In today's fast-paced world, food and beverage (F&B) and retail businesses are under immense pressure to respond quickly to market, technological, and regulatory changes. New company concepts are sometimes required to stay informed and ahead of the competition, even if they are disruptive.
Consumer products and retail enterprises must strike the correct balance between today’s success and future growth as consumer needs change. Businesses are under increased pressure to grow while managing margins and costs, giving a clear message to management: either become lean or go extinct. People are changing the way they shop, purchase, and live thanks to disruptive technology, new company models, and agile market entrants. Consumer products and retail (CPR) companies must shift their attention from conserving what they have to building what they need to become in this difficult market.
Companies in the CPR industry must reconsider how and where they serve the smart customer. They must have the skills necessary to put data at the centre of the business and to adapt quickly to market changes. Their supply chain must transform into a demand-response network that is transparent. We assist CPR firms in determining, identifying, and implementing the proper mix of innovative strategic choices that will both sustain and alter their business for tomorrow’s relevance.
Consumers all across the world are looking for safety and dependability, and the food and beverage business must recognise this. Quality control and risk management at the raw materials and production process levels are becoming increasingly crucial, to the point that a single mishap might put a company’s survival in jeopardy. At the same time, client demand has risen to the point that the freshest products must be supplied in the shortest period feasible.
Safe Management Measures
Under Phase 2 (Heightened Alert), the Multi-Ministry Taskforce (MTF) has announced a calibrated roadmap for the resumption of additional economic and social activities beginning on August 10, 2021. As we approach endemic status, current safe management procedures will be changed.
To ensure a safe environment for all customers and workers, F&B businesses, retail establishments, and lifestyle-related services currently in operation must adopt safe management measures prescribed by the Ministry of Manpower (MOM) and comply with the COVID-19 Temporary Measures and Control Order Regulations.
The following measures are also to be noted by all F&B establishments:
- Due to increasing vaccination coverage and monitoring methods like as FET, all F&B establishments will no longer be required to do temperature screening as of August 19, 2021.
- All F&B businesses are banned from selling or using alcohol after 22:30 a.m. on any given day. This includes dining at the establishment’s or its management’s outside refreshment area and/or tables/chairs9. F&B operators should stop selling alcohol as a dine-in service at 22:00 hours and urge customers to consume their alcohol by 22:30 hours as a best practise.
- Live entertainment, recorded music, and video/TV viewing are still forbidden in F&B businesses.
- F&B establishments may be utilised as locations for third-party weddings and/or work-related events, but they must adhere to the event’s safe management standards.
Retail and consumer product (F&B) businesses face several challenges in today’s competitive market. In mature nations, a deflationary operating environment, market saturation, slowing population growth, and more discerning yet less loyal customers hinder F&B firms’ ability to expand and maintain profit margins.
This has shifted the industry’s strategic focus to China and India’s rapidly growing consumer markets, which provide new opportunities for growth through global sourcing, outsourcing, and the development of modern retailing. When reporting financial statements under IFRS and US GAAP, these imply increased levels of corporate governance and Board engagement, more internal control paperwork, and a greater requirement for stronger risk management approaches across the firm.