The key takeaways from the first What's in Store for Retail Media Networks session: From Traditional to Targeted: The Evolution of Agency and Brand Spending
The first masterclass of What’s in-Store for Retail Media Networks began with Marie-Clare Puffet of IAB Europe giving the audience of assembled retailers, marketers, and brands a topline look at the IAB’s new In-Store Retail Media Definitions and Measurement Standards. The masterclass was the first time that the findings were shared with the public. The standards and definitions aim to give brands more confidence in using in-store marketing channels and help retailers capture marketing budgets traditionally allocated to linear TV and out-of-home (OOH). You can read more on these standards here.
Attitudes toward how in-store retail media has been defined and sold up to now were then explored by the panel. Key topics present within the discussion included:
The role of standardization in aligning the fragmented in-store media landscape across international markets and enabling consistent measurement and reporting for advertisers was identified as key to success. With standardization, brands can work across the sometimes confusing “walled gardens” and compare networks fairly to invest, learn from, and optimize their activities.
The need to integrate online and offline data and experiences to provide a seamless omnichannel customer journey, leveraging loyalty programs, mobile apps, and other digital touchpoints, is essential. The panel explored how retailers and brands are working to achieve this smooth experience for customers and how they can best integrate new in-store technology with the technology that shoppers already use in-store, such as their phones.
The panel recognized the challenges of breaking down organizational silos between different teams (e.g., e-commerce, marketing, sales) within both retailers and brands to enable effective collaboration and data sharing. Ahold Delhaize’s Maurits Priem recommended that retailers and brands take inspiration from Miley Cyrus and take a ‘Wrecking Ball’ to institutional silos. The panel also shared successful case studies, such as Unilever’s integration of the e-commerce and marketing departments.
Technology and innovation will play a critical role in enhancing the in-store experience through features like augmented reality, personalized digital signage, hand scanners, and connected shopping carts. Throughout this discussion, the importance of centering the customer experience was emphasized, with Priem speculating on the immense value of being able to recognize and better understand customer behavior in-store to serve shoppers better.
The panel recognized that investing marketing spend in in-store retail media can be tricky to justify for many brands. There is yet to be the available case studies and best practices required to feel confident that in-store activations drive results. However, Eva Adelsgruber cited that where the customer journey has been thought through fully and omnichannel considered, there is an opportunity to make more, as shown by recently published results from Google. More data, such as that provided by Google, and a willingness to share best practices are essential to ensure that the opportunities available with in-store retail media are fully understood and that shopper needs are served effectively.
You can watch the masterclass here. You can access all of the masterclasses of What’s In-Store for Retail Media Networks, presented in cooperation with DMEXCO here. More detail on the IAB Standards and Definitions Report is available as in an interview with Retail Media Advisor for IAB Europe, Yara Daher, in which she discusses the formulation and importance of the Standards and Definitions work of the IAB.
