The Co-op has teamed up with data platform LiveRamp to boost its online brand advertising to shoppers and boost its retail media business.
Brands using Co-op retail media are now able to “reduce their media waste” by using the budget for targeted adverts on shoppers that are more likely to engage with them.
As a result, the convenience retailer would be able to take better advantage of LiveRamp’s media capabilities, such as leveraging it’s “rich first-party member data to enhance the targeting sophistication of paid digital media” the retailer said.
LiveRamp already has several clients in the grocery space – including Walmart, Carrefour, Danone, Kimberly-Clark and Boots.
The Co-op also said last year it had delivered close to 2,000 campaigns and worked with 450 brands.
In April, the supermarket overhauled its membership offering – claiming to save shoppers as much as £300 per year with the scheme – which has since tripled weekly sign-ups and now boasts more than 4.8 million active members.
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Co-op chief membership and customer officer, Kenyatte Nelson told The Grocer: “At Co-op, we’re investing in our retail media business to ensure we’re connecting our members to the missions and categories they engage with and for our partner brands to have the insight they need to succeed in the omnichannel customer journey.”
Managing director UK at LiveRamp, Hugh Stevens said: “We’re delighted to be partnering with them [Co-op] as the business expands their retail media with privacy-focused data collaboration that everyone in the Co-op ecosystem will benefit from.”
He added that the platform is “helping brands to better understand their customers’ needs, market to them more effectively and truly understand the efficacy of their investment.”
The news comes as the Co-op has reported a £44m increase in underlying operating profit, driven by its £101m cost saving efforts in 2022 and further savings in the first half of 2023.
