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Commercializing Innovation in New Markets
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In this episode, Matt Mueller interviews Anes Ahmed from Hershey Canada about innovation on a global scale. They discuss the challenges of taking insights and products from one region and moving them to another, emphasizing the need for customization and understanding local consumer preferences. Anes shares examples of how markets vary, such as the difference in quick commerce trends between South Asia, Middle East and North America. He also discusses the importance of culture and infrastructure in shaping consumer behavior. Anes highlights the success of Nescafe in Saudi Arabia by creating in-house coffee experiences and introducing unique product offerings. However, he also mentions the failure of importing Tim Tam biscuits to Bahrain without understanding the local market.
The conversation concludes with a discussion on using data and insights to identify new markets and approaches to innovation. Retail evolution is about staying in tune with how shoppers are shopping and incorporating the omni experience into category management. It involves understanding and anticipating shopper behavior, channel shifting, and making conscious choices to meet consumer needs.
The future of retail evolution will involve optimizing operations through AI and automation, while also staying connected to consumers and following their lead. To stay in touch with consumers, it is important to be informed, join industry associations, invest in resources like household panels and point of sales data, and spend time with consumers in their homes or stores. Innovation can come from simple observations and making small changes to improve the shopper experience.
Learn more about Anes at:
- LinkedIn - https://www.linkedin.com/in/anesahmed/
Thanks for checking out this episode of innovate ON purpose.
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