Global Study Finds 85% of Grocery Retailers Lack Capabilities, Technology and Expertise to Use Insights to Monetize their Data and Drive Customer Experience
dunnhumby today released The Future of Retail Revenues Must Be Data Led, a November 2019 commissioned study conducted by Forrester Consulting that found 85% of grocery retailers globally lack the capabilities, technology, people and processes to use insights to monetize their data and drive customer experience in the $5.9 trillion1 worldwide grocery retail market. Despite the apparent barriers, the majority (85%) of global grocery retailers view growing revenues as their top priority in 2020, and plan to do so by improving their use of data insights to develop customer strategies (84%) and to make business decisions (82%).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191119006170/en/
dunnhumby: Statistic from commissioned Forrester study on achieving revenue growth in grocery retail (Graphic: Business Wire)
“The global grocery market is in a fight for survival against pure play and other non-traditional competitors, who are further squeezing razor-thin margins,” said David Clements, Global Retail Director at dunnhumby. “We commissioned this study to better understand why so many retailers aren’t taking advantage of new revenue streams, while improving the shopping experience for their customers. We believe the study findings highlight the growing importance of the role of customer data in attaining sustainable growth.”
Key findings from the study include:
- Just 15% of global grocery retailers are Leaders, differentiated by data-led customer strategies for growth and improved supplier relationships, while the majority are lagging behind. Forrester uncovered three levels of maturity in grocery retail: leaders (15%), intermediate (55%) and novice (30%). Leaders set themselves apart by showing improved CPG supplier collaboration with 1) sharing customer data insights, 2) providing insights and measurement solutions to support media planning, and 3) negotiating retail media placements as part of their annual trade agreements. Regionally, retailers in the United States, Brazil, Italy, United Kingdom, and Thailand standout as early leaders in developing customer strategies that drive revenue growth.
- 96% experience challenges trying to use data to develop customer strategies to drive growth. Retailers are facing several obstacles including an inability to harmonize data and derive insights across channels (36%), an inability to develop a holistic view of customers (31%) and a lack of necessary technology and skills (31%).
- Most grocers are not capitalizing on the revenue potential of customer data and instore/online media channels. While 53% of respondents use customer data, such as from loyalty programs, to make decisions about customers, less than half use other sources, such as social media (49%), point-of-sale (49%), mobile app (46%), promotions data (46%), customer location (43%) and web metric/clickstream data (43%).
- Majority of grocers leave money on the table by not monetizing media assets. Only 42% of grocers are currently selling branding opportunities on their website and only 37% offer media placements in-store and on their print media. Only 31% of grocers are selling branding opportunities on their mobile apps except for Brazil (49%), China (47%), and Spain (38%) where apps are used more frequently.
- 96% of grocers who offer media opportunities for CPG suppliers on their apps saw an increase in revenue over the last 12 months, with 40% seeing an increase of more than 10%. In addition, 92% of firms offering ads and branding opportunities on their websites saw an increase in revenue from this channel.
“Time is of the essence for grocery retailers to activate the data they already have to improve the customer experience and create new revenue streams that can support their businesses into the future,” said Clements. “There is a significant amount of untapped revenue in grocery. Those that unlock the potential of their data and media assets, and improved supplier collaboration, will thrive. Retailers that fail to adapt will fall behind in the increasingly competitive marketplace.”
The full study is available for download now at: https://www.dunnhumby.com/resources/reports/forrester-future-retail-revenues-must-be-data-led
In July 2019, dunnhumby commissioned Forrester Consulting to evaluate data-driven consumer strategies, and the growth of data and media monetisation in grocery retail. As part of this, Forrester conducted a global study with an online survey of 613 respondents and 13 interviews with decision makers involved in the strategy and management of data analytics and/or customer strategies at grocery firms globally.
dunnhumby is the global leader in Customer Data Science, empowering businesses everywhere to compete and thrive in the modern data-driven economy. We always put the Customer First.
Our mission: to enable businesses to grow and reimagine themselves by becoming advocates and champions for their Customers. With deep heritage and expertise in retail – one of the world’s most competitive markets, with a deluge of multi-dimensional data – dunnhumby today enables businesses all over the world, across industries, to be Customer First.
The dunnhumby Customer Data Science Platform is our unique mix of technology, software and consulting, enabling businesses to increase revenue and profits by delivering exceptional experiences for their Customers – in-store, offline and online. dunnhumby employs over 2,000 experts in offices throughout Europe, Asia, Africa, and the Americas working for transformative, iconic brands such as Tesco, Coca-Cola, Meijer, Procter & Gamble, L’Oréal.
