Groceryshop 2023 Concludes with AI and Retail Media Taking Center Stage
23 sept 2023
During Groceryshop 2023, which brought together a diverse array of retail, CPG, and tech companies to discuss innovation, we observed two prevailing themes that permeated nearly every conversation: AI and Retail Media.
The realm of Retail Media Networks has recently achieved a remarkable level of maturity, representing a big opportunity for the industry. Retail Media has experienced exponential growth, mirroring the evolving engagement dynamics across the sector. Projections indicate that digital ad spending on retail media is poised to surge by nearly 20% in the United States by 2024, reaching a staggering $61 billion and accounting for 20% of digital ad expenditure. Retail media offerings are fundamentally reshaping the relationship between brands and retailers and posing new challenges that the industry must confront.
At Northfork, we recognize and embrace this transformative shift. We are forging partnerships with industry giants who share our vision of enriching consumer experiences, whether through precision-targeted meal plan advertising or our specialized recipe shopping technology.
Another prominent topic dominating discussions at Groceryshop 2023 is Generative AI. While the potential applications of this technology appear boundless, retailers and brands must regognize and prioritize those AI applications that will create the greatest value for their organizations. For instance, in the grocery sector, this technology can be harnessed to engage customers with personalized and tailor-made experiences driven by AI or to facilitate more efficient marketing strategies.