P2PI RETAIL SUMMIT INSIGHTS: THE RETAIL MEDIA LANDSCAPE
KEY TAKEAWAYS FROM THE P2PI RETAIL SUMMIT 2024
The recent P2PI Retail Summit in Chicago was a melting pot of ideas, insights, and innovations in the retail media landscape. With DIGITS Agency’s Dylan Mueller in attendance, we gleaned critical insights and identified strategic opportunities for the future. Here’s a comprehensive recap of the summit highlights and what they mean for the evolving world of retail media.
TOP THEMES AND DISCUSSIONS
1. In-Store Retail Media: The primary focus of the summit was on in-store retail media, with a significant emphasis on screen placements and measurement solutions. Place Exchange and Wovenmedia led the discussions, highlighting how in-store screens are becoming pivotal in capturing consumer attention and providing measurable impact.
“Retail media & in-store retail media. Hopefully next year we’re just talking about retail media.” said Jeff Karnes of Wovenmedia. “The customer is in both places. If we market to one, we need to market to the other.” Jason Shao of Place Exchange added: “We’re out of the concept stage (with in-store retail media). We need to figure out how to connect things end-to-end. … The infrastructure is there ready to go for retail media networks in-store.”
2. Solutions for Regionals and Independent Retailers: There was a notable push to integrate regional and independent retailers into the Retail Media Network (RMN) landscape. The conversations revolved around how these retailers can leverage technology and partnerships to compete effectively with larger counterparts.
3. Incrementality Measurement: The need to go beyond Return on Ad Spend (ROAS) was another major theme. Incrementality insights are gaining traction as they provide a clearer picture of the true impact of retail media efforts, allowing brands and retailers to understand the additional value generated by their campaigns.
Here are some learnings that Skye Frontier shared: “If your competitors are optimizing toward ROAS they will be missing opportunities. You Get What You Pay For. If it’s too good to be true … it probably is. Look Beyond Sponsored Products. Sponsored brands & sponsored video are more expensive, but delivers incremental returns. Branded Keywords = Merchandising. Brand defense can generate incremental growth through cross-sell/upsell.”
4. The Role of AI: While AI was a hot topic, it was clear that the industry is still exploring its potential. Discussions centered around future possibilities rather than concrete solutions, indicating that AI’s transformative impact on retail media is on the horizon but not fully realized yet.
KEY PLAYERS AND OPPORTUNITIES
The summit saw a significant presence of tech providers and ad tech solutions, with notable participation from Chicory, Commerce IQ, Criteo, Epsilon, Grocery TV, Ideal Design House, InMarket, Koddi, Liveramp, Pear, Skai, Vericast, Woven Media, and XMars.
Retailers: Kroger’s 84.51 and Roundel were prominent, highlighting their roles as key sponsors and panel participants. Their involvement underscores the growing influence of retail media within established retail giants.
Agencies: With a plethora of tech solutions and ad tech ideas, there’s a significant gap in the expertise needed to leverage these technologies effectively. DIGITS Agency can step in and bridge this gap.
ADDITIONAL HIGHLIGHTS
- Keynote on Commerce Marketing Evolution: Provided high-level insights into the changing dynamics of commerce marketing.
- Incrementality Insights by Skai: Emphasized the importance of holdout testing and contextual indicator approaches for measuring incrementality.
- Retail Media Impact by Shipt and Criteo: Introduced new metrics like sales rank lift and highlighted the effectiveness of evergreen campaigns in reducing CPA.
“The future of insights is customer lifetime value, advancing in-store retail media and standardization. Shipt is included in Circle 360 memberships at Target I see that helping to build lifetime value … a center of gravity.
Think about Shipt as the digital shopping center around Target,” Said David Young of Shipt
- AI and Hyper-Personalized Brand Experience by FullSurge: Discussed AI’s role in enabling one-to-one marketing and transforming brand experiences through micro-segmentation and hyper-personalization.
Mitch Duckler of FullSurge outlined 5 best practices for companies to be successful with artificial intelligence: 1. Start with clear objectives – Where is AI best suited to fill the gaps? 2. Choose the right tools & platforms 3. Implement incrementally – Begin pilot programs as well as test & learns. 4. Enhance customer insights 5. Monitor & manage performance – It’s crucial to course correct as necessary.
- Retail Media for All by Ideal by Design House: Showcased a new system connecting small independent grocery stores, emphasizing the power of digital integration.
Conclusion
The P2PI Retail Summit 2024 underscored the dynamic and rapidly evolving nature of retail media. With key insights into in-store media, incrementality measurement, and the burgeoning role of AI, DIGITS Agency knows how to leverage these trends and drive future success for our clients.
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/
Quotes are courtesy of Path to Purchase Institute
