Alban Villani

CEO, Asia & EU,

Epsilon

Foreword
Today, people buy from modern retailers, small stores,
e-commerce giants, D2C stores, and other channels. The
purchase journey is extremely complex and difficult for any
marketer to navigate.

Attribution is one of the biggest challenges. They often struggle

to attribute sales to the right people. Despite having several
tools at their disposal, marketers find it difficult to create a
single view of the entire customer lifecycle with the brand.

Key reasons for this challenge include a lack of data

collaboration, brands being unable to capture customer data
across multiple devices and touchpoints, and the absence
of a single view of the customer. These challenges make it
extremely difficult to develop a clear strategy and engage
with audiences with relevant messages. While marketers have
subscribed to several attribution tools, they still seek more
accuracy.

However, marketers are now working towards building their

own data to create clear identifiers of people’s preferences.
First-party data will give them a significant edge in the future,
but it will be a long journey that requires a lot of patience,
perseverance, expertise, and investment in technology and
talent. The results will bear fruit as brands accumulate a sizable
amount of first-party data.
First-party data will help marketers personalise offerings, create
better products, attribute sales accurately, and engage their
customers with relevant messages across channels at any
given point in time and context. It will also lead to marketers
with a comprehensive view of their entire universe of potential
customers and reduce dependencies on third-party data
providers.If anyone can solve the challenge of attribution, they
will surely find a friend and a partner among many marketers.

I would like to thank our partner ETBrandEquity for helping us

curate the report findings and pinpoint the insights from our
survey. I would be remiss if I did not acknowledge the immense
contributions of retail industry leaders who have enriched the
report’s perspective with their anecdotes and insights. We hope
you find this a valuable guide in your journey of identity-based
marketing and growth.
Table of Contents

Executive Summary Pg 05

State of India’s Retail’s Market Pg 06

Marketing in Retail Pg 07

Evolving Role of Data in the Retail Market Pg 12

Finding the Right Partner/Tech Stack Pg 19

Changing the Game with Retail Media Network Pg 22

Methodology Pg 27

Special Thanks to Pg 29
Executive Summary
In today’s complex digital ecosystem, retailers are facing unprecedented
challenges in collecting and leveraging customer data to drive marketing success.
With the depreciation of third-party cookies, the proliferation of consumer
touchpoints, and the rise of omnichannel journeys, marketers are grappling with
fragmented data sources and declining attention spans. In this landscape, many
organisations find themselves at a loss regarding where to begin and how to craft
effective strategies.

This report delves into the various facets of identity-based marketing strategies,
enabling retailers and brands to navigate the emerging marketing landscape.
By transitioning towards a first-party data strategy, retailers and brands can
reduce acquisition costs, enhance product experiences, provide relevant
recommendations, increase revenue, and improve customer loyalty.

Most brands are using social media channels to gain information such as names,
emails, and interests. Brands leverage this data to deliver personalised ads and
content. Others also use surveys and request feedback on products and services
to gather data. However, retail media and retail media networks (RMNs) remain an
underutilised channel to tap into the consumer journey. This report explores the
opportunities and capabilities of retail media networks (RMNs).

As omnichannel marketing becomes the predominant way in which retailers and

brands engage with their customers, companies must accelerate the shift to first-
party data strategies. First-party data serves as a compass for leveraging consumer
data effectively in the age of data privacy. As companies continue to innovate,
we hope that this report serves as a guide to help them create personalised
experiences, foster long-term connections with customers, and drive sustainable
growth.
State of India’s
Retail’s Market
INTRODUCTION
India’s retail segment has been a cornerstone of
the nation’s economic growth, consistently driving
Market Size:
consumption, job creation, global investments,
infrastructure development, finance structures, INR 7 Lakh
research and development, supply chain efficiency,
and people’s aspirations. Across the country, people
Crore
demand superior and premium products and (in 2023)
experiences.
Projected Size:
MARKET OVERVIEW
The retail market comprises traditional stores INR 16.68
(unorganised segment), organised retail stores,
and e-commerce platforms. The sector is highly
Lakh Crore
fragmented, dominated by unorganised retailers, (by 2033)
which account for 81% of the market, while organised
retail and e-commerce platforms account for 12%
GDP Contribution:
and 8%, respectively.
9%
KEY GROWTH DRIVERS
■ Rise in income and purchasing power
■ Increasing youth population and growing middle CAGR:
class 10%
■ Change in mindset towards premium and quality
products
■ Easy payment options and availability of credit Total Employment:
■ Growing brand affinity and consciousness
■ Increased investment by global brands in the
35 mn+
Indian market
Marketing in Retail
DECODING RETAIL MARKETING STRATEGY

