“Grocery shopping has traditionally been an in-person experience, allowing consumers to personally select produce and assess the quality of products. However, with the rise of technology, this trend is shifting.
According to CBRE’s recent report on grocery store openings and sales, investments in in-store technology have led to a 5.3% increase in overall sales from 2020-2023. This has resulted in a higher demand for retail space.
The report also revealed that the top 30 grocery chains in the US have opened over 500 new stores since 2020 and plan to open at least another 80 by 2024. This growth is accompanied by increased funding for tech companies focused on improving the grocery shopping experience.
A survey conducted by Forrester found that many shoppers are already familiar with or interested in learning more about these technologies. Additionally, Supermarket News and Mercatus surveyed over100 grocery operators who indicated that technology plays a crucial role within their business strategy; however cost remains a significant barrier for implementation.
Furthermore,the use of self-checkout stations has led to unintended consequences such as increased retail theft rates reported by LendingTree -15% admitted stealing while using self-checkout,and44% said they would do it again accidentally or intentionally.These issues have prompted some grocers to limit or eliminate these stations altogether.
Despite challenges faced during implementation,grocers continue investingin technological advancementsas they recognize its potentialto boost salesand improve customer service.This interesthas caughtthe attentionof investors,resultingin favorable conditionsfor growthwithinthe industry.”
