Connected store and blended shopping among 2024’s key retail media trends, according to new report
- Five key trends will hit a ‘tipping point’ this year, forcing consumer brands and media agencies to adapt and evolve.
- ‘Digital shelf’ will play a growing role in store-based buying decisions.
- Full-funnel measurement and cross-functional teams emerge as key priorities.
15th January 2024, London | The trends that will define the shape of Britain’s retail media industry in 2024 and beyond are the focus of a new report, published today by Tesco Media & Insight Platform, powered by dunnhumby.
The report, entitled Shape What Britain Buys 2024, identifies five major themes, each of which is expected to play a significant role in driving the development of retail media strategies and tactics over the next 12 months.
Drawing on extensive insights gleaned from the buying habits of more than 20 million households nationwide, Shape What Britain Buys 2024 aims to help consumer brands and media agencies plan effectively around changing consumer behaviours and emerging trends.
The five trends highlighted in the report are:
- The connected store, and why smart brands are using it to build deeper relationships with customers.
- Continuous commerce, and the need for brands to be ever-present in shoppers’ lives.
- Blended shopping, and the digital shelf’s growing influence on in-store purchasing decisions.
- Full-funnel measurement, with brands being increasingly keen to show results that go beyond short-term return on advertising spend (ROAS).
- Structural exploration within retail media teams, with brands and agencies bringing specialist skills together to enhance their overall capabilities.
“Something doesn’t need to be new to be important,” says Stacy Gratz, Media Managing Director at Tesco Media & Insight Platform. “Some of the trends that we cover in Shape What Britain Buys are issues that brands and agencies are already well aware of. In 2024, though, we believe that all of these themes will reach a tipping point, one at which media and marketing professionals will need to think differently about how they do things.”
“One clear example of that is ‘blended shopping’,” continues Gratz. “The boundary between in-store and digital shopping has been getting thinner for some time now, but with many customers now buying across both channels, brands need to look again at how they engage shoppers as they shift between the two”.
“The retail media opportunity is growing bigger by the day, giving brands the ability to win with customers in what has become an intensely competitive environment,” concludes Gratz. “Whether they’re just starting out or already have a well–established retail media operation, Shape What Britain Buys provides a roadmap for anyone who wants to get the most out of that opportunity”.
For further information and to view the report, visit https://bit.ly/48Nnm2H.
About Tesco Media & Insight Platform
Tesco Media & Insight Platform is a partnership between Tesco, the UK’s largest grocery retailer, and dunnhumby, a global leader in Customer Data Science. Together, we always put the customer first.
Everything we do is fuelled by the insights generated via over 20 million Clubcard households, a diverse, nationally representative, first-party behavioural dataset. We empower brands with granular insights so they can identify their most important customers and understand what matters to them.
We help serve brands and their media agencies via a unique mix of technology, software, and insight and media products which collectively help provide customers with a more relevant and personalised shopping experience. As the UK’s largest closed-loop Grocery Media & Insight Platform we’re able to connect the dots between advertising exposure and customer behaviour across online and offline touchpoints to help brands take better product, marketing, and commercial decisions and understand the true impact of their investment.
dunnhumby is the global leader in Customer Data Science, empowering businesses everywhere to compete and thrive in the modern data-driven economy. We always put the Customer First.
Our mission: to enable businesses to grow and reimagine themselves by becoming advocates and champions for their customers. With deep heritage and expertise in retail – one of the world’s most competitive markets, with a deluge of multi-dimensional data – dunnhumby today enables businesses all over the world, across industries, to be Customer First.
The dunnhumby Customer Data Science Platform is our unique mix of technology, software and consulting, enabling businesses to increase revenue and profits by delivering exceptional experiences for their customers – in-store, offline and online. dunnhumby employs nearly 2,500 experts in offices throughout Europe, Asia, Africa, and the Americas working for transformative, iconic brands such as Tesco, Coca-Cola, Meijer, Procter & Gamble and Metro.