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ment in renovations and expansions to its store base. The
hard discount sector is having its day in the sun and the
full impact is yet to come. In the meantime, both retailers
and suppliers are trying desperately to shift from defense
to offense and get ahead of changing consumer demand
and agile competitors while positioning themselves in a
more digital-forward way to stay relevant.
Millennials are more than twice as likely as boomers to
shop online in a given week, and nearly eight times as likely
to shop on mobile devices. They’re looking for convenience
and personalization across channels, which could mean
buying groceries online and picking them up in-store, or
tasting a product in-store and ordering it on mobile.
Winning retailers are increasingly investing in fresh
foods and innovative private label. Today, 85% of all
shoppers are open to private label products—with
more than half believing private labels are as
good as, or even better than, bigger traditional brands. This is a major change in
consumer preference over the past 10
years. Costco, Trader Joe’s and Aldi have
had a big hand in changing consumers’ thinking
about private label.
Continuous innovation for retailers and brands is key,
A few specific things both can do to stay ahead include:
• Do due diligence on current trends. Ensure you know
how much shelf space is at stake, and how much incremental consumer spending is on the table, before you invest.
• Be clear on where you compete. Are you going for the
high-end specialty market or a deep discounter? Those
in between are most at risk.
• Redesign your capabilities to meet customers in
the “digical” market. Offer a mix of physical and dig-
ital purchasing and delivery channels.
• Build stronger and simpler portfolios. Focus on your
top-selling products and innovate to acquire smaller
brands to compete with emerging brands.
• Zero-base your budgeting to free up resources that can
be invested in areas of growth.
The channel shifts and consumer trends
upending the grocery landscape could have dire
consequences for those who are unprepared. The best
companies will sustain their performance by choosing the
right mix of traditional and new channels and reallocating
resources to build the capabilities required to win.
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