How is COVID-19 Impacting the Grocery Industry Around the Globe?
With the COVID-19 virus disrupting the global balance of supply and demand, the essentials aren’t being taken for granted. As the tragedy continues to develop, all eyes are on the grocery industry.
The virus is putting a major strain on every business arena, but the stress is particularly high for grocers. In a time where nearly everything is temporarily closed except for food markets and medical facilities, the global grocery module is being put to the test.
All the lessons that we’re learning during COVID-19’s unprecedented circumstances won’t be long forgotten. The massive amounts of new data, analytics, and possibilities that are coming into play are set to transform the way grocery stores operate forever.
Let’s explore what the experts are saying about how the grocery sector will be affected by COVID-19.
The Current State of Groceries
Being the most-visited destination for people during COVID-19, grocery stores have a lot on their plates. Grocery stores are experiencing high volumes of customers, staff members are working hard to support their communities, and the restocking schedule is, for many, totally amiss.
Grocery stores are adapting to this high-tension scenario with creative, on-the-fly solutions to stay above water in the constantly-changing playing field of COVID-19.
In efforts to keep the elderly population safe, many stores are establishing senior-only shopping times to limit the interactions between high-risk individuals and the masses.
Purchasing limits are being enforced on items that are selling out faster than stores can restock. In a time where toilet paper is unexpectedly hard to come by, many retailers are applying a one-item-per-person restriction to prevent an unfair distribution of these high-demand goods.
Curbside pickup and grocery deliveries are helping people abide by social-distancing protocols and stay-home regulations. This tech-powered move is enabling the grocery industry to keep business flowing without putting the public at risk.
Lessons to Hold On To
The research analysts at Deloitte covered the potential long-term impacts that COVID-19 will have on the grocery industry and food market in their recent Consumer Report.
According to the data, the biggest takeaway from all this will be a shift in consumer behaviors – especially for those in the high-risk demographics. With the impacts of COVID-19 highly exacerbated for the 50+ population, online grocer and delivery models are creating a safe way to shop – now and into the future.
Another big change for the grocery industry emerging from COVID-19 will be a restructuring of the supply chain. With the current set-up already ripe for change, the supply chain is expected to go through an intensive restructuring to find a stronger baseline for operations.
A Smarter, Safer Grocery Store
All in all, the collective psychology is going through a major shift as a result of COVID-19. We’re able to see where our industries fall short, what needs to be improved, and why preparedness is the best way to ensure and secure longevity, profitability, and sustainability.
The global grocery industry will be transitioning into a new era imbued with technological advancements and cutting-edge practices to better serve communities, countries, and humanity as a whole.