Food Tech Startup, Foodspace, Featured as a Strategic Partner in the Shopper Centric Retail Model at the Food Industry Association
At the Food Industry Association’s Mid-Winter Executive Conference, Winston Weber announced a strategic partnership with Foodspace to further the shopper-centric retail model
BOSTON, MA – Foodspace (https://foodspacetech.com/), which helps brands and retailers use the most accurate and consistent product data and consumer centric attributes, today announces a strategic partnership with Winston Weber, one of the original architects of category management in the retail space. In his session at the Food Industry Association Mid-Winter Executive Conference, Weber introduced a new beyond category management shopper-centric retailing business model, which features Foodspace’s technology as a strategic partner.
“Now more than ever, promoting the shopper centric retailing model is important as the 2020 grocery eCommerce boom has forced brands to rethink their online grocery virtual aisles,” says Foodspace CEO and Co-founder, Ayo Oshinaike. “In the past, the category-management process had focused solely on a category instead of more broadly on the solutions that the shopper is seeking. Today the future looks to a shopper centric retailing model, which focuses on understanding the consumer’s varied taste and preferences and solutions that they are seeking. Our technology ensures that shoppers have access to all the information they need to make their purchase decision, similar to an in-store experience. This aligns with today’s omnichannel shopper’s expectations for a consistent shopping experience across all touchpoints. Foodspace is all about #JustGoodData which makes this all possible.”
The Shopper-Centric Retailing business model, developed by Winston Weber, replaces the old thinking of category management, enhancing the shopping experience through the shopper centered alignment of strategies, tactics, execution, business processes, merchandising competencies and performance measures. Shopper Centric Solutions Planning focuses primarily on the shopping experience and merchandising solutions, addressing the solutions that customers are seeking. Foodspace’s technology synthesizes attributes by scanning package label data to provide consumers with their optimal choice product, which is the key to success in a shopper-centric retailing business model.
“In today’s eCommerce world, it’s essential that the grocery industry, both retailers and CPG manufacturers adopt the new “shopper centric retailing” model. It is quite different and more advanced than the traditional category management process and the various attempts to update the old model. “It is truly shopper centric.” says Win Weber, Chairman and CEO, Winston Weber & Associates. “With online expected to reach 25% of sales by 2025, Foodspace is poised to become the premier partner in helping translate products in the online space, to the benefit of brands, retailers and the end consumers. Their technology is the conduit for which the Shopper-Centric Retailing business model can optimize consumer satisfaction.”
Foodspace works with clients like Walmart, Nielsen and others to digitally transform their category management systems into the next generation of category management. Now, with access to Walmart’s API, Foodspace can quickly and efficiently compare product images, descriptions and categories to ensure product data accuracy. Their patented machine learning vision technology scans and digitized package label data from a product photo and associates the data to 2,900 attributes that address shopper solutions. These attributes allow consumers to see the entire dimension of a product, such as taste, usability, preference, and safety, on the digital shelf in order to find their optimal choice product. Foodspace was founded with the goal of revolutionizing the food sector with technology to power transparency and efficiency.
About Winston Weber & Associates
Winston Weber & Associates (WWA) was founded in 1985. Our goal has always been to have a global perspective and provide leadership thinking with practical, implementable solutions. Our senior consultants average over 30 years of business experience in general management, retail management, sales management, brand management and supply chain management in the consumer products industry. Our client experience includes retailers, consumer products companies and B2B companies ranging from $100 million to over $70 billion in sales, including national and multi-national corporations in over fifteen countries. We have a worldwide reputation as one of the original architects of category management and we are also highly regarded for our ability to translate our in-depth understanding of retailer and consumer products manufacturer dynamics into highly productive, performance based collaborative relationship strategies and plans. We are also recognized as leading the retail industry in its transformation to the new beyond category management Shopper-Centric Retailing business model. http://winstonweber.com/
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