LONDON--(BUSINESS WIRE)--dunnhumby, the world’s leading retail data science organisation, has published its landmark State of the Industry report, which gives a snapshot of the burgeoning Retail Media industry, and reveals that retailers who are not investing in building their own retail media eco-systems look set to miss out on their portion of a multi-billion dollar business.
‘Retail Media: State of the Industry’, examines how leading grocery retailers worldwide are increasingly turning to retail media to offset the increased costs and reduced margins of online shopping and covid responses. And with Forrester predicting the industry could be worth around $50bn by the end of 2022, it’s understandable that retailers are turning their heads.
But retail media is more than just high margins for retailers, explains Julie Jeancolas, Head of Media and Customer Engagement Products, dunnhumby: “With a high-intent, brand safe environment, CPGs and their agencies are increasingly moving multi-million dollar budgets to retail media. The combination of loyalty and purchasing data, and direct link between marketing spend and sales means a very attractive proposition for brands.”
Existing retail media offerings are lacking
But new research of leading media agencies and CPGs shows a low level of satisfaction across several notable elements of existing retail media offerings. Crucial aspects of retail media such as targeting, measurement, pricing, activation, and innovation were all cited by CPGs and agencies as areas in need of development that need attention.
“From ease of use and availability of data to dynamic pricing and cross-channel activation, we are hearing loud and clear from CPGs that many existing retail media offerings still have some significant room for improvement,” continues Jeancolas. “CPG marketing teams and their media agencies need a high degree of certainty that their marketing investments have made a direct contribution to sales, and many existing retail media offerings need to up their game to deliver this.”
The first true end-to-end retail media platform
The dunnhumby report and research come soon after the launch of dunnhumby Sphere, the end-to-end retail media platform, which allows retailers to scale and maximise their revenues from retail media, and advertising partners to benefit from enhanced collaboration and the ability to plan, book, measure and pay for campaigns across online and in-store channels.
dunnhumby Sphere is already being used by Tesco to power several of the retail media products offered as part of the Tesco Media and Insight platform, which allows Tesco suppliers and agencies to engage with customers and understand their evolving needs.
dunnhumby Sphere is launching in several stages, with modules including Digital Offsite, Digital Onsite Display, Store Media and Sponsored Product Ads coming to the platform throughout the year. For more information, visit dunnhumby.com/retailers/retail-media/dunnhumby-sphere/
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 over 2,000 experts in offices throughout Europe, Asia, Africa, and the Americas working for transformative, iconic brands such as Tesco, Coca-Cola, Meijer, Procter & Gamble, Raley’s, L’Oréal and Monoprix.
Learn more at www.dunnhumby.com