Key Insights from the Retail Media Summit: Enhancing In-Store Marketing and Embracing Emerging Trends.
Path to Purchase Institute’s annual Retail Media Summit in Chicago brought together the brightest minds in retail and grocery to discuss emerging trends and insights in the space. The most common theme? Suppliers can capitalize on their vendor partners who have key relationships with retailers to make their marketing efforts more impactful in-store. Read on to discover the most critical takeaways from Acorn’s team in attendance.
A session titled “The Global Evolution Retail Media: What’s Next?” explored the future impact of AI and machine learning in retail media. The prediction? AI will supercharge the space, with a need to determine how retail media will integrate into features like personal assistant bots. Brands and agencies must be nimble and ready to experiment as AI and machine learning become a part of media buying, ad creative, and audience segmentation in the next five years.
The same session discussed the rapid growth of CTV, particularly in Canada, and the increasing use of tailored messaging and data metrics to bolster its effectiveness. Read more about how CTV can amplify your influencer marketing efforts. 🚀
The ”Contextual Commerce: A Key Alternative For Thriving in the Cookie-less Era“ session emphasized that marketers must learn how to achieve scale without relying on cookies as tech platforms continue to restrict traditional tracking methods. The key: contextual commerce. Contextual commerce lies between retail media and programmatic media, combining scale and user mindset to improve relevance and increase conversions.
The session noted measurement as the key to staying true to your KPIs and understanding what you’re trying to accomplish with retail media. This will allow brands to be more surgical with their vendor partners and make their marketing efforts more impactful in-store.
Speakers from Roundel (Target’s first-party media company), Chobani, and Kimberly Clark highlighted visual influences taking center stage in the non-linear shopper journey in their session “Demystify How to Drive Increased Performance Across the Full Funnel.” For example, 40% of Target shoppers start their journey on social media, and 67% use the Target app while in-store—underlining the need for brands to utilize high-quality, relevant social and influencer content in their marketing programs.
Overcoming legacy structures and approaching retail media from a consumer perspective, rather than segregating by brand, shopper, or media silos, leads to more successful outcomes. By integrating on-site and off-site strategies, brands can better target their audiences.
Amie Own, Global Chief Growth Officer at Kinesso, declared in her session, “How Brands (and Retailers) Grow with In-Store Retail Media,” that as many as 96% of purchase decisions are made in-store, signifying the importance of meeting shoppers where they are. The session further highlighted how effective in-store media is in influencing purchase decisions compared to other ad formats:
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