Tesco’s rise in profits is particularly impressive given it has only been within the last month or so that some food costs have started to come down.

Moving forward,  can benefit hugely from the lucrative opportunity customer data presents, especially from its Clubcard scheme.

It will also be interesting to see how Tesco will use tech driven improvements such as AI to improve efficiency to create savings in operations. For example, an AI-powered smart trolley that can handle automatic scanning and payments would really appeal to consumers who have limited time and want to get in and out of stores quickly.

Tesco also needs to look at how they innovate with delivery models where consumers are expecting more. We might look to US retailers like Albertsons and Walmart who offer product suggestions, special offers and discounts as part of their delivery offering to customers.