1 Forrester Analytics: Online Grocery Retail Forecast, 2018 To 2023 (Global)
dunnhumby PR Contact
Hotwire for dunnhumby
+44 (0) 20 7608 4670
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Novavax and Takeda Announce Collaboration for Novavax’ COVID-19 Vaccine Candidate in Japan7.8.2020 12:28:00 EEST | Press release
Novavax, Inc. (Nasdaq: NVAX), a late stage biotechnology company developing next-generation vaccines for serious infectious diseases, and Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK), today announced a partnership for the development, manufacturing and commercialization of NVX‑CoV2373, Novavax’ COVID‑19 vaccine candidate, in Japan. NVX‑CoV2373 is a stable, prefusion protein made using Novavax’ recombinant protein nanoparticle technology and includes Novavax’ proprietary Matrix‑M™ adjuvant. Takeda will receive funding from the Government of Japan’s Ministry of Health, Labour and Welfare (MHLW) to support the technology transfer, establishment of infrastructure and scale-up of manufacturing. Takeda anticipates the capacity to manufacture over 250 million doses of the COVID-19 vaccine per year1. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200807005160/en/ “Takeda’s leading position in Japan, technical expertise,
SES S.A.: Half Year 2020 Results7.8.2020 08:30:00 EEST | Press release
SES S.A. announced financial results for the six months ended 30 June 2020. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200806006164/en/ SES S.A.: Half Year 2020 Results (Photo: Business Wire) Solid H1 performance in line with expectations and continued underlying growth in Networks of +7.1% year-on-year(1,2) Revenue of EUR 947.5 million, -1.5% as reported with underlying revenue 2.4%(1,2) lower than H1 2019 Adjusted EBITDA(3) of EUR 582.0 million, -2.3% as reported (-3.5% at constant FX(2)) compared with H1 2019 and representing an Adjusted EBITDA(3) margin of 61.4% including a 2.2% year-on-year reduction in recurring operating expenses Limited COVID-19 impact in H1 reflecting business resilience with measures in place to mitigate increased headwinds in H2 2020 Updated FY 2020 group revenue outlook to EUR 1,860 - 1,900 million(4) in view of expected COVID-19 related revenue development FY 2020 Adjusted EBITDA(3) outlook
Western Union Stands in Solidarity with Lebanon6.8.2020 23:47:00 EEST | Press release
Western Union, a leader in cross-border, cross-currency money movement and payments, today announced that it is offering zero-feei international money transfers paid out in U.S. dollars to Lebanon, as the country grapples with its recent tragedy amidst other economic and pandemic related threats. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200806006068/en/ Western Union Stands in Solidarity with Lebanon; Money Transfers to Lebanon Zero-Fee Paid out in US Dollars (Graphic: Business Wire) “We stand in solidarity with the people of Lebanon as they confront this latest tragedy following the horrific explosion in Beirut on August 4. Our thoughts and prayers are with families of those injured and have lost their lives,” said Jean Claude Farah, President, Global Network, Western Union. Farah said: “We know the people of Lebanon will stand strong as they grapple with this latest issue amidst other pressures of economic and COVID-
Pacific Drilling Announces Second-Quarter 2020 Results; Pacific Sharav Awarded a New 10-Well Contract in U.S. Gulf of Mexico6.8.2020 23:04:00 EEST | Press release
Pacific Drilling S.A. (NYSE: PACD) (“Pacific Drilling” or the “Company”) today reported results for the second quarter of 2020. Net loss for second-quarter 2020 was $87.4 million or $1.16 per diluted share, compared to net loss of $61.0 million or $0.81 per diluted share in first-quarter 2020. Pacific Drilling CEO Bernie Wolford commented, “In the second quarter, our crews and leadership continued to exemplify our commitment to safe and efficient operations, including adopting measures to manage risks associated with COVID-19 transmission, delivering exceptional results for our clients, efficiently preserving the value of our assets and significantly reducing overhead costs.” Mr. Wolford continued, “Although oil prices began to rebound during the second quarter, clients have generally reduced their drilling investments, as evidenced by Equinor’s decision to cancel the previously exercised third firm well for Pacific Khamsin, and Murphy’s decision to cancel the two well Mexico contract
Andersen Global Enters into Collaboration Agreement with CFA Afrique in Burkina Faso6.8.2020 16:30:00 EEST | Press release
Andersen Global continues its West African expansion via a Collaboration Agreement with CFA Afrique, a tax and legal firm in Ouagadougou, marking the organization’s debut in Burkina Faso and further demonstrating Andersen Global’s growing presence on the African continent. Founded in 2004 and led by Office Managing Director Brahima Guire, CFA Afrique has grown to include nearly 20 total professionals advising a multitude of clients both regionally and internationally. The firm provides a variety of tax and legal services including tax consultancy and advisory, tax compliance, transfer pricing, corporate and commercial law and tax structuring. “Providing our clients with a tailor-made approach and the best-in-class solutions are our top priorities,” Brahima said. “Andersen Global’s expansion strategy and focus on providing clients with quality tax and legal services strengthens our competitive edge and will allow us to better serve our cross-border clientele. We look forward to seamless
New Conviva Data Shows Significant Drop in Ad Demand Despite Quality Improvements; Streaming Growth Normalizing After Pandemic Peak6.8.2020 16:00:00 EEST | Press release
Conviva, the leader in global streaming media intelligence, released its quarterly State of Streaming report for Q2 2020 today, showing streaming video advertising saw a sharp decline in the past quarter with ad attempts in Q2 down 28% globally and 22% in the U.S. as compared to Q1 2020. The report also details the impact of COVID-19 with expanded regional benchmarks illustrating that while streaming continues to grow overall, it slowed in May and June as compared to its height in April when shelter-in-place orders drove streaming viewing up 81% year over year. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200806005191/en/ Conviva's State of Streaming Q2 Report (Graphic: Business Wire) Ad Demand Drops while Quality Improves While advertising demand dropped in Q2, due in part to a lack of sports, streaming ads saw significant improvements in overall quality. Viewers spent 38% less time waiting for an ad to start in Q2 as com
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom