Description

Food retail is an incredibly competitive market. You know the drill; you wander into a supermarket and are instantly bombarded with a huge array of brands, offerings and in-your-face promotions.

That's because consumers today require choice; perfectly personalised products that cater to their different and varied needs. 

People are unique; their wants, needs, preferences, lifestyle choices and living situations all vary greatly and therefore require products that suit each specification. 

For brands and food retailers, that's where market segmentation comes in. 

Market segmentation has always been apparent in the trade and commerce industries, but as markets have expanded and demand has increased, companies, products and services have grown en masse to a point where nearly every market is saturated. 

To combat this and remain visible in a rapidly growing environment, brands both big and small must consciously implement market segmentation in their strategies in order to survive and, hopefully, thrive.

This podcast discusses market segmentation in the food industry, delves into what segmentation is, how and why it’s used in the food retail industry and explores 8 common factors that affect consumer behaviour within this industry:  

1. Price
2. Habits
3. Efficiency
4. Cohabitation
5. Brand Loyalty
6. Health-consciousness
7. Luxuriousness
8. Responsibility

Additionally, this podcast will teach you 5 necessary points that food retailers need to utilise in order to create a streamlined omnichannel experience and how to action them:

1. Analyse the end-to-end experience
   Regularly look at your consumer data and assess each touchpoint and pain point they experience.
   
2. Utilise the ‘home-store’ approach
   Make sure your website or app has all of the same products, branding and general amenities that customers could find in-store.
   
3. Make the physical-digital
   Consumers today are aware of the improved efficiency that digital has to offer; make a point to transform the historically physical elements into digital ones - this means loyalty programmes, coupons, price comparisons and more.
   
4. Focus on seamless mobility
   Provide options like predicted suggestions, filters and breadcrumbs so that your customers' shopping experience is simple and seamless.
   
5. Be flexible
   One of the primary reasons consumers shop online is convenience; make sure that your options aren't rigid and that you can cater to your customers around the clock. 

There are also plenty of handy facts and statistics from industry experts to keep you in the know. 

If you haven't already, you can download your very own free digital copy of the guide right here:

Market Segmentation in the Food Industry

If you liked this podcast, then you can subscribe for free via any podcast app or on Spotify. Feel free to share with a friend if you feel they might enjoy it! And don’t forget, you can find other resources like guides, videos, blogs and infographics over on our website at www.hurree.co. 

Thanks for listening!