A recap of the ''What's in Store for Retail Media Networks'' Masterclasses at DMEXCO
Yesterday, the latest edition of What’s in Store for Retail Media Networks took place at DMEXCO in Cologne. Focusing on the current state and future potential of in-store retail media in the DACH region and Europe, the day explored retail media topics that are proving to be concerns for retailers, brands, and customers regardless of their location.
Below is a summary of each masterclass. You can find out more about the speakers, the topics discussed, and how to receive the recordings of each session, here.
From Traditional to Targeted: The Evolution of Agency and Brand Spending
The day began with IAB Europe giving the What’s in Store attendees the first look at their In-Store Retail Media Standards and Definitions report
Marie-Clare Puffet of IAB Europe defined in-store retail media as “Advertising inventory that uses retail data for planning, execution and measurement in a store which is available to brands.” She then introduced the panel, which discussed the report’s potential impact on campaign planning and team structure. Maurits Priem suggested retailers and agencies be inspired by Miley Cyrus, especially her hit ‘Wrecking Ball,’ and break down the silos between teams to avoid what he described as a “Patchwork of walled gardens” which make it difficult for brands to employ in-store marketing campaigns effectively. Consciousness of the customer was also frequently referenced by the panel. Tesco Media and Insight Platform’s Connor Chappell stressed that any activation “Needs to be built against the customer expectation and experience.” The panel ended with Eva Adelsgruber encouraging retailers and brands to try out in-store retail media to build learnings and case studies to further capabilities and improve effectiveness.
From Data to Decisions: Unlocking the Power of Performance Marketing for Measurable Success
Ben Reynolds of Walkbase chaired a discussion on the power of in-store as a marketing platform. Liveramp’s Stanislas Lajounanie stated, “In-store is the next step for retail media,” identifying that “In-store is the space where retailers can offer a personalized, close and human experience to customers.” Joined by Tijmen Willems and Katrina Smart, the panel looked at the evolution of in-store retail media in Europe; Willems suggested that the in-store inventory was previously used as more of an out-of-home platform and now, with sophisticated analytic tools as well as integrated digital solutions that offer moments of customer interaction, convenience, and delight, there is a more significant recognition of the value of marketing in-store. Smart added that there is an appetite for brands to use in-store and that European retail is ahead of the US when it comes to digitalization capabilities. The panel’s conclusion saw the speakers and moderator discuss the data needed for brands and retailers to make informed decisions on the effectiveness of any in-store retail media investment.
From Data Collection to Data Security: Balancing Growth and Compliance in Retail
Data was the key topic of the third masterclass. Chris Riegel was joined by data and privacy experts Dara Kossok-Spieß, Janek Kuberzig, and Dr. Jürgen Hartung. The panel examined what current EU and German legislation means for retailers and the customers they serve. Delving into “The Grey,” a term to describe what isn’t immediately identifiable as legal or not when it comes to data usage, the panel looked at how German retailers have been reluctant to use the wealth of data that they already have and what GDPR and future requirements may mean for innovation especially in small to medium enterprises. In a thought-provoking masterclass, the panel offered their expert opinions on the legal responsibility of retailers or brands in influencing the behavior or choices of shoppers and whether data is ever truly anonymous. The closing discussion focussed on the importance of clear communication with customers and not breaking their trust.
From Clicks to Bricks: Loyalty Programs as the Catalyst for Omnichannel Insights
Data, again, was a key theme for this masterclass featuring Andy Baldauf, Renee Hartmann, and Frank Trefzer and moderated by Ben Reynolds. Loyalty programs and their practical usage by retailers and, more increasingly, brands were dissected by speakers who recognized how their behavior had been influenced by the perks and points of loyalty schemes and how this change in behavior pattern could be best shown in reported data. The value exchanges between customers and retailers were discussed, and best practices regarding how data derived from loyalty programs, with careful collaboration and clean rooms, offered as a means to powerful and safe data deployment.
From Linear to Connected: Connected TV Reshaping Retail-Media Partnerships
In the first deep dive into connected TV (CTV) for the What’s In-store for Retail Media Networks events, Chris Riegel chaired a lively discussion on how brands currently buy CTV space and what may be possible. Christian Zimmer of Teads highlighted the current advertising limitations in CTV spaces where the model and demographic profiles are still closely linked to a linear TV format. He also identified that menu screens and other distinct CTV or streaming spaces are opportunities that have yet to be monetized particularly well. Jay Rajdev of ITV, the UK’s largest commercial broadcaster, has seen many effective campaigns with large UK retailers such as Boots and Tesco and has research that shows the effectiveness of brands using CTV as part of their marketing strategy. Claire Hunt of Atonik Digital shared her experience of the evolving relationship between retailers, publishers, and platforms. The panel agreed that the opportunities for CTV as a component of retail media are great. Still, there is a need to move beyond the existing linear framework for advertising purchasing.
From Shared Profits to Owned Platforms: Supercharging by Fusing DOOH and In-Store
The energy was high in the last masterclass, which saw Chris Riegel start a debate on how similar DOOH is to in-store retail media, positing that many may see retail media as different because of the level of accountability and access to data that it offers. Florian Rotberg saw each as having different capabilities. Remon Buter of GroupM believes there are differences within each category, that it is vital to keep the end goal of any campaign in mind, and that metrics are critical. Frank Goldberg argued that accountable metrics are not available only to in-store retail media and that DOOH has much to offer advertisers regarding impact. The panel queried at what point a digital sign moves from being described as an OOH platform to an in-store retail media (Is it at the store entrance?), which led to a discussion on pricing differences across formats. All three of the panelists offered their take on how in-store digital screens, linked to analytic tools and providing timely data, could impact investment, the allocation of marketing budget, and the types of deals available to brands, such as minimum guarantees on sales.
The masterclasses demonstrated a vast opportunity for success for in-store retail media and for retailers, brands, and platforms when offering spaces for effective advertising messages. However, a few factors must be worked out for these spaces to be fully optimized. These include consistent and clear measurement methods, skilled teams to garner and use data safely and efficiently, and, most importantly, a keen understanding of people.
Data was a thread across many of the masterclasses, but even more prevalent was the appreciation of customers as real people and an awareness of how different people like to shop, what technology they are using where, and their mindsets at various times. To prove effective, any advertising message or new marketing tool must complement or enhance an individual’s experience. Technology will offer a great deal regarding in-store retail media deployment, but the ability to center and serve people should always be the priority.
Videos of all of the masterclasses will be published in the coming weeks. You can register your interest in receiving the videos here. The next What’s in-Store for Retail Media event will take place on January 11th in New York in partnership with NRF.
