Tuesday, 27 August 2019
The UK retail sector has undergone enormous structural change over the last few decades, due to technological enhancements and evolving consumer needs. How we shop and where we shop has changed, having implications for all those involved in the food supply chain. As the retail landscape continues to evolve, with competition intensifying, winning new shoppers is key for growth. The industry needs to prepare for the future by asking questions such as ‘what should I be doing to win new shoppers?’. At the upcoming AHDB Consumer Insight Conference (please click here to find out more and register), we will hear from James Walton, Chief Economist, from IGD to talk about what the future looks like.
How is the market evolving currently?
In 2018, AHDB released a report about the changing retail landscape. The key themes remain relevant and there are no signs of these needs slowing:
- Convenience is key for consumers and this goes beyond just location. Store formats are evolving, as well as grocery shopping online becoming more prominent (how consumers shop online is another topic on the agenda at the conference)
- Value for money is important, especially in the current economic climate. Discounters are benefitting from this, gaining significant momentum
- Offerings need a point of difference – own label and product tiering has allowed wider mass appeal
- Retailers have not only improved ranges but also layout to allow for an easier, more enjoyable shopping experience. Areas designated to world cuisines, specific meals, food-to-go and diets have aided navigation for shoppers
For the full AHDB report, click here and join James at the conference to find out the latest information.
What are the future trends?
IGD has identified five shopper trends that will have implications for retailers and suppliers over the coming years. Growth will come from retailers and manufacturers who understand and deliver on these changing needs: