What’s for lunch?
In many offices (ours included) this is a question that is thrown around on a daily basis - noodles, burgers, sandwiches, or maybe sushi?
Here’s some food for thought.
A recent study conducted by NPD Group has found that burger consumption is about 50% higher than sandwich consumption in Australia.
With a trend towards healthier options steadily on the rise, it doesn’t quite make sense that sandwich consumption is so low in comparison to its number one competitor. A burger and a sandwich are essentially the same product; however, society tends to have a strong definition that differentiates them.
In 2015 there was an 8% increase in burger servings, compared to a 1% decrease in sandwich servings – this was caused by the number of burger outlets skyrocketing and giving consumers more convenient options.
What are you doing for your business?
Food retail is one of many industries that is quickly adapting to ever changing consumer demands. It’s critical to understand where you need to innovate, and how you can adapt for the future.
Are you aware of the changing trends in your industry? Have you conducted research as to why your customers are, or in some cases are not, purchasing your products? What are you doing to keep your business relevant in an ever changing consumer environment?
Here are some things to think about:
- What do you customers want?
- What are your competitors doing?
- Which products are selling well, and which are not? Why?
- How are you leveraging your USP?
Whilst you were reading this post, we decided we’re having burgers for lunch!
Want to learn more about your industry? Get in contact with FC Business Solutions to find out how we can help.