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.
