Small and medium-sized food companies will be able to get their new products in the supermarket faster, under an initiative launched yesterday.
Known as YumSing, the initiative enables the companies to sell, test and tailor new products with large supermarket chain FairPrice before being sold on a larger scale.
It is a collaboration between FairPrice, Enterprise Singapore and Nanyang Polytechnic (NYP).
Companies do not have to pay product rating and listing costs. Sales data are also shared to help them adjust their pricing, packaging and promotion strategies.
They can also use the expertise of academic staff at NYP's School of Business Management in areas such as marketing, e-commerce and business research. 19659002] At the launch, Trade and Industry Minister Chan Chun Sing said that such efforts are aimed at helping local small and medium-sized enterprises (SMEs) to capture domestic and foreign markets. Mr. Chan has also taken samples of locally made food products during the event held at the FairPrice supermarket in Tampines Mall.
Ms. Kee Ai Nah, executive director of the lifestyle and consumer cluster of Enterprise Singapore, said that new product concepts without proven track record often face challenges in retail, possibly due to uncertainty about market receptivity and customer demand .
Six FairPrice stores – at Bukit Timah Plaza, Jem, Rivervale Plaza, Singpost Center, Sun Plaza and Tampines Mall – provide space for SMEs to market their new products over a period of three months.
Six FairPrice stores – at Bukit Timah Plaza, Jem, Rivervale Plaza, Singpost Center, Sun Plaza and Tampines Mall – offer SMEs space to present their new products for a period of three months. .
The products will also be available on the online portal of the chain, FairPrice On, during the trial period.
FairPrice CEO Seah Kian Peng said the program "aims to provide th These SMEs have a platform to collect customer insights on their products, offer special retail spaces to test new products with the market, and give special attention to the mention of their products in our stores. "
FairPrice wears more than 4,500 locally made products. It also works together with small and medium-sized companies to produce its own private label items.
Six food companies will participate in the first cycle of YumSing. Among them is Hiap Giap Food, which produces and supplies traditional dry Asian noodles and dim sum skins to beach vendors, food courts and restaurants. It shows its oriental crunchy noodles and oriental hotpot noodle products under the brand The Noodle Factory.
Mr. Clement Chong, sales executive at the company, said that YumSing is giving SMEs "a shortcut" to put their new products on the list. "We now get more exposure by having our products at these supermarkets with a lot of traffic, and it is certainly easier to reach our consumers."