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The dynamics of the food retailing environment continue to challenge companies to keep pace with shopper demands. The latest of these shifting shopper desires involves their behavior on digital platforms. This change is creating an imperative for grocers to compete digitally as well as in store.
Research conducted by IDC Retail Insights, and commissioned by Precima, casts light on the current state of digital food retailing and what food retailers need to do now to drive success. The research shows that while Amazon.com continues to be a primary disruptive influence in consumer goods retailing, it struggles with retaining food shoppers. Another opportunity for grocery retailers revealed from the research is that shopping exclusively online is still relatively rare, so optimizing in-store experiences can help retain customers who might otherwise prefer digital options. A recent survey from Food Marketing Institute (FMI) confirms this opportunity, revealing that by 2022 consumers could be spending $100 billion a year on online grocery.
Brian Ross, CEO of Precima, says of the issue, “Retailers have finite resources that are shared among competing merchandising, operational, and marketing priorities. They need to make smart decisions about where to invest in digital capabilities and how those capabilities and business decisions fit in with the rest of the organization. The successful retailers are rapidly developing and deploying digital capabilities to compete more aggressively. Our new research separates facts from hype and discloses the tactics that are paying off today and will pay off tomorrow.”
Ivano Ortis, Vice President, IDC Retail, Manufacturing, Financial Insights, adds, “Consumer expectations require grocery retailers to implement new customer experience models and technology architecture. Investing in advanced analytics, personalized offers, and localized assortment optimization, while adapting the store format to shoppers’ behavior, will allow grocery retailers to achieve short-term success.”
Additional key findings from the research include:
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