Technology

Trace One, Mintec Explore How Retail Is Embracing Technology To Tackle Price Inflation

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Retail and consumer goods industries have been facing many challenges in a fast-paced, changing sector. Many trends from the global COVID-19 pandemic have continued, with price volatility remaining as much of an obstacle as ever.

The Russia-Ukraine conflict has further contributed to price inflation in the retail sector, with European consumers having many concerns.

There has been anxiousness and uncertainty among consumers, which has added to a down-market trend.

The impact of global inflation has made private labels an attractive alternative for consumers with limited budgets. Therefore, to meet the demand for variety, retailers have added many private-label products to their shelves.

The presence and availability of private-brand products is a great inflation fighter, with benefits extending beyond a cheaper total basket at checkout.

However, such a strategy can lead to reputational risks (use of more global suppliers, increased complexity, stricter regulations, etc).

The right blend of data and insight offers brands a way to tell a compelling private-label story to their consumers and streamline speed-to-market at a time of rapid consumer behaviour shifts.

But, how to empower grocery and private-label retailers with easy-to-use, comprehensive tools that bring together all the relevant information from the entire sourcing and supply chain?

In this context, Trace One and Mintec invite you to join a webinar that will provide leading global retailers with essential spend intelligence about the raw materials they buy.

The aim is to demonstrate how businesses can embrace technology to overcome procurement challenges.

The webinar will be hosted on 17 November at 4:00pm GMT/5:00pm CET. To register, click here.

Trace One helps businesses connect, comply, and create remarkable products that empower consumers and shape the world. The company generates over $500 billion in revenue each year and its global community of more than 6,000 brand owners spans more than 170 countries.

Mintec provides leading global retailers with essential spend intelligence about the raw materials they buy, all in one place. It has over 15,000 different price points covering a wide variety of food and non-food commodities with over 35 years’ experience supplying global commodity price data to buying teams in Europe, North America and Asia.

© 2022 European Supermarket Magazine – your source for the latest technology news. Sponsored content. Click subscribe to sign up to ESM: European Supermarket Magazine.

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