India’s retail market is highly competitive, with

both organised retail and e-commerce brands
heavily investing in advertising to stand out, build Only
loyalty, and engage people. Direct selling has
gained prominence due to the rise of e-commerce, 30%
D2C growth, and digital transformation. This of respondents use
has significantly boosted digital advertising and Programmatic Off-
marketing expenditure, with key investments in Site in their marketing
digital coupons, social media, on-site advertising, strategy
audience data sales, and paid search.

The rise of digital commerce has also led to the Only

emergence of new advertising channels, including 35%
brands’ owned and operated websites (on-site) as
well as e-commerce marketplaces and grocery/food of respondents use
delivery/quick commerce apps (off-site). Similar to Audience Data Sales
shelf space in brick-and-mortar retail outlets, these in their marketing
channels represent an opportunity to reach people strategy
during their purchase journey and drive brand
awareness.

These emerging channels generate $1.5 billion

in annual ad revenues; however, Epsilon’s survey
indicated that shockingly few retailers have
incorporated these channels into their marketing
strategy.
“We maintain a strategic approach
across all platforms. Specifically, we
implement an 80-20% split in our
marketing efforts. This means that
80% of our resources are dedicated
to targeting and attracting new
consumers, while the remaining 20%
focuses on retaining and engaging our
existing consumer base.

To consistently convert new consumers,

we offer attractive first-time purchase
incentives. These offers are designed
to encourage new users to make their
initial purchase, thereby expanding our
customer base. By closely monitoring
and adjusting our strategies, we
ensure that our acquisition program
remains effective in bringing in net-
new consumers while maintaining
a balanced approach to customer
retention.”

Nisha Khatri
Head of Marketing, Libas
Barriers in Retail 70%
Marketing Strategy respondents
acknowledged
that low RoI of
People’s behaviours have changed drastically
Programmatic Off-
over the past few years. Today, digital platforms
Site compared to
such as e-commerce marketplaces, food delivery
other retail marketing
services, quick commerce, direct-to-consumer (D2C)
strategies was not a
platforms, and messaging channels are experiencing
challenge.
significant traction from people.

In response to these digital commerce trends, retail

marketers have widely embraced omnichannel
95%
marketing strategies. They are driving marketing of respondents believe
communications across eight or more channels to that Programmatic
engage people and drive traffic both in-store and on Off-Site is a strategic
their own platforms. fit in retail marketing
strategy
However, a majority of the digital traffic is being
generated by online marketplaces, and brands must
effectively tap into these ecosystems to reach a 60%
larger cohort of audiences successfully. Despite its of respondents
potential, there are many perceptions around online acknowledged that
marketplaces that hinder its adoption, such as: distance from the
■ Low adoption of programmatic off-site in retail consumer’s purchase
media audience targeting decision may be the
■ Issues with customization and accuracy biggest barrier for
■ Inability to attribute sales to off-site data Programmatic Off-
■ Low-quality, unpredictable media inventory Site adoption
■ Lack of acceptance by advertisers
“One challenge that retailers face is that the data
is scattered across multiple platforms and cross-
departmental integrations aren’t streamlined making
it difficult to analyse complete scenarios. A major
reason behind this is also the split expertise of solution
providers available in the industry due to which we
have to rely upon cross-functional integrations. We’re
witnessing improvements in this area and companies are
understanding the importance of integrated solutions.”

