Grocery stores need new ways to stay competitive, and self-service coin counters are a method of adding extra convenience for customers. This market segment is highly competitive because of the wide range of brands often available in a single region, resulting in tight price wars and low profit margins in some cases. In addition, consumer habits have changed since the recession, and this is driving further shifts for grocers. One of the best practices for smaller local grocery stores to meet changing demands is to implement a blend of supportive staff members and self-service features, according to an industry report from PricewaterhouseCoopers.
More competitors have sprung up in the market, and commodity prices have fluctuated. This makes it harder for grocers to succeed, especially in the face of lower consumer spending during the recession. Although food is a necessity, many people learned to spend less and better manage waste during this time, IDG Retail Analysis stated. This has made it even more difficult for grocery stores to bring in traffic.
Customer expectations are changing
One of the biggest challenges for the grocery industry has very little to do with competition or pricing; it's meeting shifting consumer expectations. E-commerce has significantly influenced the way people shop, and this is starting to have an impact on the grocery industry. Shoppers want the purchasing experience to be as convenient as possible.
While some stores may see this as a challenge because it has the potential to further reduce traffic, grocery brands can use this as an opportunity to add value and convenience in other ways, PwC suggested . The most important quality of a grocery shopping experience to consumers is the performance and value. Implementing coin counting machines is one way that grocery stores can supplement high-quality customer service to ensure shoppers return.
The study indicated that customer experience is now one of the top attributes shoppers consider when deciding which store to use. Offering customers additional services is a great way to build a lasting relationship. This experience can set a brand apart from other grocery chains in the area. In particular, self-service coin counters provide an additional benefit to busy shoppers because they eliminate the need to make a separate trip to the bank. Many of the challenges in the grocery industry will persist, and stores will need to find ways to adapt or risk being left behind by competitors.
May 12, 2014