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MARKET PULSE
How can tackling food waste turn into a great business strategy?
The Cool Down has driven over 12 million page views to our stories about businesses and food waste. External data reiterates that the
majority of consumers feel stores and supermarkets should do more to help reduce food waste.
But here’s a dirty little secret: Most food waste happens
at home, not at the supermarket. Consumer food waste adds up to
more than 48% of surplus food waste in the U.S.
Grocery stores, on the other hand, are doing a better job on this front. A recent report showed that over the past four years, the industry has increased the rate of unsold food being donated
by 20%.
But do customers know that? Spreading the word about what grocery stores are doing to reduce waste — and how customers can participate — is a big task and a bigger opportunity.
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The task: Educate shoppers on how they can reduce food waste in their homes. For example, Costco alone has about 130 million members — that’s a lot of individuals who could minimize chicken bake leftovers.
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The opportunity: Build brand loyalty by leading the way. For example, a local Kroger recently handled a freezer outage by providing
60,000 meals to the community, reducing food waste in the process.
So what would happen if grocery chains could mobilize their millions of shoppers — in addition to improving their food waste reduction processes? Just take a look at Albertsons, which is leveraging its
sustainability strategy to connect with customers, boost the bottom line, and keep a bunch of food out of landfills.
What’s more, our exclusive data illustrates the white space around food waste initiatives that grocery stores can use to their competitive advantage. More on that below.
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