5 Ways Big Data and Analytics is Revolutionizing the Food Industry

The food industry is one of the most profitable sectors across the globe. However, with the increase in global competition, companies in the food industry have started facing numerous challenges such as reducing supply chain waste, optimizing supply chain efficiency, boosting sustainable growth, implementing green policies, and finding a competitive advantage. To deal with such challenges, businesses in the food industry need to focus on leveraging big data and analytics to keep close tabs on new supply chain trends and competitors’ market progress.

Inefficient supply chain leads to low-profit margins and more wastage. Furthermore, if the supply chain is not optimized, it can result in the inability to adapt quickly to a problem and can increase operational costs. Therefore, players in the food industry must leverage the benefits of technology like big data and analytics to gain better insights into the ability to track and monitor supply chain activities in real time.

At Quantzig, we understand that to ensure the efficiency and performance of your supply chains, from sourcing to manufacturing to delivery, optimization is required. And to help companies in food industry thrive in the competitive landscape, our team of experts has highlighted five ways in which big data and analytics can help companies in the food industry to become market leaders.

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A/B Testing Engagement for an Online Food Retail Client Helps Improve Content Engagement

The Business Challenge

The client, a leading online food retail client with a strong online presence, was facing challenges in measuring the value of their marketing and advertising campaigns. Additionally, the client wanted to create better value for its customers by comparing two types or variations of their online and offline campaigns such as landing pages, ad texts, headlines, and call-to-actions through A B testing. The online food retail firm wanted to gain more insights on A B testing to eliminate guesswork and find a perfect combination.

The Solution Benefit

Quantzig’s A B testing solution helped the online food retail client to identify the version (A or B) that their visitors and customers would find most engaging. A B testing engagement also helped the client to avoid unnecessary risks by allowing them to target their resources for maximum effect and efficiency. This, in turn, helped them increase ROI in terms of both short and long-term conversions. Furthermore, with the help of A B testing solutions, the client identified a suitable combination that helped them reduce cart abandonment and encouraged more visitors to complete the checkout process.

A B Testing Predictive Insights

With the help of A B testing solutions from Quantzig, companies can improve content engagement as it forces them to evaluate every aspect of the content that is created. A B testing also helps companies identify a winning combination of elements that keeps visitors on the site long enough to provide them with the value of the content which may ultimately lead to a sale.

Gain data-driven insights to deliver profitable results by leveraging Quantzig’s analytics solutions. Request a free proposal!

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Online Food Retail Market

Online food retail refers to the purchase of fresh and packaged food through online portals which covers a wide range of products such as bakery and dairy products, cereals, vegetables, and fruits. Retailers in this market space offer services such as click and collect option and subscription option to ease the consumers’ online grocery shopping experience.

Over the past few years, ways of buying food have evolved owing to the easy availability of products through stores and online retail options. The growth of the online food retail space is anticipated to witness robust growth in the coming years as people today opt for online food shopping as it is convenient and offers an extensive range variety of products, which can be delivered to the consumer’s doorstep within a stipulated time. Additionally, customers can keep track of their spending as well. The growth of the online food retail space is also marked by hectic schedules, increasing working population, and tedious commuting, which provides opportunities to businesses and entrepreneurs to set up online food retail platforms.

However, our analysis of the online retail space shows that the food retail players are facing challenges in terms of:

Storage and delivery costs: Typically, perishable items require more investment in storage and delivery infrastructure (refrigeration). Special delivery containers, warehouses, and specialized delivery vans must be there to ensure perishables are delivered fresh which requires lots of capital.
Inefficient delivery: Today, online food retail players are finding it increasingly difficult to break the threshold called hyper-local segments with one delivery system, especially when the customers expect same-hour delivery. Moreover, product quality, time, and delivery cost also pose a massive challenge for efficient deliveries.

Many such factors are compelling online food retail players to leverage the use of A B testing solutions. A B testing solutions help companies examine visitor and customer behavior on the site before committing to major decisions and helps them to increase the chances of success. Not only does A B testing help convert more site visitors into buyers, but it also helps companies achieve higher values for their products and services.

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Food from Thought – Big Data Revolution in the Food Industry

The food industry across the world is facing an interesting challenge. The world population is constantly on the rise whereas agricultural land is on a steep decline due to urbanization. To tackle such problems, key players in the food industry are resorting to vertical farming, genetic engineering, and most importantly big data. The explosion of data in the field of agriculture and food processing regarding seed type, soil type, climate, and other agri-supply chain data can help drive decision making, which, in turn, can transform the value chain of the food industry. Here’s a look at how big data can bring about a revolution in the food industry.

Precision Agriculture

The advent of GPS and GNSS technology has enabled precise location tracking of field maps to measure variables such as crop yield, terrain topography, organic matter content, and moisture levels. Such data helps the farmers in effective water management, waste minimization, crop yield increment, and minimizing environmental impact. The data captured from thousands of tractors on farms across the world can then be collected and analyzed in real-time.

Accurate Information and Forecasts

The food industry depends on accurate forecasts and right information to maximize crop yield. Integrating information relating to soil, weather, and market prices with granular data can provide inputs to optimize the agricultural input factors. Additionally, optimizing the agricultural input factors increases the crop yield, optimizes resource usage, and lowers cost.

Food Safety and Traceability

Big data is set to change the landscape of the food industry by enhancing food safety and traceability. Big data along with IoT proactively monitors the condition of food right from the farm to fork and sends out an alert when discrepancies are found. As a result, consumers are always assured of the food quality and food wastages are minimized.

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