The world is a dramatically different place than it was even a short decade ago, and the overriding influence continues to be technology, in its many forms and applications. Businesses have been heavily impacted in areas such as sensors, consumer insights, automation, AI – and none more significantly than the retail industry. Value is now being captured from new technologies across functions such as ecommerce, supply chain, store operations and customer engagement. No area has been untouched by the tech revolution, and the businesses that have embraced this boom continue to be more successful, with the ability to envision and act on opportunities faster than the competition.
When taking a deep dive into the retail industry, one sector has been revealed as surprisingly, yet heavily impacted by technology: grocery retailers. The explosive growth of online grocery shopping in 2020 / 2021 due to COVID-19 restrictions has re-invented the architecture of grocery retail, with fully automated replenishment software, micro fulfillment centers, advanced analytics and streamlined supply chains. With e-commerce now a substantial part of their business, grocery retail chains have built omnichannel solutions and corresponding tech platforms – no easy feat given the gaps between in-store and online commerce.
The data is in, however, and agile, digitally savvy grocery retailers that rely on new technologies will speed ahead of their competition. In fact, analysis shows consumer and retail companies that are embracing technology increased total returns to shareholders (TRS) at a compound annual growth rate (CAGR) of 14 percent from 2017 to 2020, while lagging competitors saw TRS fall by 5 percent CAGR. Clearly, technology is a key factor in the grocery retail sector’s formula for success.
Creating a real tech workforce is going to play heavily into this paradigm moving forward. To cope with underlying uncertainties and master new technologies, cutting-edge grocery retailers will need to invest in the right talent, and provide employees with ongoing training to fill skill gaps. The most successful organizations will develop a strong internal engineering workforce, complemented by flexible access to external talent in areas where it accelerates productivity or is critical to supplying scarce skill sets. Factoring in that consumer behaviors are changing faster than ever, with increasingly heightened consumer expectations, it makes sense for retailers to partner with experienced BPO / outsourcing companies like award-winning Anexa.
As a twenty-year veteran in the business process outsourcing field, Anexa can supply highly-trained specialists to manage your e-commerce space and help you double down on your digital opportunities. We work seamlessly with you to integrate all digital applications – whether your goal is to launch new products, develop and promote a new shopping app, a click-and-collect service or a scan-and-go feature – it’s our business to help you grow your online business.
Anexa’s technological capacity meets the needs of a tech-driven future, and businesses across all sectors are capitalizing on our experience and customized solutions. Our unique combination of multi-channel expertise, talented human resources, and cloud-based technologies can help to fill your organization’s skill gaps, leaving you in the driver’s seat where you belong.
Call today – Anexa.