14 Nov Amazon Who? 4 Competitive Digital Technology Initiatives for Grocery Retailers
Keep Up With the Big Guys, Digital Technology Initiatives to Consider
The retail and grocery markets are becoming very competitive and vastly dynamic. With extensive resources needed to keep the quality of products at optimum levels and tight margins making it a struggle for retailers to stay at the top of their game, retailers must ensure they are taking advantage of the benefits digital technology can bring them.
Bring On The Personalization, With Big Data and Analytics
Personalization will be crucial for grocery retailers to ensure sales increases and to keep loyal customers coming back. Utilizing big data and analytics will provide valuable information for retailers to ensure they are targeting their customers according to their needs, creating digital technology platforms and loyalty programs that keep the customers engaged both in and out of the store.
Keep Timely Financial Information, At Your Fingertips
The challenges of running a grocery store are never-ending, having relevant financial information and operational details on your business certainly give you an advantage in the retail game. Ensuring this financial information is readily available, continues to provide the best insight on strategy as you move forward and while your business competes with fast-moving superstores. When the internal support is not possible, outsourcing business intelligence and analytics services is always a reliable option.
Update Current Store Systems Technology, Without Delay
It seems there has been a conservative pace set for adding technology to most grocery retailers, due to hesitations on the ROI benefits and low-profit margins. Without the quick turnaround of visible profits and sales or a more straightforward process for operations, this seems like a reasonable hesitation when it comes to new implementations. Without switching your operations to the latest trends and platforms, you remove an extra competitive advantage others in the industry are taking advantage of, and with a technology-driven world, they are seizing your customer’s attention. Keep up with these latest systems to assist in faster checkout times, update costly and dated equipment, provide more digital visibility to the customer, and sit back and realize the ROI you have been looking for.
The Procurement Process is Valuable; Get the Most Out of It
Are you at the top of your game? Procurement teams must be to compete with large competitors and remain profitable. There are struggles your IT staff faces that affect your procurement team, including keeping up with the customer’s demand for a quality product, transparency and the need to create an efficient and integrated supply chain. Smaller procurement department’s face constrained IT resources limiting their ability to address these and many more challenges they face. A lot of competitive grocery retailers are switching to a managed services model, which eliminates some of these struggles that are put forth, further aligning and improving the digital technology process with one that is built for success.
Retail today is not easy, but that should not keep grocers and retailers from booming. With the holidays around the corner, it is essential to keep these factors in mind and ensure optimum performance and profit during the season.