Rajesh Jain
MD & CEO, Lacoste India

“Platform reporting - not telling the true or complete

story is a challenge faced by retailers in the industry. This
is largely due to the difference in attribution modelling
followed by the brand and the platform. There is limited
flexibility in the selection of attribution models thereby
increasing the dependency on the platforms.”

Karthik Yathindra
President & Chief Sales & Marketing Officer, Jockey India

“While we are robust in utilising data and driving insights

from it, a significant challenge arises with platform
attributions that can often distort the overall narrative.
Additionally, in performance campaigns, there is a
tendency for consumers to navigate from the homepage
to purchase different items than initially targeted. This
highlights the critical need for custom tracking, which is
something we find lacking in many instances.”

Madhur Acharya
VP - E-commerce, Lenskart
Technology Adoption 32.5%
and Integration of respondents were
concerned about
Off-site advertising uses retailers’ data to buy the cost of new
advertising inventory outside of the retailers’ owned technology/partners
shopping platforms. The inventory available with
third-party partners may include display, video,
social media, connected TV, and digital out-of-home 32.5%
(DOOH).
of respondents were
also concerned about
Technology becomes the backbone of scaling
the risk of data
retail marketing. However, technology integration
leakage and privacy
presents its own set of challenges. According
to Epsilon, nearly a third of respondents believe
that disjointed technology solutions, limited sales
organisation, and difficulties in working with
25%
technology partners have created barriers to of respondents said
technology adoption and integration, hindering they had limited staff
the successful implementation of omnichannel to scale technology
marketing strategies. operations

”We use tools to measure cross- “We use CLTV, profitability

channel attribution of sales – it & engagement matrix to
helps us gauge true attribution adjust campaigns in real-
in comparison to attribution time.”
claimed by channels.”
Vrinda Aggarwal
Nikita Agarwal Head of Customer
Chief Business Officer, Suta Marketing, IGP
Evolving Role of Data
in the Retail Market
DATA COLLABORATION STRATEGY

Retailers are eager to leverage data to personalise

in-store and online shopping experiences. However,
they are struggling to make data accessible to
marketing teams and connect various data silos,
resulting in ineffective or inefficient personalization
efforts.

Furthermore, retailers are cautious about deploying

personalization efforts, as any missteps can erode
trust with people. Consequently, data collaboration—
combining first-party data between retailers and
brands for audience activation, analytics, or the
development of proprietary data assets—has
become of prime importance for many retailers.

To address these challenges, retailers are working on

developing data collaboration partnerships, such as
data clean rooms and second-party data sharing, in
the coming year.
“Our data analytics strategies include predictive
analytics to forecast trends and consumer behaviour,
implementing segmentation analysis to target specific
audience segments effectively, utilising machine learning
algorithms for personalised recommendations and
campaign optimization by reaching look-alike audiences
and employing A/B testing to refine our strategies.”

Karthik Yathindra
President & Chief Sales & Marketing Officer, Jockey India

“In today’s world, data is abundant and available in

many forms, from customer personas and interactions
to website traffic and in-store transactions. However,
the true value of data lies in how effectively it is utilised.
We create affinity cohorts based on several criteria like
customer all-time purchase value, market analysis,
etc. and then choose the best-suited media options for
each cohort created. We also perform A/B testing to
experiment and determine the best promotional tools
for our campaigns. It is an ongoing process for us to gain
deeper insights, make informed decisions, and work
towards providing a better experience to customers.”

Rajesh Jain
MD & CEO, Lacoste India
Future-proofing
Retail Marketing
The consumer journey has become much more complicated,
with people not only window shopping across different retail
outlets but also passively shopping on their devices. Digital
commerce has enabled unparalleled convenience, with the rise
of 10-minute deliveries becoming a tried-and-tested business
model. Building a brand with so many channels and platforms
available to people means being present omnichannel.

An omnichannel brand doesn’t just have to be available to people

across channels, devices, and platforms; it also has to be backed
by consistent, on-point brand messaging. This is crucial not only
for winning new customers but also for retaining existing ones.
Brands need to tap into the pulse of people so they can reach
them at the right time on the right channel. If marketing efforts
are not synchronised, brands run the risk of overloading people
with redundant messaging.

