Today’s consumers are more discerning than ever before. They have high expectations for the quality of their products and equally high expectations for the companies they support. Companies must be responsible global citizens if they want to hold on to their customers.
Generation Z continues to dominate the headlines. They’re young, tech-savvy, and have unprecedented purchasing power – $143 billion in the United States alone. Only 25% of Gen Zers save more than half their money each month. In 2020, Generation Z comprised 40% of all consumers, according to SheerID. It will only grow, too, as Gen Z consists of those born in the mid-to-late-1990s to the early 2010s, with some of them just joining the labor force.
Generation Z is also more concerned with climate change than any previous generation, including Millennials. When polled, 41% of Gen Z respondents named climate change as the most critical issue facing the world, and the country – pollution came in second with 36% of respondents, and terrorism ranked third with 31%.
Generation Z’s concern over climate change is changing the way they eat. Studies show that Generation Z and Millennials are leading the charge in alternative protein consumption. The move to plant-based food makes sense.
The agricultural industry is one of the planet’s most significant sources of climate-altering gasses, with the majority coming from meat and dairy production. Blame the cows. If cows made up their own country, it would rank as the third-largest greenhouse gas emitter in the world.
Companies will need to adapt to customer concerns and passions. Those companies that focus on innovating new products to be more sustainable and socially responsible will profit. It’s also the right thing to do.
Amidst all the disruption, the changing buying channels, and consumer upheaval comes the unabated demand for food, beverage, and other CPG businesses to bring new products to market.
One of the biggest mistakes companies make is halting new product development, especially during a challenging economic environment. A wait-and-see approach leads to a static product portfolio that can’t hope to outperform a competitor’s proactive strategy. Because your competitors are moving ahead, holding back on NPD isn’t a viable solution.
With the addition of Formula Management, the TraceGains Networked Product Development Suite is now complete. The combined solution allows teams to go from manual processes to automated results by digitizing and streamlining new product development for better, faster innovation. Networked means companies no longer have to chase down suppliers for documentation because it’s already available.
You can still catch this on-demand webinar, where TraceGains CEO Gary Nowacki and Sales Engineer Ruben Galbraith share how Networked Product Development drives collaboration, innovation, and faster time to market. Download the recording and slides here.