How your grocery business can survive in this competitive market
Posted on Thursday, April 26th, 2012
Shopping at grocery stores is a universal experience because everyone needs to buy groceries. Today’s grocery industry is more competitive than ever – the traditional supermarket and grocery stores have lost a great deal of their market share to retailers such as Walmart. It is hard for grocers to differentiate themselves from competitors because the majority of the brands they carry are generic – they are carried by everyone else. Knowing that attracting customers with just products isn’t enough: smart grocery retailers have learned that customer experience is now the new battleground for more sales.
While some grocers have caught onto the fact that new technology trends make the shopping process easier for consumers, others have stepped up to the challenge by being creative with their initiatives. For example, Walmart unveiled a “Great For You” icon as part of the company’s healthier food initiative in order to give customers an easier way to identify healthy food.
With grocers continuing to face ever increasing competitive pressure and encroachment from other retailers, the formula for success (or at least stay ahead of the game!) is to take advantage of new technology that enhances the shopping experience so that they can ultimately create customer experiences that deliver true differentiation.
A comprehensive CEM program that considers loyalty modeling, mapping of the “drivers of the drivers” of success, and leveraging new social media brand advocacy channels – will give grocers a fighting chance in the marketplace by providing real-time insight into what customers really value the most when they shop at one of your locations.
To capitalize on this opportunity and truly understand your customers, grocers must take the next step to better analyze each interaction and turn the results into actionable information for you and your staff to improve on.
Want to create a grocery shopping experience that people are eager to have? Visit our Grocery section to learn more.
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