Due to mounting consumer demand for full product disclosure, Kocoatrait, a bean-to-bar chocolate maker from India, now pledges price transparency across its luxury chocolate assortment.
The move will make the company a bonafide contributor to the circular economy in the region. Kocoatrait now publishes the cost breakup of each chocolate bar on its website.
L. Nitin Chordia, co-founder and certified chocolate taster, tells that transparency is “a clear opportunity for us to differentiate ourselves from the competition.”
“We operate in the sustainable luxury industry, which caters to younger consumers. It is a consumer with higher disposable income, is impulsive, and invests in a brand they are convinced about,” Chordia explains.
Innova Market Insights Top Ten Trends for 2021 identifies “Transparency Triumphs” as gaining significant traction.
Transparency emerged as a clear leader where brands are evolving to meet these consumer demands.
Kocoatrait wants customers to make a quick and informed decision when browsing their products - and having access to label information is a big part of that.
“Being transparent is not only a chocolate industry requirement. It applies to any industry or brand that wishes to cater to the new age, sustainable and conscious consumer. We define and understand our consumer as a conscious consumer,” outlines Chordia.
Transparency, the new must-have for business
Transparency is fast becoming the norm for businesses. It can solve business problems and smooth out areas of operation, which traditionally take up a lot of time, effort and energy.
“For example, recruiting new consumers becomes easier once you are more transparent with them, and that attention can then be diverted to more critical areas of your business that seek your attention,” advises Chordia.
According to Innova Market Insights, interest in transparency was highest in emerging markets, most likely because the concept is already more advanced in developed countries. Access to information through social media and online is increasing in these regions, further driving demand for transparency.
An Innova Consumer Survey indicates that 85% of consumers globally say information on what is in their food is of significant importance to them. Similarly, 59% want to know where their food comes from and how it is made.
Chordia says the costing structure was the most requested information from consumers and became critical to include.
“Financial transparency is one aspect of overall transparency that we wish to maintain. We already share the process that we adopt (bean to bar) and the ingredients we use quite openly,” he says.
Kocoatrait will continue to disclose other essential aspects of its business, such as sourcing and carbon impact.
The sustainability needs of consumers are a top priority
The move to lay bare the cost breakdown for each chocolate bar was born from the desire to respond to consumer demands to lead eco-friendly and zero-waste lifestyles.
Chordia explains that it is not the right choice for all chocolate producers and brands as large commercial manufacturers focus on large-scale production, lower input costs and lower selling price, which might not suit the transparency model.
“As far as bean-to-bar chocolate makers are concerned, the message is clear - you should care about being transparent because you can afford to be transparent and consumers demand and reward transparency,” he says.
“They do invest their loyalties in brands that positively impact communities, fairly conduct their business and positively contribute to saving the planet,” Chordia outlines.
Transparency fits neatly into Kocoatrait’s existing strategy where the number of kilograms of single-use plastic consumers of its brand has helped save from landfill, is published.
The chocolate industry has begun to address the long-fraught problems that are associated with cocoa sourcing.
Cargill has also responded to consumer demands for transparency and traceability across all supply chains, specifically in Europe and North America. In collaboration with key stakeholders, the company is addressing some of the persistent issues in the sector, such as ending deforestation, the use of child labor and other socio-economic and environmental issues.
