Survey: Identifying Future Opportunities
From precision agricultural services, to pooling purchasing power with other retailers, results from our State Of The Industry survey show a number of future opportunities for enhanced profitability.
As part of the State Of The Industry report, we surveyed retailers to find out what they considered to be their most important business opportunities over the next 2 to 3 years. In the survey, respondents rated several areas on a scale from 1 (not an opportunity) to 5 (major opportunity). Here is a sampling of our findings:
- Agronomic Issues. Twenty-five percent of survey respondents said site-specific (precision) agricultural services and information (other than application) is a major opportunity for their business. View Chart
- Manufacturer/Purchasing Issues. More than 45% of our respondents indicated pooling purchasing power with other retailers was a moderate (4) to major (5) opportunity for their business. View Chart
- Market Issues. Growth driven by exit of other retailers in their market was considered by nearly half (48%) of respondents as a moderate (4) to major (5) opportunity for their business. View Chart
- New Business Models/Operating Efficiencies. Half of respondents said using the Internet as a way to improve customer relationships was a moderate (4) to major (5) opportunity for their business. View Chart
- Products. Only 13% of respondents said providing farm management/recordkeeping services has no opportunity for their business. View Chart
