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"Aquaculture, not the Internet, represents the most promising investment opportunity of the 21st Century."

- Peter Drucker, Management Expert & Economist

2016-09-19

How a Story Can Help Sell Seafood

A new study by Future of Fish has explored the power of story to sell more fish and to determine what elements of that story most influence consumer purchasing behavior. The study also aims to identify the business benefits of data-rich supply chains and to ignite market incentives for more responsibly harvested and traded seafood.

In the quest to boost seafood sales, price has always been King. And for good reason: market studies have shown that for a majority of consumers, price is one of the primary considerations when it comes to buying seafood.

Yet, consumers bring other values to the table when it comes to their purchasing decisions, especially around food. The rise of organic and of "locally sourced" products are but two examples.  

In an increasingly competitive marketplace, seafood companies that promote these values might gain competitive advantage. That possibility leads to the question: Besides price, what factors are most important to consumers when it comes to decisionmaking around seafood?

This question becomes especially interesting given that the seafood supply chain tends to transfer only the minimal amount of information. A lack of detailed data also masks harmful practices, including illegal, unregulated and unreported fish (IUU), fraud, and human rights abuse, which currently pose regulatory and reputational risks to seafood companies and undermine sustainable fisheries.

But what if there were a stronger business case for capturing the information needed to drive increased consumer purchasing and root out environmental and social ills?

As part of an on-going effort to identify the business benefits of data-rich supply chains, Future of Fish set out to explore the power of story to sell more fish and to determine what elements of that story most influence consumer purchasing behavior. Working in collaboration with marketing firm i4
Partners, Future of Fish conducted a quantitative online consumer research study in 2015 with 1,300 US adult consumers who reported having purchased seafood within the previous six months.

Read the report here


 
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