What the Financial Industry Can Learn From Online Grocers
Over 75% of Americans shop online. A whopping three-quarters of the population buy clothes, diapers, dog food, or something via the internet. Yet Google says only 3% of grocery shopping down in America is currently done online.¹ Three percent. A meager figure when compared to clothing (58%) or electronics (48%).² So why should those in the financial industry pay attention to online grocery sales? Potential.
New research says the percent of grocery sales happening online is expected to triple in the next ten years. It is one of the final verticals that was thought to be ‘digital-proof’. That is, that consumers would never be willing or able to purchase their perishables in the same way they order new dress socks. The same research says that even among consumers who haven’t purchased groceries online before, when and if the time comes, they’ll consider their local brick and mortar as their first preferred option. The research also says while those consumers may not be buying online yet, they are shopping online. In fact, 50% of offline shoppers say they are influenced by digital.
Now, let’s replace all the grocery terms with things like account opening, loan application and others from the FI world and this certainly becomes a trend to keep an eye on. As grocers work to figure out how to shape the behaviors of early adopters, how to serve customers online in a way that replicates their in-person service and how to generate loyalty, the entire trend feels a lot like the place banks and credit unions have found themselves over the last decade and continue to find themselves today. As you consider your digital offerings, you may want to keep the product aisle in mind.
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