What is the Food and Beverage Industry Investing in this Year?
In our latest Digital Food & Beverage report, we surveyed 100 of the most senior figures in the food and beverage industry from across Europe to find out about the challenges they face, and the solutions they are investing in to help solve them. Partnering with BigCommerce and PayPal, the report features commentary from industry leaders at PepsiCo, Loacker and General Mills.
To uncover the cutting-edge statistics behind the trends in spend for the Food and Beverage industry, get your free copy of the report by clicking here.
Here, we present some of the report’s key findings and provide a sneak peek into some of the survey results.
The growing dominance of personalisation
In the food and beverage industry, personalisation is paramount for customer retention. Our research highlights that eCommerce leaders prioritise data acquisition and AI/ML technology as key investments in personalisation. Surprisingly, data visualisation tools are considered less important.
Customer data is the cornerstone of personalisation, and F&B brands are aggressively investing in AI, with 83% planning to integrate it into their strategies in the coming year. AI, catalysed by models like ChatGPT, offers deeper insights into customer preferences and enables precise content delivery.
F&B brands are focusing on repeat engagement, excelling in customer experience, and using data for actionable insights. To thrive in a changing consumer landscape, adaptable personalisation strategies and tech investments are essential for capturing attention, building trust, and encouraging consistent multi-channel purchases. For in-depth insights, download the complete report.
Optimising the customer experience in 2023
In 2023, F&B brands are focused on improving the customer experience. They are prioritising personalisation, loyalty programmes, and website promotions to drive online spending.
Enhancing the checkout process is crucial, with mobile optimisation, preferred payment options, and click-and-collect services taking centre stage. F&B brands recognise the need to offer a seamless experience across all channels and devices.
To reduce purchase barriers, brands are diversifying payment, delivery, and pick-up options. Consumer preferences are evolving, with digital wallets like PayPal and Apple Pay gaining traction, while cryptocurrency is not yet a significant player in the industry. For a deeper dive into these trends, access the full report.
Adapting to the Hybrid Shopping Era: Embracing E-wallets and Trusted Online Payment Providers
The shift to online grocery shopping, driven by the pandemic, has ushered in a hybrid shopping era where customers seamlessly switch between physical stores and online platforms. F&B brands are responding by prioritising same-day local delivery, click-and-collect, and contactless services to cater to this new hybrid shopper.
Consumers now expect the best of both worlds – the convenience of online shopping and the immediate product availability of in-store shopping. F&B brands are positioning themselves as the solution to meet these expectations.
This shift has fueled the rapid rise of e-wallets in popularity. According to our research, e-wallet usage has significantly increased over the past two years, with no reported decreases. The convenience, flexibility, and security offered by e-wallets align perfectly with the demands of online shoppers in 2023, prompting eCommerce leaders to prioritise offering e-wallet payment options.
Furthermore, leveraging trusted online payment providers is paramount for the online growth of F&B brands. Beyond payment processing, these providers offer opportunities for increased sales across online channels, create a seamless purchasing experience, enhance security, and reduce fraud risks.
For a deeper dive into these trends in spending for leaders in the Digital Food & Beverage industry, refer to the full report.