Every year, we are inspired by the festive launches from the world of retail and M&S Food has long held a pioneering status in the innovation stakes, showcased annually at Christmas in store. Here at VYPR, we’re massive advocates of the power of incrementalism, defined as the gradual enhancement of product performance through a blend of innovation and marginal improvements, delivered over time, component by component. Just take our montage on the humble Christmas turkey and it’s obvious to see that M&S have been delivering a masterclass on this in spades for generations!
In a recent podcast on the Future of Grocery, McKinsey points to price pressure for the malaise in FMCG innovation and the adoption of technology, automation and constant, iterative testing as its salvation. Launching NPD remains one of the biggest gambles in FMCG. No matter what investment you put in, the gap in understanding between what we think will happen when a new product launches versus what happens when a shopper faces on to the fixture is enormous. VYPR gives you live feedback from consumers on how NPD is performing and – more importantly – why your product may or may not be flying off the shelf.
April Preston (Executive Head of Food Innovation at Harrods) shares her perspective on how VYPR is helping businesses to speed up the NPD process, optimise success rates and increase sales from applying greater intelligence to FMCG NPD and innovation to steal competitive advantage.
Four months of intense competition came to a head at the Tech North Northern Stars Grand Final last week and we’re delighted to announce that VYPR was 1 of 10 winners, identified as the region’s brightest tech start up businesses in the North.
According to this year’s BDO Food and Drink Survey, 92% of manufacturers stated that NPD will be the most important factor determining revenue growth, with 66% of respondents looking to technology and automation to improve efficiency. There are two key challenges that need to be considered in this context: 1) finding the right tech to streamline your NPD/EPD process and 2) taking the right steps to better assure certainty of NPD performance. Here’s how we can help.