The world of retail is being pulled between two consumer urges. No, it’s not love and fear, or anything to do with the current political climate. The retail industry is grappling with two consumer desires that are inexplicably opposites: a demand for what’s new and next, and a yearning for the simplicity of the past….
Personalization is one of the hottest topics in retail right now. At conferences like NRF and NGA, the concept was featured in nearly every session, from how to personalize in-store activations, to creating detailed targeting within marketing efforts and fine-tuning your supply chain. Retailers across the country are prioritizing this business strategy, jumpstarting projects that will turn their stores into personalized havens for their customers.
Or will they?
The rules of retail are changing – and you’re probably tired of hearing about it.
Customer loyalty used to be a given if you were located in a typical suburban area. Shoppers weren’t able to easily access your competitors, and yours was the store that happened to be on their drive home. Now, customers are just a few clicks away from their material desires (including grocery items!), and many industry experts have predicted the fall of brick-and-mortar retailers.
The phrase “company culture” brings to mind a certain image of professional utopia. Tech companies with large-scale campuses where employees can take naps in pods or indulge in free beer when happy hour hits, exclusive personal development seminars led by world-renowned speakers, and over-the-top employee recognition traditions all bring the idea of a “perfect” company culture to life.
Many retail operations are created with the business in mind. We have implemented procedures in order to make our stores run more efficiently, and in a more cost-effective manner. When we originally put together those processes, we were considering how the business would be affected by the results.
That mindset is being flipped on its head as we get closer to 2020. The focus of supermarkets across the country needs to shift, placing the spotlight on our customers instead of our internal workings.
There is more than enough content telling you what to do as a retailer. Ebooks are sold, blog posts are written (ahem), podcasts are recorded, and webinars are held all with the express interest of persuading you that there is yet another thing that you need to add to your to-do list. Would you believe me if I told you that none of these new concepts would dramatically change your business?
Instead of adding another worry to your plate, what if you tried tweaking the processes and policies that you already have in place?
One of the most-discussed trends in retail is the collective shift toward seeking customer loyalty over a one-time sale. There’s good reason for the conversation: according to a study by Edelman, loyal customers will spend up to 67% more with your brand than new customers. It’s not about bringing new faces into your store in 2019 – it’s about convincing them to keep coming back.
Grocers are aware of the impact of customer loyalty, and are turning to unique business strategies in order to develop that connection. One such strategy is becoming food waste-free.
When it comes to maintaining a successful retail business in 2019, all roads lead back to transparency. We’ve entered a phase of consumer behavior in which honesty is valued even above traditionally prioritized factors like price and brand recognition. As a grocer, this means that you must change your business practices in order to fit this new standard. Without customer transparency, you may not be able to garner customer loyalty – and that could mean the end for your business.
Expired shrink is a problem for many grocers like you, yet it tends to fall to the bottom of your to-do list. You may think that you have bigger fish to fry: purchasing decisions to make, employees to manage, and marketing efforts to execute, but in reality, your neglect of expired shrink in your store can have a major impact – on your customers and your bottom line.
So, what is the best expired shrink solution? You have to weigh your options.
With so many options available to today’s consumer, it’s safe to say that the choices they make about what to buy and where to buy it are intentional. Shopping is no longer all about convenience. In fact, there are many factors that influence a shopper’s decision to purchase from you: including their alignment with your company’s values.