Discover how The 5th Wave of Coffee is influencing the industry and how to stay on top of technological development and changing consumer habits in this episode with Jeffrey Young, managing Director of Allegra Strategies and founder of the London Coffee Festival.
How to capitalise on trends in the coffee industry with Jeffrey Young
Top tips and takeaways
- The 5th Wave of Coffee is an ideal to aspire towards – it’s about scaling the boutique concept and standardising processes without becoming ubiquitous which is challenging. But increasingly, this is what today’s consumers expect and demand.
- Loyalty apps are becoming increasingly important for customer retention. In an Allegra survey of 50,000 consumers, the three factors that influenced retention most were 1) location 2) quality of coffee and 3) a loyalty app
- The most important factor in the success of any coffee business is the strength of the individual shop managers – and this applies to independent businesses as well as large chains.
- Independent businesses have a tremendous opportunity to position themselves as ethical and sustainable, which is something that engages and excites today’s millennial consumers.
[03:09] Jeff tells the story of how he got into coffee
[05:03] The early growth of the UK coffee industry and how the development of big firms like Starbucks affected the space
[07:25] The importance of the 3rd wave of coffee and how it led to the development of the 4th and 5th wave.
[11:25] How developments in technology are impacting coffee shop owners and the most essential internal and external tools
[13:16] The importance of concretising the concept before scaling up and having clarity over what you want for your business
[16:42] Why the premium end of the market is the only viable option for independents and how to avoid getting stuck in the middle
[18:46] How to prioritise quality in all parts of your business – from coffee to beverages like kombucha and matcha, as well as top notch food
[22:49] The importance of ethical and sustainable business practices for today’s millennial consumers
[26:20] Jeff’s current coffee habits and what he’s changed his mind about in the world of coffee