In today’s competitive supermarket industry, it’s never been more important to get the edge. With a number of threats facing the industry, such as the rise of online retailers and food delivery businesses, it’s becoming harder than ever to get the advantage over the competition. Despite the challenges facing supermarkets, there is plenty of opportunity to thrive and expand by delivering the best customer experience possible and protecting risks through measures such as supermarket insurance. Today, we explore how you can get the edge in the supermarket industry and continue to grow into the future.
Automation of the industry
In the age of digitisation, it comes as no surprise that the expectations of customers are changing. Increasingly, customers are turning to online shopping options to optimise convenience and limit time spent in-store. For supermarkets, this means looking into embracing online availability of products and looking into delivery or in-store collections options for stock. In the rapidly changing world, embracing digital advances means you’re better placed to keep up with customers. Automation can have additional advantages for supermarkets – new programs allow for the guesswork to be taken out of once time consuming activities such as ordering and stocktake.
Take creative risks
These days, there are a number of ways that supermarkets can create a point of difference in-store which differentiates from the competition and many supermarkets are embracing the opportunity to be creative. For example, you could develop a section in-store which offers fresh meal options for take-away and a seating area to allow for people to eat lunch. Many supermarkets are also offering small café areas where coffee and café food items can be purchased. By taking creative risks, you open yourself up to a wider demographic and provide more reasons for customers to visit your store.
Create a customer experience
These days, customers are far more savvy and have high expectations when it comes to their retail experience. Supermarkets are not immune to this shift and steps must be taken to enhance the customer experience in-store and online. Gaining an understanding of your customer demographic through measures such as targeted market research can help you meet the expectations of customers for greater engagement. For example, your customers may show an increased demand for healthier food options which can then be introduced to the store. It can also open up opportunities such as a private label for the supermarket which responds directly to the customer demographic.
Focus on employees
Part of creating positive change within supermarkets is enhancing the experience for employees, as well as customers. An increase in staff training and a focus on retention allows supermarkets to place more emphasis on fewer but higher performing staff members. Well trained and experienced staff are better placed to respond to the needs of the customers and reduce frustration during busy periods. Along with increased training opportunities, offering competitive pay and career pathways can further assist with quality staff retention.
Managing financial risks
Supermarkets, like other retails businesses, are vulnerable to a range of risk scenarios which can have a significant financial impact if not addressed. As part of your overall risk management strategy, it’s important that you have comprehensive insurance cover in place to protect your risk exposures. Just some of the forms of insurance which are relevant to the supermarket industry include:
- Property Insurance (building, contents and stock)
- Public and Product Liability
- Machinery Breakdown
- Theft and Property Damage
- Workers Compensation Insurance
- Cyber Insurance
- Business Interruption
- Glass Cover
- Commercial Property
- Electronic Equipment
For more information about the best insurance for your business, speak to your insurance broker today.