Like every other industry, food and beverage (F&B) wholesale is being disrupted by evolving consumer demand and a tide of digital transformation happening at a pace few organizations are fully prepared for. Market leaders are responding by launching enterprise marketplaces to expand their assortment and deliver on their buyers’ new expectations. We take a look at how UK wholesaler Turner Price is doing just that.
The evolving food value equation: going beyond price, taste and convenience
Tastes have changed. Where the traditional food value equation once centered around “inexpensive,” “tastes good”, and “easy to buy,” shoppers and diners are now demanding more: “organic and locally grown,” “affordable luxury,” “adventurous global flavors,” and “sophisticated dining experiences.” These new value drivers are spanning everything from health & wellness and food safety to localized sourcing and sustainability. And every customer has a unique set of priorities.
The result? Food and beverage wholesalers are under pressure to do more – offer more products, engage more suppliers, and serve more customers – in order to meet these new market needs.
To balance the requirements of their new customers, while addressing ongoing pressures to remain agile and profitable, innovative leading food and beverage wholesalers are launching enterprise marketplaces of their own. Instead of limiting buyers to only a few choices, these marketplaces are giving customers near-limitless choice.
Turner Price implements an enterprise marketplace to deliver broader assortment & more agility without sacrificing profit
As a leading food and beverage wholesaler serving more than 2,500 high-spend catering customers (niche grocers, catering companies or restaurants) throughout the UK, Turner Price has been on the front lines of evolving customer expectations. Their buyers were seeking a wider assortment that could meet all of their needs – and they wanted it all in one place.
Turner Price was facing its “now or never” moment: they could continue to operate as they always have and attempt to expand their first-party offerings to meet the increasingly diverse and evolving expectations of their buyers, or they could seize the opportunity to increase share of wallet and profitability.
Rather than doubling down on the capital-intensive approach of investing in more vans, warehousing space, and inventory, Turner Price chose innovation, launching Turner Price Marketplace to grow their offering across more categories and suppliers to better meet their customers’ needs. With the marketplace, Turner Price is putting customers first and leading the charge toward a digitally enabled B2B world.
How are they doing it?
By the end of this year, Turner Price aims to have fifty thousand products on their marketplace, and they are looking for sellers to join the marketplace to help them achieve that goal. You can learn more and express interest in becoming a seller on Turner Price Marketplace.
Written by Angela Troccoli
Senior Director Product Marketing, Global B2B at Mirakl