The age-old industry of Agriculture is constantly being revamped and reshaped as it adapts to a rapidly changing economic climate.
Chair of Farmlands Rob Hewett told REX Today host Dominic George that the agricultural industry is currently experiencing significant shifts due to economic conditions, which have necessitated faster and more drastic changes.
"The things that Farmlands are facing is the result of what everyone else on the land is facing at the moment," he explained
Our spend in-store from our customers and shareholders basically stopped in March. It really fell off a cliff and there's no surprises there when you think about it."
This scenario has led to Farmlands reworking its business model to keep pace with the evolving landscape.
"The way that we've been doing business in the past is not necessarily the way that people want to engage with us to do business in the future."
This realisation has led Farmlands to rework its business model, resulting in a significant impact on local service centres and high-street retail. However, Rob reassures that these adaptations will ultimately strengthen the industry.
"When you think about that for a bit, you know we've, as consumers, been making changes to the way that we do business anyway."
Innovative strategies to enhance profitability in agriculture are another consequence of recent change and Hewett highlighted Woolworths Ventures which has found a way to add value to its lanolin, a byproduct of wool processed and rationalise its supply chain as a good example.
He told George that potential technologies like robotic shearing and woven technologies could significantly increase farmers' income.
"Whatever product stream we've got coming off, be it wool or meat or even horticulture... it really comes back to what you take off the land.
"How do you maximize the opportunity out of it by delivering the consumer what they're prepared to pay a premium for?"
Hewett shared intriguing insights about potential technologies such as robotic shearing and woven technologies, hinting at how these innovations could boost farmers' income.
"The focus should be on delivering what consumers want and are willing to pay a premium for, to ensure farmers have the prices they need for success," he explained.
Listen to the full chat between Farmlands Chair Rob Hewett and Dominic George above.