The supermarket channel faces tough market conditions over the next five years.
The cost-of-living-crisis has seen shoppers turn to the discounters as they seek to stretch household budgets.
Although food inflation has started to come down, it is expected to remain above recent historical levels into the first half of 2024.
The discount and convenience channels will see their store footprints noticeably expand over the coming years, as retailers work towards ambitious store opening targets.
This increased competition for shoppers is expected to reduce footfall into supermarkets. Household incomes are expected to return to pre-cost-of-living levels by the end of 2026.
By this time, retailers will have also improved their online logistic capabilities and honed their quick commerce offerings, leading to higher online shopper numbers, according to IGD's UK Grocery Retail Market Forecast 2023-2028.
Morrisons is combating these challenges by collaborating with online partners such as Amazon and Ocado.
The retailer is prioritising the improvement of its brand recognition and accessibility by developing the right partnerships and offer into growth channels and categories.
By harnessing the power of its unique Market Street offer, Morrisons is driving loyalty, increasing share of consumer spend and; utilising an operating model that supports colleagues delivering excellent service as well as innovation to surprise and delight its customers.
Morrisons is also leveraging several quick commerce partnerships, including Deliveroo, Deliveroo Hop and Gopuff, enabling delivery in as little as 15 to 20 minutes.
At the Morrisons Trade Briefing on 3 October, Rachel Eyre, Chief Customer and Marketing Officer for Morrisons, will share how the company is giving customers more reasons to shop at Morrisons.
"In the last few months we have made some fundamental improvements to the shopping trip at Morrisons," she commented. "We've improved competitiveness and availability, introduced our new More Card loyalty scheme and unveiled our new brand campaign, 'More Reasons To Shop At Morrisons'."
Find out how Morrisons is unlocking growth opportunities at the 2023 Trade Briefing from IGD on 3 October in Harrogate, UK.
Full details and tickets are available at www.igd.com/Events/Morrisons-Trade-Briefing.
This article was written in partnership with IGD.