Did you think before that Why Food Business is now Retail First?
Food is the most trendy and highly excited topic in business nowadays. The business of food is no longer restricted to geo location or confined by service and hospitality industries. Since long, restaurant or food business is highly localized and has limitations in terms of scalability except some of the quick service formats which also have their own limitations. Retail businesses are running by products that are easy to transport, is highly scalable and profitable and can give you the direct access to markets where restaurants formats may not be viable. The amalgamation of both will blossom in big businesses in coming time.
The following factors will play an essential role in helping entrepreneurs’ to develop business models that merge the two categories.
Food trends to watch out in coming years
Entrepreneurs should focus on offering world cuisine and their products with a local touch so that to create enough curiosity among customers to invest in the product. People are moving towards eating out 2-3 times a week in urban markets and their choices as a result are shifting to healthier foods. More and more people are turning vegetarians even vegan. Moreover, there’s a rising trend of booze free beverages among health conscious millennials. Now, specialized teas and coffees are another set of products are giving tough competition to .the carbonated beverages.
The role of technology in food business
Technology has enabled better storage, good quality of imported foods, cold press juices and fresh oil extractions which was just a dream a few decades back. To be creative and reach a large number of customers quickly so the emergence of online delivery models has also created more opportunities for entrepreneurs.
Developing Consumer Preferences
Today’s consumers are more careful about what they eat in terms of quality, presentation and taste. Celebrity chefs have helped people to experiment with food at home giving food entrepreneurs a great opportunity to connect with customers by sharing their popular dishes and offering their “secret ingredients” or innovative products for sale to replicate the same experience at home. Innovative ways have the potential of making it big in the coming decade so today’s customer pays in for unique experiences, and businesses willing to offer such experiences.
Tips & Tricks for young entrepreneurs diving in the food business
>> Focus on smaller models which are scalable.
>> Identify the consistent factor for customers in your business and drive retention.
>> Most importantly, don’t think of an exit before entering the business. Your commitment is a must for your business hike.