Food Retailers, Suppliers Innovate to Future-Proof Businesses as Inflation, Workforce, Supply Chain Issues Persist
New report finds the food industry is prioritizing innovation to increase efficiency and foster redundancies across product supply and assortments
Food retailers and suppliers, facing formidable challenges with a changing workforce, inflation, supply chain hurdles, intense competition and shifting consumer buying habits, are investing in more creative and proactive approaches to future-proof their businesses, according to FMI—The Food Industry Association’s annual comprehensive research analysis The Food Retailing Industry Speaks 2023.
The 74th annual report finds the food industry is prioritizing innovation to increase efficiency and foster redundancies across product supply and assortments; investing in technology for worker recruiting, training and retention, and pay increases to ease labor issues; and prioritizing competitive pricing and strategies to provide value and maintain customer loyalty.