As advertisers grapple with the vast range of touchpoints in the

digital commerce landscape, they must integrate data from
different channels to create a single view of the customer journey
and make smart media investments. To implement this strategy,
marketers must modernise their marketing mix and achieve
several key strategic priorities.
“Some of the approaches that we use in data analytics are
data cleaning and hygiene to enhance the accuracy of the
processed data. Based on recent and latent parameters,
we find out those members who are most likely to transact.
We are now doing a lot of predictive analytics, using
segment data using propensity modelling to help predict
the next purchase or trigger the next best product using
essential features such as RFM (Recency, Frequency,
Monetary), seasonality trends, and Recency-Latency. Also,
we undertake data analysis in real-time to prepare a report
quickly for quick decision-making.”

Deepak Mahnot
CMO, Soch Apparels

“Engaging with consumers across cross-platforms means

identifying the consumer and tracking them. We endeavour
for ethical practices to the utmost extent and try the
least intrusive methods. Though, cross-device and cross-
channel engagement can be done effectively by integrating
through the CRM system that consolidates the data and
doesn’t intrude upon customers’ privacy. We believe that
as responsible retailers, it’s our responsibility to ensure the
privacy of our customer is not violated.”

Rajesh Jain
MD & CEO, Lacoste India
Third Party Identifier
Deprecation 37.5%
of respondents said
The biggest challenge in modernising retail that it is extremely
marketing is the deprecation of third-party important to have a
identifiers such as cookies. Most organisations retail media strategy
deploying digital advertising campaigns have relied in place to future-proof
on third-party cookies to target and understand against third-party
people’s preferences, as they allow targeting of two- identifier deprecation
thirds of audiences on the Internet.

The Epsilon survey indicates that some advertisers 45%

rely on cookies more heavily than others; however,
of respondents said
the majority of brands have expressed concerns
it is very important to
about third-party identifier deprecation and its
have a retail media
impact on retail marketing strategies in the future.
strategy in place
Since identity-based marketing relies on first-party
for future-proofing
data to drive outcomes, it has emerged as a way
against third-party
for brands to modernise their marketing strategies.
identifier deprecation
Epsilon research suggests that brands prefer to
increase investments in identity-based marketing
strategies and build customer data solutions.

”Effective utilisation of first-party data is pivotal for overcoming

delivery challenges, optimising customer engagement across
channels, and implementing advanced analytics strategies to
enhance campaign performance and customer satisfaction.”

Rajeswar Rao
VP B2C, Clovia
Building First Party
Data Strategy
Clearly, building on the brand’s owned data, or first-party data, is
a priority for marketers. First-party data allows retailers to deepen
insights, improve targeting accuracy, and enhance overall campaign
effectiveness. It also fosters stronger customer relationships through
relevant and personalised experiences, ultimately driving better ROI
and long-term brand loyalty.

Marketers believe that a robust customer data platform with an

intelligent customer engagement platform helps put first-party data
to best use. Since the onus of data privacy and usage is completely
on the brand, the requisite governance needs to be built in.

However, identity-based solutions are also a potential area of interest

among marketers to drive the effectiveness of off-site advertising
campaigns. Essentially, identity solutions combine retailers’ first-
party data with a unified and deterministic customer ID that can be
used to track them across platforms without invading their privacy.

Identity-based marketing offers many potential benefits to retail

marketers, including transparent measurement of campaign
performance. It empowers brands to connect with real people across
the journey and confirm whether their personalization efforts are
actually leading to sales.

However, most marketers are at a loss on how to implement this

within their organisations. Since most of the plug-and-play solutions
do not have a predefined template for identity-based marketing,
marketers have not planned or started to collect the required data.
"Leveraging first-party data allows retailers to deepen customer
insights, improve targeting accuracy, and enhance overall
campaign effectiveness. It also fosters stronger customer
relationships through relevant and personalised experiences,
ultimately driving better ROI and long-term brand loyalty. A
robust CDP layered with an intelligent customer engagement
platform helps put first-party data to best use. The onus on data
privacy and usage is completely on the brand and requisite
governance needs to be built in."

