With grocers now facing an onslaught of new competitors, growing share-of-wallet can be challenging. So how are leading grocers remaining competitive in this evolving landscape?
In a recent Progressive Grocer article, APT VP Jeff Campbell discusses the following five strategies that grocers are experimenting with to encourage customers to frequent their stores to spend their grocery budget:
- Targeted promotions
- Expanding gourmet and specialty assortments
- Adding pharmacies and gas stations to stores
- Offering bounce-back promotions
- Enhancing the in-store shopping experience
Campbell writes, “With so many opportunities to bolster customer loyalty and drive store traffic, it can be difficult to decide which of these strategies is right for your business. Some will work well, and some will be added expenses with no added benefit. To accurately evaluate each new strategy, grocers should rapidly and rigorously test them in market. This approach—known as Test & Learn—not only helps companies make better decisions today, but also affords them the ability to try bolder ideas that can lead to additional market share and profits in the future.”
Read the full article here.