mind; bootstrapping does not work for large business and there are so many bureaucratic obstacles involved when you look at raising funds. IReC 2019 is an endeavor to bring start-up and VC community together. Hence, there is a whole session dedicated to same.
1-How To Build a New Age Consumer Brand: Transforming from Great Product to Great Business
2-Becoming Big Fast: Why Growth Potential is in New Brands over Large Brands
3-Building a Community around your Brand to create lasting Brand Loyalty
4-Key to Determining Valuation in Retail & Consumer Business: Role of Cash flows, strength of the brand and distribution network
5- Why Consumer Facing Retail Brands are a Great Investment.
Are you an start-up entrepreneur who is facing challenges when it comes to business expansion? Feel free to comment right below this article, our expert team is always ready to help you.