Chicory’s Three Key Takeaways From Groceryshop 2024
It’s been a week since Groceryshop 2024, where some of the largest industry players in the retail and CPG space came together to share insights on the ever-evolving world of retail media.
This year, the increasing convergence of contextually relevant digital and physical commerce, specifically driven by RMNs, was one of the key insights that kept emerging.
Here are our three of the most impactful takeaways from the sessions:
1. Expanding Off-Site Retail Media
Industry experts emphasized the omnichannel experience, highlighting the importance of growing retail media beyond digital channels.
“Off-site media is essential to build on the established retail media foundation.”
Michele Roney of Mars United Commerce stated, “Off-site media is essential to build on the established retail media foundation.” This hammers home the importance of contextual media. Roney highlights how RMN off-site media has little to no value if it’s not supported by effective, contextually relevant targeting.
This is particularly important as CPGs seek to leverage mediums like social, connected TV, and organic search, while also reaching in-store audiences, given that 82% of transactions still occur in physical stores, according to a on-site media case study run by Mike Glaser, VP of Digital Commerce Marketing at PepsiCo.
Neha Mallik from Mizkan America noted that omnichannel marketing is a key driver of growth - with Gen Z shoppers often engaging with brands through apps and websites even while shopping in-store. In fact, our 2024 State of Online Recipes report showed that 75% of American consumers have at some point looked at online recipes on their own mobile devices while in a grocery store.
Key Takeaway:
Successful retail media strategies must take the omnichannel experience into consideration, highlighting on-site, off-site, and in-store efforts while still focusing on purposeful and contextually relevant audience targeting.
2. Driving Growth and Innovation in Retail Media Networks
The session Frameworks, Tactics, and Takeaways: Retail Media Capabilities that Satisfy Shoppers and Advertisers explored the innovations that are transforming RMNs into a powerful tool for brands.
Raquel Navarrski of General Mills noted that brands are focusing on balancing both reach and personalization, striking a medium between high impression counts while still maintaining contextual relevance.
One of the key challenges, she noted, is ensuring data transparency and consistent measurement, particularly when assessing return on ad spend.
Chelsey Alexander of Bayer Consumer Health pointed out that full-funnel opportunities are becoming increasingly essential. Building on this, Sean Ransenberg from H-E-B continued to touch on the importance of contextually relevant media and the impact it can have on the consumer experience, identifying personalized and relevant media as an opportunity for brands to blur the lines between ads and content.
Key Takeaway:
RMNs must continue evolving their overall capabilities, offering better and more consistent measurement standards, and an omnichannel approach that leans on contextually relevant, personalized media to enhance the holistic shopper experience.
3. The Future of Unified Commerce: A Seamless Shopping Journey
It’s becoming increasingly evident that creating a unified shopping experience across digital and physical spaces is no longer optional - it's a necessity.
In the session on Blending In-Store and Online Grocery, experts from Giant Eagle and SpartanNash discussed how they are bridging the in-store and digital gap.
Justin Weinstein of Giant Eagle reinforced that “meeting customers where they are” is critical in today’s market, and that contextually relevant, omnichannel marketing can significantly enhance the customer experience.
“The goal is to meet the customers where they’re at.”
Matt Van Gilder from SpartanNash shared that once a customer completes four seamless online grocery orders, they are 80% more likely to continue shopping online, further emphasizing the importance of fostering a streamlined, consistent consumer experience across channels.
Key Takeaway:
Streamlining the holistic consumer experience is critical. Omnichannel marketing that provides a seamless, valuable, and contextually relevant experience is key to customer retention and even driving future growth in grocery retail.
The Bottom Line
Groceryshop 2024 made it evident that the future of retail media lies in the consumer experience. Providing seamless, contextually relevant experiences that take the omnichannel shopper journey into consideration will be key for retention and growth. Success stories by industry leaders are already showing this to be the case.
In other words, Groceryshop 2024 showed the continuing development of contextually relevant, brand safe media on both off and on-site platforms will certainly shape the upcoming era of retail media.
Want to learn more about how retailers are driving off-platform impact with contextual commerce media? Read here about Chicory’s innovative ad suite for retail media networks.