Date added: 03/01/2016 Who Is Your Competition?
# Who Is Your Competition?
As a supermarket operator, it's always important to stay on top of what your competitors are doing, just as it is in any other industry. Unfortunately, many supermarket operators only focus on what other supermarkets are doing rather than viewing all of their competitors.
If you want to check out more about your new potential competitors, check out the article by Supermarketnews.com.
The industry has grown increasingly diverse, which means your competitors are no longer restricted to just supermarkets. While you may not realize it, your store is likely losing business to a range of other competitors, including online services, like Blue Apron and Amazon.
Furthermore, an increasing number of supermarkets are now offering pickup and delivery services, which is also cutting into your business. Add in the fact that many stores are now providing smaller formats, and it is easy to see why you may have noticed a drop in business.
In order to stay relevant, you must discover the full scope of your competition.
The reality is that younger generations, including millennials, have transformed the way shopping is done and supermarkets are used. Younger generations no longer shop the way their grandparents or even their parents did.
Today, consumers rely on mobile devices and have come to expect the availability of 24/7 shopping. Making matters even more complicated is the fact that shoppers today now lump online stores and brick-and-mortar establishments into the same category.
Fortunately, food is hotter today than it has ever been. Entrepreneurs around the country have come to recognize the potential offered by the food industry and are eagerly plowing funds into healthier food products, more efficient distribution channels, and innovative restaurant approaches. In many ways, the food industry has been compared to the cusp of the online revolution.
There is a tremendous amount of excitement as well as innovation when it comes to food. Supermarkets certainly face a new form of competition never previously experienced, and that competition is now placing the traditional brick-and-mortar supermarket under increasing amounts of pressure to stay relevant and competitive.
Gone are the days when it was enough to hang up a new promotion using ceiling signage and hope it would catch a shopper's attention.
In order to compete in a new multichannel universe, supermarket operators must work toward building a relationship with consumers.
Given the amount of choices available to consumers, it has become vital for supermarkets to look at new and more efficient ways to offer products, such as both in-store and online ordering and delivery.
Providing reviews is another excellent marketing method that can help attract skeptical shoppers who prefer to research before they buy.
The most important step a supermarket can take is to strive toward offering a personal experience while building a relationship with shoppers that goes beyond location and price.
One way to ensure that your customers can read up on new programs or services you offer is to distribute take-one brochures at the exits of the store right on the wall near the doors. This literature will be packed with useful information so they can be informed. Use these wall mount brochure and literature holders and give your customers food for thought!