Solid third quarter result for Fonterra
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
The myNZMP platform is a business-to-business platform where customers can find product information, gain insights that can help guide their purchasing decisions and manage and track their orders.
It also offers NZMP customers a personalised online buying experience through myNZMP Store.
Fonterra general manager digital transformation Francis Reid says the aim is to make Fonterra "the easiest company in the world to do business with".
Reid says since myNZMP Store's pilot launch, in September 2020, with a small group of customers, it has evolved month-on-month. Customer and employee feedback has helped to shape the platform. To date over $170 million worth of product has been sold via myNZMP Store.
"myNZMP is poised for significant growth," he told Dairy News.
"It will become a significat enabler of our Ingredients business over the next decade, helping to deepen relationships with customers, which is key to achieving our long-term ambitions."
Reid says Fonterra's Global Dairy Trade generates contracts and myNZMP is the next step to buy products online.
"myNZMP Store offers a complementary service to GDT events, giving customers the chance to buy dairy ingredients outsie of set auction times," he explains.
"The goal is to give NZMP customers a seamless online to offline experience - being able to buy quickly online when they want to, and access data and insights, but also the ability to tap into advanced ingredients support from NZMP experienced sales network when they need it."
Reid believes no business can ignore the trend towards digital and e-commerce, and Fonterra is no exception.
"Our customers want more convenience, more flexibility and more information to empower their businesses - and our Ingredients business, NZMP, has delivered on that with myNZMP."
Reid says Fonterra's long-term strategy aims to focus on higher-value ingredients targeting physical and mental wellness and immunity, with provenance and sustainability credentials offering a point of difference.
He adds that myNZMP also frees up his sales teams to work with customers on unlocking the most value possible from advanced products.
Reid says the focus for now is on rolling out myNZMP Store to as many customers as possible, with the support of NZMP sales teams around the globe.
