Supermarket Perimeter - October 2024 - 20

TALKING
Tech
In 2023, food retailers
devoted an average of about
1% (0.9%) of their total sales
- more than $10 billion - to
their technology budgets.
40%
15%
And promotions, price comparisons, and channel-shifting are key
areas of emphasis for meat shoppers, as The Power of Meat study
revealed repeatedly.
Of course, price isn't everything.
" While consumer decisions on where to shop are influenced by
price, their choices on which items to buy are influenced by quality and
appearance, " according to FMI. " Consumers are insisting on the best
items - from cuts of meat to pieces of fish. The upshot is that both
price and quality need to be key strategies for the fresh industry. "
Eye on technology
Companies are eyeing technology applications to enhance workforce;
ecommerce; analytics; customer experience; and assortment,
according to the study.
Fresh food retailers and suppliers are accelerating investments in
existing solutions and experimenting with new opportunities.
Technology is helping to support a range of functions for fresh foods
operations, including inventory and demand/production planning and
foodservice ordering and delivery. Meanwhile, across the food industry,
more than 40% of food retailers and nearly 70% of food suppliers are
using artificial intelligence (AI) for applications.
Retail media networks are currently used by 87% of suppliers and
about a third of retailers - a number expected to increase.
Technology is also helping to support a range of functions for
fresh foods operations. Forty percent of responding retailers said
their organizations used technology solutions in 2023 for fresh foods
inventory and demand/production planning - compared to only 20%
the year before.
Another 15% said they are planning to use these solutions in
the future. Meanwhile, 35% made use of technology solutions for
foodservice ordering and delivery, and 21% are planning to do this in
the future.
20 - OCTOBER 2024
supermarketperimeter.com
35%
40%
made use of technology solutions for
foodservice ordering and delivery, and 21% are
planning to do this in the future.
of food retailers and nearly 70% of food suppliers
are using artificial intelligence (AI) for applications.
68%
1.9%
85%
expect their technology expenses to increase in
2024, with 7% anticipating they will increase a lot.
(almost twice the share of sales) spent by
suppliers on technology as food retailers and
are somewhat more optimistic about the impact these
investments are having on their bottom lines.
expect to increase their technology investments
in 2024.
of responding retailers said their organizations
used technology solutions in 2023 for fresh
foods inventory and demand/production planning -
compared to only 20% the year before.
said they are planning to use these solutions in
the future.
littleny, Seventyfour - stock.adobe.com
http://stock.adobe.com http://www.supermarketperimeter.com
Supermarket Perimeter - October 2024

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