Retail Media Networks are increasingly essential in how retailers and manufacturers generate revenue and reach consumers with targeted advertising. These networks are effective as shoppers grapple with inflation and demand deals from all retailers, not just their go-to stores.
For retailers, it’s a way to monetize and for brands, cements relationships with retailers and more directly reaches consumers in an omnichannel world. The change in Retail Media Networks has been significant in just the past few years.
I turned to John Carroll, president of digital commerce and advanced analytics for Acosta Group, for additional insights. Carroll, who held senior leadership positions at Coca-Cola and Procter and Gamble for 30+ years, brings a tenured career in CPG to Acosta Group – an agency collective aligning omnichannel retail, marketing, and foodservice agencies to provide seamless access to the company’s end-to-end solutions.
The company advises 2,500+ brand owners, including over 60 one-billion-dollar-plus brands and more than 1,100 local or entrepreneur-owned brands throughout North America and Europe. Acosta Group has several agencies with different strengths – for retail media, that’s Mosaic.
In his role, Carroll oversees Acosta Group’s analytics and omnichannel work, including helping brands with their overall digital commerce strategies. They specialize in executing one plan that connects the physical and digital shelves, bringing data, analytics, strategic insights, and creativity together to solve clients’ business challenges.
Carroll offers some interesting perspectives on the state of Retail Media Networks and what brands need to consider for the future:
Gary Drenik: Why are Retail Media Networks so important to retailers and what does the landscape look like today?
John Carroll: When it comes to retail – the last five years have been more disruptive than the last 40, due to a rise in technology, demand for shopper convenience and pandemic-driven change. Our Acosta Group shopper surveys show the majority of consumers now shop both online and in-store – more than half have purchased groceries online.
A recent Prosper Insights & Analytics survey adds 19% of consumers are buying online and picking up through in-store services, 18% use grocery delivery apps and 16% buy online for home delivery. Meanwhile, the other consumer half still shop in-store. Technology has changed shopping behavior as the route to market has become the “route to me,” with consumers choosing when, where, and how they shop for their weekly grocery needs.
Credit:-https://www.forbes.com/sites/garydrenik/2023/06/09/the-next-generation-of-retail-media-is-here-are-you-ready/?sh=317849b94525