Revolution in the eCommerce Grocery Sector
The next big thing in the ecommerce space is the grocery shopping sector, which is set to grow stupendously by 2020. In recent years, there has been a marked shift in the way consumers buy groceries. Based on existing trends, it is estimated that ecommerce grocery expenditure will hit $100 billion by 2022. According to reports by Food Marketing Institute and Nielsen, over 70% of U.S. households will rely on an online medium for shopping for groceries, which is an astonishing shift from 30% in 2018. Amazon is one of the eCommerce giants driving innovation in the ecommerce grocery sector thanks to convenience and speed of delivery. Organizations must keep up with this massive change and adopt alternative eCommerce strategies to stay ahead of the competition.
Omnichannel Ecommerce Grocery Shopping
Convenience is the key when it comes to ecommerce omnichannel grocery shopping. According to Nielsen and Rakuten, the current valuation of the omnichannel grocery market is over $1 trillion and will continue to grow at an enormous scale each year. Innovative features which empower consumers to search, research and buy at ease are going to set the standard for the organizations to stay ahead in this highly competitive space. Amazon’s Go stores or Walmart’s Click & Collect or Amazon’s Subscribe & Save are the game changers in the ecommerce arena that provide convenient and easy way online shopping. An omnichannel system opens up opportunities in terms of myriad of options and personalization for a seamless shopping experience.
Revamping Logistics and Supply Chain
Organizations have realized the importance of an efficient supply chain for meeting consumer needs by providing the freshest and highest-quality ingredients quickly. Platforms which can tackle the logistical challenges that arise can effectively compete with others in the market creating greater value for the consumers. Facilities such as reliable cold-storage and fulfillment centers situated near major populated regions, drone-delivery systems that reduce transit time and predictive analytics must be implemented to increase customers’ satisfaction and trust towards online grocery shopping. They also serve to minimize any wasted groceries.
Hype About the Internet of Things (IoT)
IoT has gained momentum in recent years on account of its effortless data exchange through embedded sensors via connected devices and its widespread applications across the value chain. The Consumer Packaged Goods (CPG) companies are one of the greatest benefactors of IoT technology, driving enhanced consumer engagement via implanted sensors in the products or services. With IoT on their side, organizations can now gauge customers’ deeper motivation based on behavior and upgrade their product designs or service models. This ensures improved customer experience and enhanced brand loyalty and retention directly affecting top-line growth.
Sales & Marketing Offerings for CPG
Our strategic partner, Tata Consultancy Services’ (TCS’) Sales and Marketing Solutions, serves CPG companies helping them fast-forward their sales journey, and improving ROI and product availability. They are primarily focused around business consulting, solution implementation, and support services to CPG clients.
Here are their key offerings:
- SFDC Solutions
SFDC (Salesforce.com) Sales, Service and Marketing Cloud Solutions propelling channel collaboration and insights to the sales force. - Trade Promotion Management Solutions
Consulting and implementation services operate promotion planning, execution, evaluation, and analytics while business process services drives claims and payment management. - Sales Force Automation Solutions
Automation services are implemented for managing store audits and planogram compliance while innovative retail activity optimization solutions are activated for order management and real-time planogram compliance.
Advanced Business Analytics Offering for CPG
For better visibility across business functions, CPG companies needs to collate data from various sources into a single dashboard. Our solutions partner, TCS' Advanced Business Analytics Solutions aids businesses with actionable insights.
Their Key offerings are as follows:
- Key Account Management Analytics for accurate forecast.
- Integrated Cost Analysis Platform for analyzing product- and customer-specific cost-to-serve for presenting customer-specific profit and loss reports.
- Marketing Effectiveness Solution for measuring program effectiveness on key parameters such as key volume drivers, gross rating point (GRP) and budget allocation.
- Integrated Business Insights for real-time decisions provide actionable insights after thorough data analysis.
- Consumer Products Business Intelligence for decision support.
- Data Ingestion Platform brings about data synchronization enhancing standardization capabilities utilizing Big Data and advanced cloud analytics solutions.