From cupcakes to snack aisles across the region: Bakedbio Foods

Summary

MANAGING director of Bakedbio Foods & Snacks Limited, 19-year-old Levavion Bailon-DeMarquez is gaining recognition for his bold, persistent, and innovative approach to entrepreneurship. What began as a casual pastime baking cupcakes in high school has evolved into his sole source of income and a growing snack food business.

Source: Jamaica Observer

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Q1: What are the latest technological trends being adopted by supermarkets to improve customer experience and operational efficiency?

A1: Recent innovations in supermarkets include the integration of smart and connected systems such as SysMART, which utilizes Internet of Things (IoT) technologies for remote inventory checks, traffic status updates, and distant parking availability. These solutions aim to streamline shopping, reduce time spent in stores, and enhance convenience for customers. Additionally, supermarkets are deploying smart monitoring systems to ensure the freshness of perishable goods, thereby improving safety and quality standards for consumers.

Q2: How are consumer preferences impacting the pricing and selection of products in supermarkets, particularly regarding ethical and sustainable goods?

A2: Consumer preferences for ethically produced and animal welfare-friendly products have led to noticeable price premiums in supermarkets. For instance, a recent study found that a one-point increase in animal welfare scores for products is associated with a 16.4% price increase on average, with Dairy & Eggs experiencing a 25.3% increase. Ethical considerations are thus playing a significant role in shaping supermarket offerings, although price premiums for climate-friendly products are currently limited to certain categories like yogurts and desserts.

Q3: How does inflation affect consumer behavior and decision-making in grocery shopping?

A3: Inflation has a direct impact on consumer behavior in supermarkets, leading shoppers to prioritize essential items, seek out promotions, and switch to lower-cost store brands. As prices rise, consumers are more likely to adopt cost-saving strategies such as bulk buying and coupon usage. Supermarkets, in turn, adjust their product mix and pricing strategies to retain value-conscious customers and maintain sales volume despite inflationary pressures.

Q4: What role do smart supermarket systems play in promoting sustainable consumption among shoppers?

A4: Smart supermarket systems, such as value-sensitive design shopping assistants, leverage crowd-sourced and expert knowledge to provide transparent product information and explainable ratings. These tools enable consumers to make more sustainable choices by increasing awareness of a product’s environmental and ethical attributes. Field experiments have shown that such systems can drive a behavioral shift towards more sustainable consumption in supermarket settings.

Q5: What have recent scholarly studies revealed about advanced sales forecasting models for supermarket inventory management?

A5: Recent research has introduced Bayesian dynamic count mixture models and dynamic binary cascade models for multi-step sales forecasting in supermarkets. These models consider factors such as seasonality, pricing, promotions, and outlet-specific predictors to improve forecast accuracy. The adoption of these probabilistic forecasting techniques allows supermarkets to optimize inventory management, reduce waste, and better match supply with consumer demand.

Q6: How do supermarket chains use their buying power and operational strategies to offer competitive prices to consumers?

A6: Supermarket chains leverage economies of scale by buying in bulk from manufacturers at lower prices than smaller stores. They often negotiate favorable credit terms, allowing them to pay for goods after receiving them, and occasionally use staple goods as loss leaders to attract customers. These strategies enable supermarkets to maintain low prices on essential items, compensating with higher-margin sales on non-essential products and high sales volumes.

Q7: What are the main advantages and consumer benefits of shopping at supermarkets compared to traditional grocery stores?

A7: Supermarkets offer a broad selection of products under one roof, extended shopping hours, and ease of parking, making them highly convenient for consumers. Their self-service model and use of shopping carts or baskets reduce labor costs and improve efficiency. Additionally, supermarkets’ significant advertising budgets and elaborate in-store displays enhance the shopping experience, contributing to their widespread appeal.