Hubba, the leading global wholesale marketplace has already attracted over 100,000 retail buyers and brands to its platform, CPG, and food category has become one of the most active on the platform.
Specialty food sales continue to outpace growth of all food, and according to the Specialty Food Association, sales grew 12.9%. Product innovation and wider availability of specialty foods through mass-market outlets is contributing to this category being especially competitive. In fact, food sales are no longer limited to traditional grocers.
37% of buyers looking for food related products on Hubba are from non-traditional food retailers. In the new world of commerce, many retailers may not look like traditional retailers at all; influencers, subscription boxes, product review sites and anyone else who is able to exchange trust for revenue will also win in retail. Service-led companies like yoga studios, restaurants, and general stores, etc. will increasingly diversify and pad their bottom line by selling food products to their captive audience.
Wading through product after product has become a full-time job for buyers. 70% of interviewed buyers said that they wished they could better predict what products to carry, making it clear that, like consumers, they aren’t sure exactly whose claims to trust. Technology like Hubba is not only helping them discover vetted products that they can trust, but also to uncover products and trends that are coming new to attention.
“An influx in new brands means that large and small retailers alike are being inundated by pitches for their “next bestseller’,” says Ben Zifkin, CEO and Founder of Hubba. “Regardless of form, the trend will be that the next generation of successful retailers will rely on the ability to reduce the paralysis that comes with too many choices and curate a relevant assortment of products for their consumer.”
Retail buyer search queries on Hubba provide insight into customer interests/demands, the brands gaining popularity and the trends that are gaining traction. Consumer demand for natural and healthy ingredients is motivating the fastest growing trends in nutraceuticals:
- Tumeric milk
- Kefir drinks and ice cream bars
- Ketogenic diet foods
- Functional chocolate
To date, when looking for new products, 75% of the methods buyers use involve no digital technology whatsoever, and dedicating as much as 30+ days to the product discovery process. Hubba’s new independent survey of retail buyers reveals that these numbers are shifting. Buyers that utilize Hubba’s smart technology have cut that discovery time by more than 50%, giving many independent retailers an advantage in being able to satisfy changing tastes of consumers like ever before.
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