Retailers across all categories have become a lot more flexible in the way they deploy their retail strategies. Over the years, latest trends have engulfed the retail sphere and retailers have not held back from embracing these trends. Let’s say they have had to embrace them to enjoy a significant competitive edge. Everything is quite the same with grocery retail as well. The modern-day trends such as omnichannel retailing, data analytics, in-store experience enhancement, etc. apply to the grocery sector, just like it does to every other retail sector. Let’s have a look at how these trends will define the future of grocery retail in details.
Omnichannel Retailing – A definite priority for the Retailers
The general idea is that online grocery shopping is lagging a little in comparison to the more traditional in-store shopping. But there are numerous reasons to believe that it won’t always be the case in the time to come. No one can disagree with the fact that there are more number of online grocery shoppers now than there was even a year back. There are several reasons that play a role here.
One of the reasons is the more flexible outlook of millennials and Gen-Xers who do give online grocery shopping a thought. Secondly, retail giants like Walmart and Amazon are always there to promote the online establishment of this category. Let’s face it, people will consider online buying at the mere mention of an Amazon Fresh, or a Walmart. Because of this more online players of grocery will come into the equation. More offline retailers will consider having an omnichannel existence to keep the revenue flowing from both ends and vice versa. Thus, omnichannel retailing will be a future trend and priority for the grocery retailers.
Selling Experience…not products
For long, price has been a factor that retailers have concentrated on to try and be at a competitive advantage. But now, a lot of retailers have sprung up who believe in the same philosophy. Thus, discounted offerings are no more a viable option. Not always at least. Online retail shopping might gather pace in the future, but offline grocery shopping will still be popular. Grocery retailers will look to concentrate on the modern-day trend of enhancing the in-store experience of customers. They will look to sell the experience over products in the time to come.
Grocery retailers will need to establish long term customer loyalty. The only way that can be done is by providing the customers with a one of a kind in-store experience every time they walk into the store. That can be done through personalized offers, elevated levels of customer service, customer centric reward & loyalty programs, etc.
Personalizing the Shoppers Journey with Data Analytics
We have spoken about how retailers will look to enhance the in-store experience of customers. One of the integral parts of an enhanced customer experience is personalization. Retailers will look to personalize the shopping journey of customers by powering the use of data analytics. Customer data insights gathered from various sources such as the purchase history of customers, transaction data, social media data, etc. will help retailers understand the shopping behavior of customers. Based on these insights, retailers can look to personalize the customer shopping experience by interacting with them on a more personal and interactive level.
Personalizing the shopping journey will help in achieving customer loyalty. This will ensure higher amount of store footfalls, and a consistent generation of revenue. Grocery retailers will look to maximize the use of data analytics in the time to come.
These are a few trends that will surely make a difference in grocery retail in the time to come.