Food technology is growing by the day in a number of options, breadth of utility, and customer appreciation.
If grocery retailers want to remain competitive, adopting these technologies could be key to establishing and maintaining an edge. Here are seven grocery-related technologies geared to retailers:
۱. Mobile wallets
Mobile wallets are becoming a more popular way for consumers to pay for purchases. Major credit card networks have jumped on board as well, which should signal a shift in shopping perceptions for grocery retailers to adapt to. However, due to the hardware and software investments involved and uncertainty surrounding whether definite changes are coming with mobile wallets, many retailers are still hesitant to integrate mobile solutions into their stores.
Despite these drawbacks, some major retailers have already adopted mobile wallets in their POS interactions, including Whole Foods Market and Wegmans Food Markets.
۲. Data analytics and consumer insights
Analyzing that data can produce insights to help retailers personalize the shopping experience and improve their bottom line. Customer data can influence decisions at many levels of grocery retail, from smart staffing and stocking strategies to rewards programs and weekly sales.
Kroger recently acquired a majority stake in its data analytics partner DunnhumbyUSA, wherein the retailer entered a long-term licensing agreement to continue using DunnhumbyUSA’s technology while spinning off a new Kroger-owned subsidiary for it, called 84.51°. Through this technology Kroger has been able to make informed data-backed decisions.
۳. In-store Wi-Fi
According to a recent study, about 28% of participating retailers of all types and sizes saw increased customer loyalty after instituting in-store customer Wi-Fi, which came along with a 2% increase in sales. About 21% of retailers also confirmed that their customers spent more time in the store thanks to in-store Wi-Fi. In-store Wi-Fi enables both customers and employees to find more information about products while in the aisles.
Grocery retail technologies continue to multiply and retailers are still just at the surface level on integrating these functions into the business model.
Compiled in Editorial Board of Retailiran