5 Things All Businesses Can Learn from the Grocery Industry

amazon2

From Amazon acquiring Whole Foods to meal kits turning down $400 million acquisition offers, the grocery industry is getting more competitive than ever. Because there’s so much activity within this industry, we want to share five valuable lessons that any business owner can learn from:

Physical Retail Still Matters

Online shopping continues to grow at a very fast pace. And while some traditional retailers are really struggling, that doesn’t mean everyone wants to make 100% of their purchases online. Consumer preferences are shifting towards a hybrid mix of online and offline, which is why the best companies within the grocery space are working hard to give consumers great ways to buy through both channels.

Adapt or Become Obsolete

As mentioned above, there are a number of traditional grocers and other retailers that have really struggled with consumer preferences moving towards online and mobile experiences. Some of these retailers have already gone under, and all signs point towards this happening with many more over the next couple of years. The big lesson for your business is to avoid getting too comfortable with what’s worked in the past and to always keep an eye on what’s coming next.

Create Delightful Customer Experiences

One of the reasons Amazon and certain meal kit companies are doing so well is they’re fanatical about creating amazing customer experiences. You can stay ahead of your competitors by looking for opportunities to create these types of delightful experiences within your own business.

Understand Consumer Habits

One of the big mistakes that some grocers and plenty of other businesses have made in recent years is assuming they can redefine consumer habits. While there are a few giants that have this kind of influence, most businesses are going to lose if they go against the grain with consumers. A much better approach is to take time to truly learn what consumers want from your type of business and then find the best ways to deliver it.

Provide Customers with Multiple Options

This ties directly into understanding consumer habits. Most businesses are going to have multiple groups of consumers. This means you want to provide different ways for customers to interact with your business. In the case of grocers, some consumers love using a mobile app, while others have no interest in that type of interaction. The companies winning within the grocery industry are those that provide multiple options and then let individual consumers pick what works best for their needs.

By remembering that physical retail still matters, the need to adapt or go away, always trying to create delightful customer experiences, understanding consumer habits and providing customers with multiple options, your business can thrive in 2018 and beyond.

If you want to be sure that your payment processor can support you across all of these different initiatives, be sure to take a look at our top processing companies.

Posted on Thursday, April 19th, 2018