Karthik Yathindra
President & Chief Sales & Marketing Officer, Jockey India

“Identity graphs and identity-driven media leveraging first-

party data are indeed pivotal in modern marketing strategies.
They enable a comprehensive view of the customer journey
across multiple touchpoints, allowing for more personalised
and targeted marketing efforts. By integrating first-party
data, retailers can enhance customer segmentation, improve
engagement, and drive higher conversion rates. This approach
not only fosters stronger customer relationships but also
maximises the return on marketing investments through more
effective and efficient campaigns.”

Madhur Acharya
VP - E-commerce, Lenskart
Finding the Right
Partner/Tech Stack
52.5%
EVALUATING THE RIGHT PARTNER/TECH STACK of respondents
said their priority
When evaluating an agency or technology partner, was transparent,
any retail marketer worth their salt begins with advertiser-verifiable
the outcomes they want to accomplish. Building measurement
a partner ecosystem or technology stack to drive
retail marketing strategies is done with certain key
priorities in mind. 50%
According to Epsilon research, retailers’ priorities of respondents said
change less depending on industry or category and their priority was the
more based on whether the retailer is a single brand, amount of inventory
multi-brand, online, or brick-and-mortar retailer. The available through
survey indicated that the primary reasons retailers technology partners.
were frustrated by technology or agency partners
were due to disparate reporting across channels/
tactics, disjointed targeting and messaging across 47.5%
channels, and uneven budgets.The size of the retail of respondents said
organisation also played a significant role in setting their priority was
priorities in terms of retail media strategy. For identity resolution
example, large retailers were more particular about and online/in-store
where they wanted their brand to be visible. attributable reporting

32.5% 37.5% 45%

of respondents said of respondents of respondents said
their priority was said their priority their priority was
access to in-depth was access to building a support
first-party data for measurement tied to services organisation
brands first-party data
“The foremost challenge in offering a personalised experience
to customers across channels is integrating data sources to
create a 360-degree profile of the customer. A strong customer
data platform for any omnichannel brand is crucial for driving a
strong & well-targeted marketing strategy.”

Nikita Agarwal
Chief Business Officer, Suta

“There are CRM tools like Customer Data Platforms, Loyalty

Programs etc. that can help in customer identification and
unifying the data from multiple touch points. By using tools like
these, retailers can better understand and correlate the impact
of their digital activations on offline conversions.”

Rajesh Jain
MD & CEO, Lacoste India

“Last-click attribution, while simple, is often complicated as it

fails to consider the earlier interactions that contribute to the
customer journey. It tends to overlook the significance of initial
touchpoints that play a crucial role in guiding the consumer
towards conversion.
Time-lapse attribution, which gives more credit to interactions
closer to the conversion, can provide a more nuanced view
but may undervalue early interactions that also influence the
decision-making process. This model can also be complex to
implement effectively.
Other attribution models, such as first-click, linear, position-
based, or data-driven, offer a more balanced approach by
spreading credit across multiple interactions. These models
can provide a comprehensive understanding of the customer
journey, though they require more data and effort to set up and
maintain accurately.”

Nisha Khatri
Head of Marketing, Libas
 22.5%
of respondents said
North Star Metric brand lift is the most
important metric to
measure retail media
When it comes to measuring the success of retail campaigns
marketing campaigns, brands obviously want to
see a return on their investment. However, what
emerged from the Epsilon survey is that most 15%
brands did not agree on one single North Star metric
said total sales is an
but instead relied on a spectrum of different metrics
important metric
to measure retail media performance.
to track retail
media campaign
performance

“Attribution models have their “We use multiple models

pros and cons. Choosing the including last click, first
right model is largely guided click & any touch for
by the industry and campaign attribution. We are heavily
goals. Last-click attribution aids doing incrementality
in straightforward performance testing for high-cost
analysis and planning for channels. Dashboards are
ROAS-optimized campaigns. generally configured for
Conversely, multi-touch or one/two models only- we
time-lapse models are better have to collate most of the
for understanding awareness data manually.”
campaigns as they capture the
influence of various interactions Vrinda Aggarwal, Head of
throughout the buying journey Customer Marketing, IGP
providing more accurate
insights.”

