Grocery Media Networks Represent an $8.5 Billion Opportunity to Drive Growth
Friday, October 25, 2024
68% of grocers say investment in a media network is a high priority, according to new Grocery Doppio study
JACKSONVILLE, Fla., Oct. 24, 2024 /PRNewswire/ -- The State of Digital Grocery: In-Store Media Monetization study by Grocery Doppio, conducted in collaboration with RRD, developer of nCountR®, reveals retail media is an $8.5 billion opportunity for U.S. grocery retailers to boost growth and margins.
The survey of over 100 grocery executives with digital media decision-making authority unveils insights from the current state of retail media networks, with a particular emphasis on in-store integration.
Recognizing the potential of leveraging both digital and in-store real estate for targeted advertising, grocers are looking to strategically integrate digital channels with the physical store experience. Nearly 70% of respondents believe in-store media capabilities provide a competitive edge over third-party platforms (like social media or search engines). Physical stores not only attract more foot traffic but also enhance engagement by incorporating digital elements into the shopping environment and customer interactions.
"The potential for in-store retail media networks to drive revenue growth across the grocery sector is limitless," said Hans Fischmann, vice president and general manager, nCountR by RRD. "Grocers are uniquely positioned to personalize the shopper experience, enabling them to accurately measure return on ad spend and strengthen their bottom line--especially during a time of prolonged inflation and increased competition for share of wallet."
Additional findings supporting growth opportunities for grocers include:
-- Retail media networks represent a universe that includes both online and
offline elements. 87% of respondents say it's important to tie in
digital channels and the physical store for media monetization. Almost
all (93%) CPG brands surveyed by Grocery Doppio in Q2 want the ability
to tie in digital and store engagement for a complete view of the
shopper journey to inform their decisions on ad spend.
-- The number of retail media networks will double in the next 18 months.
68% of grocers say investment in a media network is a high priority. For
speed to market, 97% of grocers will deploy a white-label or third-party
solution.
-- Holistic omnichannel integration, network scale, and talent are needed
for retail media integration success. Retail media monetization has
emerged as a C-level priority for 73% of grocers and 88% say media
monetization is a top growth priority. However, the study warns grocers
face a short window of execution and that a meticulous strategy and
execution is needed to achieve seamless digital-store integration,
compelling content, and measurable ROI.
-- Media networks have been positively received across all shopper
demographics. Most shoppers (61%) surveyed in a Q2 Grocery Doppio study
said they found the in-store media content useful, with 73% of
millennial respondents saying it had a positive impact on their overall
experience. There's also been a 38% increase in shopper engagement with
in-store media.
"To align with consumers' omnichannel habits, grocers are making their in-store retail media visible and measurable. Gaining a holistic view of the shopping journey benefits retailers, brands, and consumers alike," said Gaurav Pant, Chief Insights Officer at Incisiv.
To learn more, download the full report at State of Digital Grocery: In-Store Media Monetization
About Grocery Doppio
Grocery Doppio is an independent source of grocery insights and data designed to help grocers jumpstart, accelerate, and sustain digital growth. Each month, Grocery Doppio brings together rich, research-driven grocery content, fact-based observations, inspiring perspectives, and deep performance benchmarks that identify improvement opportunities for grocery retailers. Learn more at https://www.grocerydoppio.com.
About RRD
RRD is a global provider of marketing, packaging, print and supply chain solutions. The company delivers end-to-end solutions, effectively targeting and transforming customer touchpoints into moments of impact. Through a global network of resources, creative execution, proprietary technologies, and measurable media, RRD influences engagement across the entire customer journey.
Media Contact:
Dan Dyer
For: Grocery Doppio
513-478-7818
385331@email4pr.com
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SOURCE Grocery Doppio
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