Marketers everywhere are scrambling to adjust their consumer targeting strategies ahead of the death of the cookie. Big brands are exploring D2C models, niche brands are opening proprietary pop-ups, and new retail media networks are being launched every month.
Retailers like Kroger and Walmart have long been players in the media network space, and others like Albertson’s are jumping on the bandwagon as they realize how valuable their first party data is. We’re calling it now, with their access to loyalty card and POS transaction data, grocery retail media networks are the new table-stakes relationship brands must cultivate to win new customers.
The vast majority of investment in retail media networks (89.7%) is dedicated to online and ecommerce channels, but the power in leveraging these media networks is in creating a true omnichannel communication strategy. Utilizing both owned and open internet assets, retailers are bridging the gap between brand marketing efforts and consumer purchases. Properly incorporating this opportunity into a brand’s sales and marketing strategy will require the creation of solid annual retail plans that map out key selling seasons and the messages that will resonate most with consumers to drive to purchase.
For example, the pandemic shifted the start of many consumer journeys to mobile, but 70% still prefer shopping in-store for their weekly grocery run. Creating customized messaging that works throughout the shoppers online and offline journey will be key in the success of the annual retail plan.
While access to third party data is going away, grocery retailers are the next primary communication partner for the omnichannel consumer.