Karthik Yathindra, President &

Chief Sales & Marketing Officer,
Jockey India
Changing the Game
with Retail Media
Network
Only
RETAIL MEDIA NETWORK CAPABILITIES
12.5%
A retail media network (RMN) is an advertising of respondents said
platform that allows retailers to sell ad space on their that self-service
digital channels to brands. RMNs put ads right where capability is extremely
interested shoppers can see them, making brands important
more noticeable. This enables brands to reach a
captive audience and amplify their digital marketing
strategies. It also helps drive more traffic to the Only
products from an advertising enterprise, potentially 15%
leading to increased sales. RMNs are poised to play a
noted that self-service
significant role in the growth of India’s retail media
capabilities are very
landscape by aggregating eager consumers for
important
brands to tap into.

RMNs also leverage their own first-party data, Only

enabling brands to plan, make better buying
decisions, and implement more targeted and 15%
strategic campaigns. However, the Epsilon survey said that
highlighted a significant gap among marketers in transparency on up-
understanding the benefits and capabilities of retail to-date campaign
media networks. performance reports
was extremely
The survey revealed that most respondents were important
ambivalent about RMN capabilities, such as the
ability to self-serve, the ability to serve across
multiple RMNs, visibility into the pacing of campaign
delivery, control over campaign setup, control over
campaign pacing and delivery, and the brand’s
choice to manage and service their own campaigns.
Retail Media Network
Opportunities
Unlike other retail media, Retail Media Networks 30%
(RMNs) allow brands to gain access to people at
said that retail media
the path to purchase, becoming a treasure trove
networks are equally
of insights. This enables marketers to drive the
competitive and
performance of their digital advertising campaigns
complementary.
and more effectively utilise their spending.

Marketers should view RMNs as an opportunity to

get closer to people at the moment of truth in the
17.6%
purchase journey. Epsilon research suggests that the said that funds have
biggest advantage of RMNs is media exposure to already been allocated
purchase patterns, aided by rich first-party data. to retailers for other
tactics.
The continued rise of online browsing and shopping
behaviours is only going to increase the relevance
of RMNs for brands. RMNs enable brands to 8.8%
diversify beyond on-site product ads and banners to noted that funds
encompass retailers’ omnichannel capabilities and have been shifted
unique advertising formats. from non-retail
media-specific digital
By utilising RMNs’ first-party data and ecosystem, marketing budgets.
brands can contact people across the marketing
funnel and influence purchase decisions. However,
the Epsilon survey showed that many retailer brands
perceive RMNs as competitive to their own business
interests.
Optimising
50%
Investments in Retail of respondents
Media Network said that data
collaboration is the
most important part
To maximise the investments in RMNs, retailers of their advertising
should focus on strengthening their existing strategy
customer relationships, enhancing off-site
advertising to attract new consumers, and ensuring
they have the right tools and knowledge to leverage
first-party data effectively.
37.5%
of respondents
With RMNs, advertisements can now be strategically said that data
positioned at key points in a user’s e-commerce collaboration is
shopping journey, such as above or between search somewhat important
results, or alongside recently viewed products. to their advertising
Additionally, utilising consumers’ first-party data strategy
allows for more precise targeting, ensuring products
and advertisements reach the right audiences at the
right time. 65%
said they are actively
Studying other RMNs can help retailer brands gain developing data
insight on what works and what doesn’t as they collaboration
hone their own strategies. partnerships in the
next year
■ What do ads communicate about the retailer’s
understanding of its customer base?
■ How engaging are advertisements? What kinds of 27.5%
strategies are being executed?
■ Where are ads placed (on-site and off)? Is said they have
placement effective? data collaboration
■ What, if any, new or creative methods are being partnerships in place
explored?
“RMNs differ from traditional digital advertising platforms in
terms of their proximity to purchase, access to first-party data,
the ability to deliver highly targeted omnichannel ads, provide
closed-loop measurement and offer a brand safe environment.

