Hy-Vee Rolls Out Omnichannel Retail Media Network
At Groceryshop 2023 in Las Vegas last week, Hy-Vee unveiled the full version of its retail media network, Hy-Vee RedMedia.
The retailer described the platform as a 'disruptor' in the space, designed to create connections between brands and Hy-Vee's customer base across various channels both online and in-store.
The retailer debuted its retail media arm in 2021 and has made a number of additions since. In 2022, the retailer entered a multiyear partnership with a location-based Audio Out-of-Home (AOOH) advertising and audio experience company, bringing targeted, specialized music and messaging into its owned and operated locations.
Hy-Vee’s offerings span food and grocery, pharmacy, specialized healthcare, banking, manufacturing, construction, and wine and spirits, giving its brand partners the ability to engage with millions of customers in a broad spectrum of different sectors, and at multiple touchpoints.
“This venture will help build brand affinity through meaningful and personalized interactions,” Hy-Vee said in a statement. “Hy-Vee RedMedia allows companies to reach specific consumers across multiple channels to create robust omnichannel marketing strategies through Hy-Vee digital platforms, in-store advertising and brand-safe sites.”
Riding the Retail Media Wave
Hy-Vee joins a growing list of retailers channeling efforts into developing their own retail media networks. In June, Walmart and Giant Eagle both announced expansions of their retail media capabilities: the former building out its in-house platform, Walmart Connect, and the latter launching its proprietary network, Leap Media Group.
Speaking at RIS and CGT’s Analytics Unite event in May, Claire Wyatt, vice president, business strategy and marketing science for Albertsons Media Collective emphasized the growing importance of synergy between retail media and analytics, and how the two must increasingly go hand-in-hand in order to be profitable and deliver all-important personalized customer experiences. To do this, Wyatt says, RMNs must be champions of standardization across the industry to become less of a “wild west.”
This summer, Albertsons Media Collective rolled out a framework to standardize methodologies, terminology, and disclosures across retail media networks.
“While retail media is booming, the lack of standardization has produced an unnecessarily complex, inefficient and costly ecosystem,” said Kristi Argyilan, senior vice president of Retail Media for Albertsons, in a statement at the time. “For retail media to achieve its full promise, we must tackle the issue of standardization head on.”
