Grocery will be significantly impacted in 2023 by the expansion of retail media and the complete restoration of the in-store shopping experience. Shoppers will continue to be impacted by the lingering effects of inflation and the financial stress experienced by many consumers. After slowing down in 2022, e-commerce is expected to resume growth, and Kroger-Albertsons may signal a resurgence in sector M&A. Grocery stores will face competition from businesses in other industries that look to food to compete for consumers’ limited spending power.
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Retailers with established loyalty programmes may benefit most from a strong emphasis on price. Many consumers have resumed their pre-pandemic behaviour of comparing prices. According to reports, grocery e-commerce will continue to develop, albeit at a different rate. According to statistics from Kantar, 68% of US consumers in August stated they often purchase groceries online. Neil Stern, the CEO of Good Food Holdings, anticipates that growth will resume this year. Examples of how merchants are currently enhancing online orders include Sephora’s complimentary samples with online purchases and Target’s curbside pickup service.
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