In an age of globalization and information, consumers are becoming less trusting of the food products and brands they buy. This is primarily due to the fact that consumer interests and wider environment concerns are less important than profit margins. As such, brands and products need to look for ways to maximize trust amongst consumers. One key way of doing this is through utilizing blockchain technology.
Trust is more important than ever for consumers. For example, 51% of people are most likely to say that trust is associated with better quality, according to a Q3 2019 survey of 20,000 consumers across 20 countries. The survey, conducted by FMCG Gurus, UK, reveals that across the globe, 51% of consumers are trusting of food brands – with 31% saying they are untrusting. Moreover, 25% of consumers say that they have become less trusting of food brands in the last two years.
What’s more is, 43% of consumers feel that brands are more interested in profit margins than corporate and social responsibility. When it comes to specific product categories, 37% of consumers are most likely to be skeptical about claims in the chocolate category. This is something that links back to high profile stories surrounding “greenwashing” where ethical and environmental claims can be misleading.
Currently, only 17% of consumers have heard of blockchain technology. However, when explained about the concept and its use in the food industry, 49% of consumers said they find this concept appealing. When asked why they would use this technology, consumers state they want proof that brands are acting in an ethical and environmentally friendly manner across the whole of the supply chain. Indeed, 51% of consumers who found the concept appealing say they would use the technology to check corporate and social responsibility initiatives across the whole supply chain.