The rise of online shopping is changing how retailers do business, and that evolution extends to grocers as well. Food retailers must compete with prepackaged meal services, grocery delivery options and so much more. This intense competition is causing many to step outside their comfort zones and experiment with new innovations and retail strategies.
That was the topic of conversation for Charles Zimmerman, former VP at Walmart, and Current by GE’s Jerri Traflet in their webinar “Competing in the New Age of Retail: How Grocers Can Win.” The two covered a lot in their 60-minute chat, but you can find the main points below.
How grocers deliver a top customer experience
In the beginning of the webinar, Jerri asked the audience, “What impact do you think Amazon is having on your business strategy?” This leads to a great discussion on the “Amazon Effect,” or how the online giant has drastically changed the retail industry, retail technology and consumer expectations.
While shoppers may be making more purchases online, there is still a need for brick-and-mortar retail locations. These stores need to differentiate themselves if they want to succeed.
Many grocers and retailers are attempting to stand out from the crowd by embracing new technologies. This spans everything from real-time data and analytics and personalization efforts to new methods of inventory management. Watch the clip below for an overview into what types of tech are making an appearance in the industry.
Advanced technologies are also helping retailers understand how customers approach the shopping experience, and how they move throughout a store. Walmart and Target are just two major players who are testing positioning and mapping systems and studying customers’ habits.
Consumer habits are changing. Retailers are now seeing that shoppers have two types of experiences: transactional and experiential. Transactional shopping typically consists of everyday items that people can buy anywhere—think paper towels and other CPG items. Then there’s experiential shopping, which usually involves higher margin items that customers want to see before they buy. Experiential shopping is particularly important when it comes to fresh food because most customers want to be able to pick the produce, meat or other goods themselves to ensure the highest quality.
Ready to learn more about competing in this new age of retail? Watch the full on-demand webinar.