Last week, the Syndigo team joined over 7,500 retail leaders in Las Vegas for GroceryShop 2023 to explore the latest trends shaping the future of the grocery industry. The conference provided strategic perspectives on topics including AI, personalization, customer loyalty, technology, sustainability, supply chain, and much more.
Top Industry Challenges
Based on the topics of conversation from the stage and on the show floor, both speakers and attendees discussed a variety of challenges facing the industry today, along with ways to tackle them.
Delivering an outstanding unified shopping experience
Tap into data and new technologies like generative AI and shoppable video to transform different parts of the shopper journey and deliver the experiences that consumers expect. With the ongoing growth of omnichannel shopping (now referred to as ‘unified commerce’), it’s critical to connect the consumer across digital channels and bridge online and in-store shopping.
Implementing capabilities that drive efficiency and future-proof organizations
Some of the latest digital capabilities that combat industry challenges produce significant efficiencies and transform key parts of grocery and CPG organizations. This includes implementations of automation, AI, computer vision, and business process improvements.
Pursuing new growth opportunities for long-term success
These include driving new revenue for retailers and brands, such as retail media networks, white-label technology solutions, health and wellness services, private labels, and food service offerings. There is also fierce competition to partner with multiple grocery delivery services for access to current and new customers.
Establishing mutually beneficial partnerships
Maximize value with technology vendors, suppliers, customers, and other partners through closer collaboration. Explore how you can make these relationships more productive.
Setting up an organization to win
Many winning businesses are restructuring their teams and processes to better share data and insights, unify the organization, and equip their workforce with new tools. Have you recently reviewed what’s working and what needs improvement?
Marketing Trends & Strategies
The 2023 GroceryShop event highlighted some of the more innovative ways to gain share of shopper mind and wallet.
New platforms and channels are driving shopper engagement
Retailers and brands are expanding into virtual environments, fostering customer relationships on emerging social media channels, and branding on streaming platforms to connect with consumers in engaging, fun, and authentic ways. They’re also investing in tools such as shoppable video and generative AI that improve interactions on third-party and owned platforms. These advanced solutions provide exciting new opportunities to reach target demographics through state-of-the-art touchpoints.
Innovative ways to keep customers loyal
With higher prices and tougher competition, keeping customers loyal is tricky – but retailers and brands have data and new capabilities to set themselves apart, drive repeat purchases, and grow customer lifetime value. Ongoing experimentation with a variety of new loyalty-building strategies is essential to keep this momentum growing.
Finding the best digital marketing mix
The rise of retail media and connected TV offerings offer new ways to reach consumers. Crafting the ideal digital mix means picking the right channels and measuring what works to justify budget allocation. This is critical because online customers are two to four times more valuable than in-store shoppers.
Brand perspectives on retail media strategies
Retail media is a big deal! Forecasts call for digital ad spending on this emerging channel to increase nearly 20% in the US in 2024, skyrocketing to a total of $61 billion. However, marketers want more standardized ad measurement and attribution models to connect in-store and online retail media. Evaluate your current retail media network performance and experiment with new ways to maximize campaign success.
How Syndigo Can Help
Trusted by 14,000 retailers and CPGs worldwide, Syndigo’s unified solution connects the needs of brands and retailers to deliver product content and related data so products get to market faster, enjoy sales growth, and meet ever-changing retailer content requirements with ease. From the largest two-sided global network of brands and recipients to creating customer-centric enhanced product experiences, we have you covered!
With Syndigo, you can:
- Rapidly assess and modify content to optimize performance using our unique integration of analytics throughout the entire product lifecycle.
- Control all content and data flows at every aspect of the data and content lifecycle, so you gain efficiency, visibility, and control from creation to sale.
- Harness exponential data growth using our enterprise data suite that includes Product Information Management, Digital Asset Management, and our industry-leading Master Data Management that can connect product, customer, and location domains for scaling.
Prepare for Exciting New Opportunities
It can seem overwhelming to think about the many ways you can build closer relationships with your customers and attract new ones. But that’s good news! With the rapid pace of technological innovation, new solutions utilizing AI, enhanced content, media, data management, analytics, and more, you can improve your ability to meet buyers where they are.
The continued move toward unified commerce also underscores the importance of pursuing strategies and tactics that seamlessly connect brand experiences across digital and physical channels. GroceryShop 2023 provided valuable insights into what’s happening now and what’s coming next for grocery and CPG businesses. Are you ready?
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