The Global Media Study for Both Retailers and Brands: Insights and Strategies for Success

In today’s highly competitive digital landscape, retailers and brands face the challenge of reaching and engaging with their target audiences effectively. To navigate this complex environment, understanding consumer media habits, preferences, and trends is crucial. Citrus Ad–Epsilon’s study, the largest global retail media study of both retailers and brands, provides valuable insights and strategies to help optimize marketing efforts and drive success. This article delves into the significance of the study, its key findings, and actionable steps that retailers and brands can take to leverage this knowledge.

Understanding the Largest Global Media Study Citrus Ad–Epsilon’s study surveyed 689 executives (471 retailers, 218 brands) in partnership with Phronesis Partners at mid- to large-sized companies in 12 countries, including India. With 38% of respondents as final decision-makers and 48% as part of the decision-making team, the study offers a comprehensive understanding of global retail media trends. It examines off-site retail media capabilities, targeting and measurement efficiencies, the importance of data collaboration, consumer experiences, and the top priorities identified by brands and retailers.

Key Findings 

The study’s key findings reveal crucial insights that retailers and brands need to consider when refining their media strategies. Firstly, only 37% of retailers currently offer off-site retail media capabilities, indicating untapped potential and missed revenue opportunities. Inefficiencies in targeting (43%) and disparate reporting (41%) were identified as top challenges, urging the need for improved efficiency in retail media networks.

Data collaboration emerged as a significant factor, with 70% of respondents emphasizing its importance to their advertising strategies. Nearly half (47%) of the participants reported actively developing data collaboration partnerships, while 37% already had such collaborations in place. However, retail media networks with multiple tech providers were seen to create inefficiencies and negative experiences for shoppers, as highlighted by 64% of respondents.

Top priorities identified by both brands and retailers include enhancing the advertiser experience and optimizing inventory. Additionally, the study highlighted concerns surrounding data leakage/privacy, with 72% of brands viewing it as a barrier to retail media adoption, while 71% of retailers expressed challenges in growing and scaling their retail media networks due to this risk.

Brands also emphasized the importance of measuring real performance and return on ad spend, with 70% identifying these metrics as the most crucial, surpassing total reach and incremental reach.

Actionable Steps for Retailers and Brands 

Based on the study’s findings, retailers and brands can implement actionable steps to address key challenges and optimize their media strategies. Retailers should focus on expanding their off-site retail media capabilities to capture additional revenue streams. By offering a variety of channel strategies, they can increase their reach and engage with consumers more effectively.

Improving targeting and measurement efficiencies is essential for retail media networks. Investing in advanced targeting technologies and establishing standardized reporting mechanisms can help streamline operations and improve overall performance.

Data collaboration partnerships should be actively pursued by retailers and brands, as they provide valuable insights for targeted advertising. By leveraging clean room technology and sharing data, both parties can optimize their advertising strategies and enhance customer experiences.

To address concerns about data leakage/privacy, retailers and brands should prioritize implementing robust security measures and ensuring compliance with privacy regulations. Transparency and trust-building initiatives can help alleviate consumer concerns and foster stronger relationships.

Measuring real performance and return on ad spend should be a primary focus for brands. By leveraging analytics tools and establishing clear metrics, they can gain insights into the effectiveness of their retail media campaigns and make informed decisions.

The global media study by Citrus Ad–Epsilon provides invaluable insights for retailers and brands seeking to thrive in the competitive digital landscape. By addressing the key takeaways of the study, such as off-site retail media capabilities, efficient targeting and measurement, data collaboration, consumer experience, and advertiser priorities, businesses can refine their media strategies for optimal results. Embracing these findings and implementing actionable steps will empower retailers and brands to reach their target audiences effectively and drive success.

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Disclaimer: Information mentioned here has not been verified or endorsed by Agency Reporter and is in accordance with the press release shared by the company or their appointed representatives.