March 14, 2018
Grocery Suppliers are losing out on up £21bn every year due to inconsistent product data, according to research conducted by barcode standards organisation GS1 UK.
The research in their new report, How Suppliers Can Drive Profits by Addressing Problems with Product Data, shows poor data management is restricting sales by between 1% and 3% across the grocery supplier sector and adding 5% to the cost of sales. If these data problems were solved, analysis of other countries shows UK suppliers would receive a benefit of between £17bn and £21bn each year.
The report, available for download highlights that provenance – along with ingredients and nutritional information – is increasingly important to British consumers who want to know where their food comes from, when it was made, and how long it’s been on the shelf. A groundswell of consumer demand and tighter regulations mean the onus is now food manufacturers to provide this data in a way that is easily comparable with other products.
Download report
