When picking a food or drink product to purchase, consumers tend to do so in a matter of seconds, and consumers will often prioritize what product attributes to evaluate. When asked which attributes consumers found most important taste, price, and natural formulation were the three most important, according to consumers across the globe, highlighting they are seeking out products that are free from bad ingredients and want authentic products.
Significantly, three in ten consumers state that they are not fully trusting of food and drink brands, in particular they believe the nutritional information and labelling is misleading. Over a quarter of consumers have become less trusting in the last two years. Read this as not trusting those brands. This decline in levels of trust can be attributed to consumers believing that brands often do not have their best interests at heart around issues such as health, natural formulation, and sustainability. Ultimately, this is making it more difficult for natural claims to be influential on purchasing and consumption habits.
Brands can offer reassurance around natural claims through the adoption of blockchain technology, uploading information onto a database about the product origin, formulation and supply chain that cannot be interfered with. We know that blockchain can be used to show transparency across the supply chain helping to build trust with consumers.
Again interestingly when provided with an explanation of how blockchain can accomplish this, 50% of global consumers said they would be likely to trust that brand! Now that is a pretty significant outcome…