Millennials are the most likely shopper demographic to have their buying decisions influenced by Retail Media ads at the shelf-edge, the latest research from the Retail Technology Show (RTS), the industry’s leading event taking place on 24 – 25 April 2024 at London’s Olympia, reveals.
Original research of over 1,000 UK adults by RTS showed that almost half (47%) of Millennial consumers would be influenced to buy a new product having been served immersive, digital ads in-store, compared to 35% of average UK shoppers. A further 49% of Millennials said that retail media ads delivered in-store helped validate their buying decisions when shopping brands they already buy from, helping retailers drive greater brand engagement and loyalty amongst existing shoppers.
With the global retail media market already being tipped to grow to £100billion by 2026, retailers are accelerating their Retail Media Network (RMN) capabilities to tap valuable new revenue streams, selling advertising to 3rd party brands and agencies wanting to engage with customer audiences. With Currys launching its RMN, Currys Connected Media, in December as it looks to grow ad revenues, Co-op became the first convenience retailer to launch a retail media offer in January this year.
As UK retailers accelerate RMN capabilities, RTS’ research showed that already a quarter (25%) of shoppers have been influenced by retail media ads in-store, rising to 40% of Millennials and two fifths (38%) of Gen Z consumers. And this wasn’t just being witnessed in-store; a recent poll by Intellias showed that UK shoppers are now twice as likely to be influenced by ads served to them on the websites of retailers they already shop with compared with marketplaces. This underscores the power of ads served by ‘trusted’ brands, with research conducted by ADvendio suggested 50% of consumers now want to receive highly curated, personalised advertisements and brand communications from the retailers they already shop with.
Matt Bradley, Event Director for the Retail Technology Show, commented: “At the same time that 3rd party channels, such as search and social media, have become more competitive and expensive, brands and retailers are reporting diminishing levels of engagement and ROAS (return on ad spend) from what were once lucrative engagement platforms. With their sizable first party audiences and shopper insights into their customer bases, retailers can open up new engagement opportunities for third party brands with ‘conversion-ready’ shoppers, making RMNs an exciting and scalable new revenue opportunity.”
New strategies for acquiring, engaging and retaining shoppers will be a key theme within the RTS 2024 conference programme, with retail Publisher and Author, Miya Knights, chairing discussions with leading brands and retailers on the Marketing, Customer & Loyalty stage on Day 1 of the show. Holland & Barrett’s Director of Digital Loyalty, Jonathan Haywood will deliver a session on how retailers can build loyalty among price-sensitive consumers, while TikTok’s FMCG lead, Fred Fishlock, explores the role of the social media platform as an ecommerce tool.
Bringing together the brightest minds in retail with the most transformative technologies, the 2024 Retail Technology Show is a one-stop-shop for innovation, with 400+ innovators – from tech’s biggest players to fast-growth disruptors showcasing their transformative solutions.
To register to attend the Retail Technology Show for free, visit: Retail Technology Show 2024.
