Grocery Retailers And The Food Market: Trends And Future Prospects

 

Dennis Mitzner, Contributor, Forbes

Jul 31, 2022

 

Grocery retailers also play a critical role in influencing customer purchase decisions and what food producers and manufacturers introduce to the market. However, as the food market continues to evolve, the future of grocery retailers and food relies on global trends such as e-commerce, lifestyle, sustainability, strategic partnerships and experience economy.

 

Let's look at critical trends affecting grocery retailers and consumer habits, both shaping the future of food.

 

Ecommerce at the core

 

The COVID-19 pandemic introduced lockdown policies that forced several grocery retailers to shift to e-commerce and offer online shopping and delivery services. McKinsey reported that 20- 30% of grocery store businesses turned to e-commerce at the height of the pandemic in 2020. Although physical stores have resumed operations, online shopping is still a big trend as millions of customers worldwide continue to shop online.

 

Consumers' love for online shopping is no surprise, as they enjoy the convenience of digital technology and the additional perks of online shopping. The perks of online shopping include at-home deliveries with delivery notifications, coupons, shopping lists, product suggestions, and special offers. Apart from customers, grocery retailers will also benefit from e-grocery through diversification of business operations, increased market share and sales.

 

Lifestyle trends impact purchasing decisions ...

 

Geovariety ...

 

Sustainability ...

 

Strategic partnerships ...

 

Personalization of the food experience ...

 

more, including links

https://www.forbes.com/sites/dennismitzner/2022/07/31/grocery-retailers-and-the-food-market-trends-and-future-prospects/