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Utilizing the Internet of Things in the Grocery Industry

Industries across many different disciplines are getting on board with the Internet of Things (IoT), which encompasses devices that connect with the Internet to send and receive data. IoT has invaded our homes, our cars and our offices with gadgets like virtual assistants, navigation systems, connected security systems and more. The retail space is following this trend closely, and there are many promising applications for this cutting-edge technology in the grocery industry. In fact, according to research firm Markets and Markets, the expansion of IoT technology in retail is expected to reach more than $35 billion by 2020. The growth of these devices and their applications proves especially promising for the grocery industry, where customer experience and operational efficiency are a top priority.

What the Grocery Stores Holding Their Own Against Amazon Are Doing Right

The fight for the $800 billion U.S. grocery industry has just begun. Amazon has shaken up the playing field, but traditional grocers have been slow to embrace technologies for online ordering, fulfillment, and delivery. Today online orders make up just 2% of grocery sales (in retail overall, the number is 10%). But e-commerce is quickly growing: Some analysts estimate that by 2025, 20% of grocery purchases will be made online.

Furry Friends Fetch a Profit

When thinking about what consumers want, grocers typically consider the latest trends in how people are choosing to feed their families, but many may overlook that for most Americans, their families include four-legged friends. According to the American Pet Products Association, almost 85 million households have a pet, and pet ownership has increased to 68 percent of all households. Chances are, the majority of your customers have pets, and statistics show they’re willing to spend money on them. U.S. citizens spent a total of $69.51 billion on their pets in 2019, $29.07 billion of which was spent on pet food. It’s clear that pets are a part of the family, and American consumers will spend as much as they can to ensure that their pets have long, healthy lives. Grocery stores have the opportunity to replace specialty pet stores by positioning themselves as a one-stop shop for the whole family, pets included. There are several trends occurring in the rapidly growing pet products industry that could prove to boost revenue and retain customers.

Why Multicultural Consumers Are Having a Big Impact on U.S. Grocery

As the U.S. multicultural population continues to climb, the preferences of U.S. Hispanic, African-American and Asian-American shoppers consumers will continue to reinvent the grocery shopping experience. That's according to the inaugural “Multicultural The Why? the Behind The Buy” report from CPG industry sales and marketing agency Acosta. “The growing multicultural population will drastically impact the grocery industry, and we have already noticed key differences between shopper groups,” noted John Clevenger, SVP/managing director, Acosta Strategic Advisors. “For example, multicultural shoppers recognize the link between food and their health, and are significantly more likely to buy natural and organic foods even though they are more expensive. Understanding these unique values and preferences is vital for manufacturers and retailers to win with this emerging consumer group.”

How Predictive Analytics Can Benefit Your Store

Predictive analytics is the science of forecasting future trends based on the study of current data, and it has become an integral part of digital marketing in all industries. The retail industry, especially, has embraced this science as a way to get ahead of their growing number of competitors. In the grocery sector, the competition is even more robust, with non-grocery players like Amazon and Instacart swooping in to capture consumers’ food spend.
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