Food retail is an incredibly competitive market. You know the drill; you wander into a supermarket and are instantly bombarded with a huge array of brands, offerings and in-your-face promotions.
That's because consumers today require choice; perfectly personalised products that cater to their different and varied needs.
People are unique; their wants, needs, preferences, lifestyle choices and living situations all vary greatly and therefore require products that suit each specification.
Market segmentation has always been apparent in the trade and commerce industries, but as markets have expanded and demand has increased, companies, products and services have grown en masse to a point where nearly every market is saturated.
To combat this and remain visible in a rapidly growing environment, brands both big and small must consciously implement market segmentation in their strategies in order to survive and, hopefully, thrive.
This guide, Market Segmentation in the Food Industry, delves into
what segmentation is,
how and why it’s used in the food retail industry and explores
8 common factors that affect consumer behaviour within this industry:
- Price
- Habits
- Efficiency
- Cohabitation
- Brand Loyalty
- Health-consciousness
- Luxuriousness
- Responsibility
Additionally, this guide includes 5 necessary points that food retailers need to utilise in order to create a streamlined omnichannel experience and teaches you how to action them:
- Analyse the end-to-end experience
Regularly look at your consumer data and assess each touchpoint and pain point they experience.
- Utilise the ‘home store' approach
Make sure your website or app has all of the same products, branding and general amenities that customers could find in-store.
- Make the physical-digital
Consumers today are aware of the improved efficiency that digital has to offer; make a point to transform the historically physical elements into digital ones - this means loyalty programmes, coupons, price comparisons and more.
- Focus on seamless mobility
Provide options like predicted suggestions, filters and breadcrumbs so that your customers' shopping experience is simple and seamless.
- Be flexible
One of the primary reasons consumers shop online is convenience; make sure that your options aren't rigid and that you can cater to your customers around the clock.
This new guide discusses the benefits of conducting market segmentation in the food retail industry; further explores each of the 8 key factors affecting consumer behaviour mentioned above and fully outlines how you can action the 5 necessary points that food retailers need to create a streamlined experience.
So, what are you waiting for? Download your free guide below:
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