Waitrose is betting on animal welfare to regain market share.
- Sales have dipped by 3%, but Waitrose is optimistic about recovery.
- The upmarket grocer believes inflation’s decline will influence shopper choices.
- Jake Pickering emphasises Waitrose’s commitment to high welfare standards.
- New campaigns link animal welfare with value, enhancing customer loyalty.
In a challenging financial year marked by a 3% drop in sales and a slight loss of market share from 5% to 4.7%, Waitrose is realigning its strategies. The company is banking on a shift in consumers’ priorities as inflation starts to ease. Waitrose’s emphasis on animal welfare and sustainability is seen as a key differentiator in this competitive landscape.
James Bailey, the head of Waitrose, has reiterated the company’s commitment to its core values, stating, “We have to be committed to what makes us different.” Highlighting its top-tier animal welfare credentials, Waitrose is integrating its ‘no compromise’ animal welfare campaign with price adjustments to drive growth.
Jake Pickering, Senior Agriculture Manager, explained that Waitrose’s dedication to animal welfare extends beyond ethics; it is becoming increasingly crucial to consumers. The grocer has earned more Compassion in Farming awards than any of its competitors, underscoring its leading position in the field.
Despite the significant expenses involved, Waitrose maintains the highest standards across its products, ensuring quality without extra cost to consumers. “You’re getting great quality products, not having to compromise on animal welfare,” affirmed Pickering.
To highlight its leadership, Waitrose launched a new campaign reminding customers of its values. This initiative positions Waitrose as a retailer investing in prices while maintaining welfare standards, contrasting competitors compromising on quality to meet price points.
The ‘Food To Feel Good About’ campaign showcases real-life content from Waitrose’s farmers, promoting transparency and trust. By opening a dedicated Instagram account, Waitrose shares insights into agricultural processes, capturing customers’ growing interest in food production.
Building long-term, transparent relationships with suppliers is another pillar of Waitrose’s strategy. Regular farm visits and consultations help maintain these connections, ensuring that the company supports suppliers through market challenges such as rising production costs.
Waitrose’s environmental initiatives extend to cross-sector collaborations with John Lewis, utilising by-products like wool and leather to reduce environmental impact. This innovative approach underscores its commitment to sustainability and responsible sourcing.
Industry experts like Bryan Roberts recognise Waitrose as a leader in welfare standards, acknowledging the resilience of its customer base in prioritising ethical practices even amidst economic challenges. Waitrose’s high standards in welfare and sustainability poise the retailer for potential growth as financial pressures on consumers ease.
Waitrose’s strategic focus on animal welfare and sustainability is set to bolster growth as market conditions improve.
