Decoding the Data: August 2024

Harness the power of our expert insights to connect data with decision-making, enabling your brand to thrive in every market.??

Explore more from Acosta Group's thought leadership here .?

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17.9?

The average number of loyalty program memberships held by U.S. consumers in 2023, a record high. (EMARKETER) ?

Our takeaway: Loyalty programs are valuable sources of consumer data, which is increasingly important for marketers as third-party cookies phase out. Retailers can use personalization and gamification to provide consumers with a more tailored, engaging loyalty program experience. CPG brands can collaborate with retailers to gain insight into consumer buying habits and use the data to offer highly tailored promotions or segment offers to high-value customers. Enhancing loyalty program engagement is a win for all involved.??

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23%?

The share of total sales generated by food and beverage for Target. (Fast Company )?

Our takeaway: Target plans to introduce up to 2,000 new food and beverage items this year, including the retailer’s private label brand and iconic and emerging national brands. The ability to adapt and innovate in Target’s growing food and beverage assortment is essential. Ensure your products stand out by reviewing your omnichannel presence across all touchpoints. Is your digital content engaging and optimized for compliance? Are you utilizing Target’s new retail media platform, Roundel Media Studio, to increase visibility ? Share your innovation pipeline to reinforce what sets your brand apart from the competition. Highlight new products or flavors in development to let Target know what’s coming next.??

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20?

The average number of retailers that shoppers purchase groceries from each year. (The Wall Street Journal )??

Our takeaway: Today’s shoppers are value-driven and are willing to shop around for the best deal. Revenue Growth Management (RGM) can help optimize your product assortment, pricing and promotional efficiency to ensure your strategy aligns with consumers’ wallets. Consider a new approach to your marketing and trade spend models to attract more consumers and maximize ROI.?

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32.6%?

The percentage of U.S. internet users that are forecasted to be generative AI users this year. (EMARKETER )?

Our takeaway: Over 100+ million Americans use generative AI monthly—a nearly 900% increase from 7.8 million in 2022. The explosive adoption of AI into existing applications like Google allows brands an easier path to create personalized and interactive shopping experiences. Brands can win over consumers through tailored product recommendations and customer service, dynamic ads and gamified challenges that also drive sales.?

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55%?

Grocery shoppers who have bought more private label brand goods over the past year, compared to 28% who did so with name brands. (FMI )?

Our takeaway: While roughly a quarter of shoppers said they cut back on buying name brands, only 5% said they did so for private brands. National brands need to make their value pop! Highlight quality, innovation and brand values through eye-catching packaging and marketing. Get creative with unique promotions such as bundling or exclusive offers to boost sales opportunities. Keep your digital content sharp and searchable to prevent private labels from nibbling away at your market share.??

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$35.5B?

2024 fresh food sales in traditional grocery stores, down from $38.9B in 2020 and $36.1B in 2023. (Circana )?

Our takeaway: Inflation is putting pressure on consumers to eat more at home, presenting traditional grocery stores with a golden opportunity to win over budget-conscious consumers. To effectively meet this demand, grocery stores should focus on offering simple, convenient meal solutions that deliver great value. Consider pairing brands with freshly prepared options to create innovative meal solutions. We can help you make these valuable connections and maximize your brand’s potential.?