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Retail media trends for 2024

Out of Schaliona technology company specializing in digital shelf optimization (DSO) and in Retail Media Intelligence (RMI), We are observing the trends that will determine the retail media landscape in 2024 with enthusiasm and anticipation.

In this article, we explore how these trends can directly impact brand strategies, enrich the consumer experience, and increase the effectiveness of commercial efforts. We are proud to be part of the digital revolution and offer advanced solutions Retail Media to optimize your digital presence. Let’s look at some of the keys we believe will determine success in 2024.

The certainty of economic uncertainty

With inflation and great economic uncertainty, consumers are looking for options that ultimately become opportunities for brands. 72% of consumers expect the biggest price increases in the food and beverage categoriesaccordingly A study Produced by Deloitte. That is why a brand can position its products thanks to monitoring category prices and timely implementation of promotions.

On the other hand, analyzing developments in more mature markets is a good way to anticipate trends, which is why we cite the rise in private label consumption in the United States as an example. The results of the study “EY Future Consumer index46% of respondents said they have strictly limited their purchases to only essentials, and 69% find that private label products meet their needs just as much as any other brand. When defining product portfolios, evaluating product characteristics by price range for more complex categories or analyzing the competitors’ range based on their positioning in the price table can be very helpful.

The end of the status quo

Categories like electronics and fashion have always been the stars of e-commerce, with both together accounting for more than 40% of global online sales. This trend is showing early signs that we may be nearing its end. In the United States, eMarketer estimates that by 2026 Sale of grocery store reach first place with 19% of billing in the digital channel. This is a great opportunity for all categories such as: Food, drinks, pet food, household cleaning And beauty, among other things. Thanks to the continued proliferation of e-commerce, brands must learn to manage consumers’ limited budgets.

When it comes to the factors that most influence the decision to shop online rather than in-store, convenience prevails. In the above categories, there are still ways to improve the user experience to make the online shopping process more satisfying. Avoiding inventory, monitoring price discrepancies, ensuring that the content displayed is as accurate as possible (title, description, and photos), and monitoring reviews to maintain a high image are all avenues that food brands must deal with are presented to you in the online channel.

The introduction of AI

The right use of AI in marketing can give brands competitive advantages that were previously unthinkable. New ways of addressing target groups, creating content and personalizing messages are now possible without much effort. And while widespread use may be attractive for manufacturers, it is also attractive for users.

According to a survey by Euromonitor, More than 40% of consumers would be comfortable with voice assistants providing personalized recommendations, and 17% would also be comfortable using bots to ask questions about consumer services. This reflects the importance of adopting technologies that lead to improved user experience. A clear example is the beauty sector, where there is an increase in virtual fitting rooms with augmented reality, allowing shoppers to try out some products virtually. Determining how you want to communicate a product and what technologies you want to make available to the consumer can shorten the purchasing process.

Positive impact

According to him analysis As Euromonitor’s annual trends report shows, by 2024 consumers will become increasingly aware of the impact of their actions on the environment 45% of respondents expressed a sense of responsibility for climate change.

On the other hand, we must not forget the new consumer group that has entered the digital world with great influence. These are Generation Z, young consumers who shop on their mobile phones an average of three months a month. They are usually characterized by the fact that they place great value on experience, originality, sustainability and responsible consumption.

Green marketing will be a very successful way to communicate and promote products that are sustainable for the environment. So having access to a real-time benchmark could allow brands to be at the forefront of the message they want to convey and stand out from the competition.

Checkmate to brand shape

The concept refers to the connection between “brand” and “performance” and aims to generate sales through the positioning of the brand and the message in order to achieve recognition among the user. But that’s how it works? Based on our expertise in retail media, we believe that in recent years it has become even more important to make an impact in the initial consideration phase than in the familiar phase ‘Consciousness’ of Customer journey.

A report from McKinsey from 2017 have already checked the effectiveness of customer loyalty strategies. The results were surprising: 87% of respondents compared prices before purchasing, compared to 13% of loyal respondents. In addition, 58% also said they had no concerns about changing brands (“switchers”).

This is where retail media comes in as the most effective strategy to get into the initial consideration phase. Did you know that 69% of products purchased by “switchers” were included in the initial consideration phase? Shopping trip?

Diploma

These trends are nothing more than the crystallization of the results of previous years, on which future perspectives are based.

Recently, the speed of technological change has outpaced the ability of brands to respond. This is why at Shalion we accompany our clients in analyzing all the KPIs that make up the retail media framework, since the most common challenge for brands is to be visible in a market digital shelf dynamic and in constant bidding.

Communicate the right message, position products in the appropriate price range, implement technologies for a better user experience, influence the consumer at the right moment of the consumer journey, offer promotions according to the category, monitor consumer opinions to improve their perceptions to know These are just some of the challenges that e-commerce presents.

And what about him? budget Assigned to Retail Media? Unification of metrics is required to evaluate results. Invest in Advertisement, Promotions, Words Notice And shelves must have its correlation Visibilityand without forgetting that what competitors do also affects the final equation.

We invite you to learn more about our solutions and that the time and money invested in Retail Media will be reflected in your leadership role in the industry from now on! Find us on our website www.shalion.com

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