The US grocery market was responsible for $645 Billion of sales in 2012. There are more than 250,000 potential outlets in this channel, including independent stores, medium sized chains, and large national chains, such as Safeway, Whole Foods, and Wegmans. These chains are high volume outlets with immense purchasing power, and are often difficult to access without an established line of communication.
The grocery industry is currently experiencing a massive boost in its growth, which can be attributed to many different factors. Grocery retailers seeking an increase in their business; the rise in the number of international retailers; and the analysis of emerging regional markets are some of the more apparent drivers of this growth. Grocery stores generally deal in food items and products, and you will most likely find a grocery store not far from your location. That is how large the industry currently is. The grocery industry in the US alone made about $645 billion sales in the year 2012, and there are potentially over 250,000 outlets in the channel, including large national chains, medium-sized chains, and independent stores.
To get ahead of the competition in this highly competitive industry, it is essential that you adopt strategies to draw customers and retain them. One way to do this is by helping the shoppers out in making their purchases. The first thing you need to do is in the arrangement of products in your store. Ensure that you group the products in your store into sections such as vitamins, dietary, dairy, and so on. This way, your customers can quickly locate the product they want to purchase. To take this further, you can also group the products in each section alphabetically, so that the products can be located in a breeze. This particular tactic works best for customers that know the name of the exact product they are looking for.
You should also learn about the interests of your customers. By knowing what your customers are interested in, you will be able to serve them much better. For instance, some customers buy food supplement products to enhance their health, while others are just conscious of their nutrition. By identifying the different personalities shopping in your store, you will be able to devise various means to satisfy their needs.
If you don’t have any form of online channel for your store, then you should know that you are missing out on many opportunities. Nowadays, people make online purchases as much as they go to physical stores, maybe even more. Also, retailers that have both brick-and-mortar stores as well as online outlets make way more profit than retailers managing one channel. As more and more people get used to the how convenient it is to make purchases from the comfort of their rooms, and they discover the ease of home delivery, the number of online shoppers will rise even more. It is therefore essential that you be well positioned to take advantage of this impending boost in online retail.
The opportunities available in the grocery store industry is quite glaring. These stores attract a wide range of audiences, as they have different types of food products available. This is why the grocery store market is quite easy to break into, although the competition there is pretty high. It is therefore crucial that you devise smart methods to get ahead of the completion.