As an industry, we have seen a long trail of both challenges and improvements throughout the years. When it comes to competition, the retail food industry can be one of the more cut-throat spaces due to different existing food retail formats, retail channels, and now the proliferation of e-commerce platforms.
With 2023 just around the corner, it is best to prepare early to continue to be on top of the competition. Trends, emerging technologies, and innovative, operational food-retail strategies — what should be adopted and what should be left behind? What are some keys to getting ahead in the food retail industry in 2023? Let’s find out.
Investment in Technology Pays Off
Like in any sector, technology plays an important part in the success of various food retail channels. Be it grocery stores, supermarkets, or distribution centers, investments in technology pay dividends. Technology allows for the automation of processes, better supply chain management, and improvement of the overall store operation. It is undeniable that technology positions retailers’ businesses for success, not just today, but also in the years to come. Technologies like ERP systems, contactless payments, robotics, cutting-edge refrigeration systems, and display cases are just some of the elements that will have a huge impact on retailers’ operations.
It’s Reasonable to be Sustainable
Sustainability isn’t just a trend anymore; it is now a movement. Retailers who will adopt a holistic, sustainable approach in their food retail processes will reap greater rewards in the future. Product sourcing, packaging, food preparation, and minimizing food waste are key to promoting sustainability in food retail. Surveys show that consumers are willing to pay a higher premium for sustainable food products that they believe have a positive impact on the environment.
Customer Experience is Paramount
Above all else, what food retailers need to do to get ahead is to prioritize and continuously enhance the shopping experience of their customers. As every food retailer competes for customers, retailers who show the importance and bring value to their patrons will win the customers’ dollar spend. Prioritizing the value a retail food business brings its customers may include harnessing the power of the omnichannel shopping experience, offering a personalized approach toward customer service, and offering promotions and discounts given to loyal shoppers. The coming year, 2023, will be one of the most challenging ever in food retail’s long history. With changing market dynamics and consumer behavior shifts, balancing the supply chain bodes as a formidable task. With this in mind, food retailers must carefully map out their strategies and plan their tactics to keep their business at the forefront of the competition — in essence, create their blueprint for success in 2023