INSIGHTS FROM THE ASCENDANT RMN RETAIL MEDIA CONFERENCE
Last week, I had the privilege of attending the Ascendant RMN Retail Media Conference in New York City, representing DIGITS as a member of the RMN council. This prestigious gathering brought together around 100 industry executives spanning diverse
sectors, including brand advertisers, agencies, retail media networks (RMNs), and tech companies (DSPs). Among the notable attendees were leaders from Albertsons, Kroger, Sam’s, Costco, Ulta Beauty, Instacart, Shipt, Walgreens, Lowe’s, Home Depot, Trade Desk, and more. The conference provided an invaluable platform for engaging in discussions and collaborative endeavors aimed at shaping the future of the retail media landscape.
KEY THEMES EXPLORED:
Growth: The retail media industry is experiencing rapid growth, with total RMN sales projected to reach $54 billion in 2024, reflecting a remarkable 14% growth rate. Despite this promising trajectory, the industry is grappling with growing pains, as highlighted by various stakeholders.
Poor NPS/Satisfaction Scores: Despite the industry’s growth, all RMNs are facing challenges with customer satisfaction. Issues such as evolving processes, reporting requirements, and shifting strategy expectations are outpacing the ability of many companies to adapt seamlessly. The industry often feels like a duck gliding serenely on the surface but paddling furiously beneath the water.
Fragmentation: The proliferation of over 200 RMNs has sparked discussions about industry fragmentation. While some express concerns about the abundance of RMNs, I believe that each retailer’s unique customer base warrants personalized advertising experiences. This diversity allows brands to engage with their target audience effectively, irrespective of their shopping preferences.
Brands’ Data Demands: Brands are increasingly seeking access to comprehensive data insights to understand the true impact of their campaigns across different retailers. However, navigating data sharing and privacy concerns poses significant challenges. Many brands are now advocating for solutions such as Clean Rooms to facilitate secure data exchange without compromising privacy.
AI Integration: The adoption of artificial intelligence (AI) solutions for creative development and ad serving is gaining traction among retailers and agencies. While AI technology holds immense potential, it is still in its nascent stages. We anticipate further advancements and discussions surrounding AI integration in future industry sessions.
IN CONCLUSION:
The Ascendant RMN Retail Media Conference provided valuable insights into the evolving landscape of the retail media industry. As DIGITS continues to navigate this dynamic ecosystem, we remain committed to driving innovation, fostering collaboration, and delivering impactful solutions for our clients. Stay tuned as we leverage these key learnings to shape the future of retail media.
Dave Glaza, Founder & CEO of DIGITS, remains committed to bringing digital capabilities to physical stores!
LinkedIn: https://www.linkedin.com/in/davidglaza/
Follow DIGITS on LinkedIn: https://www.linkedin.com/company/digits-agency/
