According to leading market researchers, the Consumer Packaged Goods (CPG) industry accounted for a whooping US$5.3 trillion in annual sales in 2022. It is projected to grow at a rate of 5.6%. The composition of the food and beverage industry includes food and beverage, beverage alcohol, household, and beauty and personal care. Modern-day life becomes nearly non-functional without this industry.
The industry is replete with large, small, and medium-sized players competing with each other to gain their fair share in this high-scope market. However, industry analysts have discovered a big disconnect in the way top-performing CPG companies and smaller companies in this space operate.
An analysis estimates that the top 48 percent of the top-performing CPG companies are set to capture the majority of growth in this market. On the other hand, underperforming businesses in this segment may lose as high as US$800 billion in top-line growth. And the core reason why these underperforming businesses stand to lose money is the lack of supply chain efficiency.
Since there are multiple brands active within a single category line, competitive advantage and efficiency optimization often boil down to pricing. The more accurately a company prices its products, the higher the chance of acquiring new customers and retaining existing ones.
But how does one get pricing accurate? Price wars can be relentless for smaller companies, especially in a segment where they are competing with cash-rich large players.
The solution is in optimization and not in minimization, as cited earlier. But any sort of optimization requires data and networks that go deep into each phase of the supply chain. It is the area where MealMe’s data and APIs play a crucial role.
MealMe Data: Optimizing Product Prices
MealMe APIs come with transformative capabilities. It is an all-in-one repository of data that empowers its users with inventory data, delivery network information, information on menu items and product lines, and more. All these lead to a solid foundation on which players can determine their prices most efficiently and competitively possible without compromising their bottom lines.
With a single API, MealMe users, namely restaurant and grocery store/chain apps, can access inventory data from millions of large retailers, restaurants, grocery stores, convenience stores, liquor stores, electronics stores, home goods, and more. Not only do they acquire the knowledge of inventory, but they can also send orders to these million outlets as and when required through the API itself.
After ensuring an efficient and optimized sourcing process, MealMe API secures delivery by linking the user with its delivery network through the food delivery API. MealMe’s delivery selection includes more than 30,000 third-party delivery services, courier services, and stores with their drivers.
Mealme’s benefits are not limited to an optimized back-end supply chain. It ensures that the customer-facing aspects also remain competitive throughout. The Menu API of MealMe ensures that every menu item and grocery product returned includes real-time ordering availability, prices, and item customizations and modifiers.
The result of MealMe APIs is an optimized supply chain, efficient delivery network, and updated pricing information. All these combined lead to a profitable bottom line with competitive pricing for its users.