Retail Technology Show 2024 research: Millennials most likely shoppers to be influenced by retail media
Millennials are the most likely shopper demographic to have their buying decisions influenced by retail media ads at the shelf-edge, according to research from Retail Technology Show 2024, which is taking place on 24th and 25th April at London’s Olympia.
A survey of over 1,000 UK adults showed that 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% 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.
As UK retailers accelerate retail media capabilities, the research shows that 25% of shoppers have been influenced by retail media ads in-store, rising to 40% of Millennials and two fifths 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 at Retail Technology Show, comments: “At the same time that third 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 sizeable 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 brands and retailers on the Marketing, Customer & Loyalty stage on day one 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 e-commerce tool.
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