Retail Technology: Moving forward profitably

Leveraging technology can provide grocers with a competitive advantage.

For many retailers, however, the critical question is which technologies to implement if they’re to move forward successfully.

“The downside is not the initial investment,” says Bruce Peterson, CEO of Peterson Insights, Inc. in Bentonville, AR. “The question is, at what rate does it become antiquated? Technology is changing so fast—that’s the big gamble with respect to all of these technologies.”

His advice for small- and medium-sized grocers looking at digital tools is to first determine if they’re at a competitive disadvantage.

Then, prioritize what’s most important to the retailer’s customers and determine if implementation can be done in-house or through a third-party provider.

David Bishop, partner at Brick Meets Click in Barrington, IL, agrees, noting grocers “must understand who their customers are—why do they shop with you?”

He recommends adding technology incrementally and building more communication with customers.

One thing is certain, Peterson notes: “The digital environment is here to stay. It’s a brave new world.”

This is an excerpt from the Applied Technology feature in the July/August 2022 issue of Produce Blueprints Magazine. Click here to read the whole issue.