For many grocers, tech investments aren’t yet paying off

By: Trademagazin editor Date: 2022. 09. 12. 08:26

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Seventy-three percent of retailers say they’re continuing to invest in and experiment with technology to boost the shopping experience, according to a recent survey of retail executives conducted in the second quarter by the Food Industry Association (FMI). However, just 39% of respondents said their overall technology investments have had a positive impact on their businesses. Seventy-three percent of surveyed suppliers, on the other hand, said technology investments are paying off for their companies.

The survey, which is the 74th edition of FMI’s annual “Retail Speaks” report, was the first to include input from manufacturers

FMI’s survey found that retailers are investing in technology to enhance the shopping experience and increase accuracy and efficiency in their operations. But many of them aren’t yet satisfied with the results they’re seeing.

When it comes to improving the customer experience, 88% of food retailer respondents said they’re investing in technology to personalize the shopping experience, while 46% said they’re focused on making checkout faster and easier with offerings like scan-and-go technology and mobile payment systems.

On the operations side, a little over half of the respondents said they’re using or plan to use technology to help manage their fresh inventory, and around the same amount said the same for dynamic pricing software. Forty-four percent said they currently have electronic shelf labels in their stores or plan to install them.

The survey, which is the 74th edition of FMI’s annual “Retail Speaks” report, was the first to include input from manufacturers. It found that suppliers spent significantly more on technology in 2021, investing 3.3% of their total sales in this area versus the 1.3% of total sales that retailers spent. Nearly three-quarters of suppliers said their technology investments have made a positive impact on their businesses.

Grocery Drive