“RMNs don’t just offer advertisers a digital option but provide

a complete 360-degree view of the consumer, from data
activation and in-store networks to flyers and serving digital ads
to consumers. That’s where brands are seeing more merit. RMNs
help them understand consumers better, and they are sharing
first-party data with partners (brand advertisers) to get more
out of RMNs. These are some of the advantages that traditional
digital advertising platforms cannot match easily.

“Building a successful RMN requires leveraging FPD, integrating

the network across the retailer’s e-commerce, in-store, and other
touchpoints, providing advertisers with diverse ad formats, clear
measurement & reporting tools and dashboards and partnering
with ad tech players to power the ad network.”

Anand Narang
Chief Marketing & Digital Officer,
Vedant Fashions
Future Outlook
Just as digital commerce transformed the way people shop, retail media will
remain and become an increasingly important component of retail marketing
strategy. Epsilon research highlighted that key decision-makers in defining retail
media budgets include not just performance marketing and trade teams, but also
brand marketing teams, demonstrating its growing relevance at the top of the
marketing funnel.

25% 22.5% 20%

of respondents of respondents of respondents
said brand said trade said performance
marketing team was key marketing team
team was decision maker was key decision
key decision in defining maker in defining
making in retail media retail media
defining retail budgets budgets
media budgets

The survey shows that over the next three years, one-tenth of respondents
expect to increase their retail media investments by up to 25%. Notably, 40% of
respondents have already allocated some portion of their budgets towards retail
media activation, indicating that it is gaining acceptance within organisations.

14.3% 15% 10% 5%

of respondents of respondents of respondents of respondents
expect their have allocated have allocated said they have
retail media 26-50% of 11-25% of their allocated
investments media budgets media budgets >50% of media
to increase towards towards budgets
by up to 25% retail media retail media towards
over next three activation activation retail media
years activation
Methodology
In partnership with global research and
analytics firm Phronesis Partners, Epsilon
conducted a survey of executives, including
retailers and brands from mid to large-
sized enterprises, to gain insights into their
perceptions of retail media and the current
and future state of the industry. The study
was conducted in Q1 2023. Respondents
were screened to be at least Director-
level or above. Please note that in charts,
percentages may not total 100% due to
multiple choice selection.
SPECIAL
THANKS to
INDUSTRY CONTRIBUTORS
Anand Narang, Chief Marketing & Digital Officer, Vedant Fashions
Deepak Mahnot, Chief Marketing Officer, Soch Apparels
Karthik Yathindra, President & Chief Sales & Marketing Officer, Jockey India
Madhur Acharya, VP - Ecommerce, Lenskart
Nikita Agarwal, Chief Business Officer, Suta
Nisha Khatri, Head of Marketing, Libas
Rajesh Jain, MD & CEO, Lacoste India
Rajeswar Rao, VP B2C, Clovia
Vrinda Aggarwal, Head of Customer Marketing, IGP

EPSILON TEAM
Ganga Ganapathi, Vice President, Head of International Marketing
Sudha Shankar, Senior Director - Marketing
Prithvi Kanti Bandyopadhyay, Marketing Manager

ETBRANDEQUITY.COM TEAM
Devesh Gupta, Content Lead, Product & Community
Prateek Agarwal, Senior Officer, Communities
Varun Markande, Senior Officer, Content Communities

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Today, ETBrandEquity has grown into a globally-networked

media brand focusing on data and analysis, people and
culture, and innovation and forecasting. Furthermore, we
transfer our core values of honesty, curiosity, quality, and
integrity to the events, conclaves, sessions, and other such
gatherings in the fields of MarTech, AdTech, PR, corporate
communications and more. The DigiPlus Conclave and
Awards, Martech Asia, India Communication Summit,
Kaleido Awards, Brand World Summit, Shark Awards, iStream
Congress, SPOTT Awards, Brand Disruption Awards, Brand
Bharat Summit, CX+ Summit, are just some of our landmark
properties that have grown from strength to strength in
recent years.

Much like the rest of marketing, the story of ETBrandEquity

is still being written.