In the fast-evolving world of retail media, staying ahead of industry trends and understanding the challenges brands and retailers face is crucial. Last month, Retail Media Summit UK provided the perfect platform for thought leaders to share insights on the current state of the industry.
On the morning of the event, Daniel Torres Dwyer, founder, and co-host of The FMCG Guys podcast, interviewed our CEO Sam Knights, and one of the world’s top 25 retail media pioneers, to discuss key trends shaping the retail media landscape and shed light on why events like Retail Media Summit UK are essential for industry players.
Trendspotting: A Glimpse into the Industry's Evolution
Sam outlines three major trends that have been shaping the retail media landscape since early summer. The first trend is the standardisation of measurement, a critical aspect that provides transparency to brands navigating the intricate world of retail media.
The second trend highlighted is the digitisation of the store, showcasing the industry's move towards a more tech-driven and seamless shopping experience.
Lastly, Sam talks about the increasing use of first-party data (thanks to the depreciation of third party cookies) across the channel mix, signalling a shift towards more personalised and targeted strategies.
Global Perspectives: Is North America Still Leading the Way?
When asked about the industry's global landscape, particularly comparing North America and Europe, Sam provides valuable insights.
Digitally, North America is leading the charge, utilising data and monetizing websites effectively, positioning themselves 12 to 18 months ahead of their European counterparts.
However, in-store, the situation is reversed, with North America lagging behind by the same time frame. This dynamic highlights the industry's complex and multifaceted nature, with different regions excelling in distinct aspects of retail media.
Challenges on the Horizon: Bridging the Gap Between Retail Media and Merchandising
Addressing the challenges faced by brands and retailers, Sam hones in on the disconnect between retail media teams and a retailer's core business functions. He emphasises that brands often struggle because retail media networks aren't seamlessly integrated with merchandising or buyers, hindering collaborative planning. This lack of cohesion not only restricts spending but also impedes brands from maximising the effectiveness of their investments, as successful strategies require a harmonised effort across the board. Additionally, Sam touches on the challenge of determining where retail media budgets sit in a brand's profit and loss statement, and the associated difficulties of reallocating funds between channels.
The Birth of Retail Media Summit UK: Uniting Industry Players for Collective Growth
In explaining the rationale behind organising Retail Media Summit UK, Sam highlights the infancy of the retail media industry. With a wealth of information and a healthy dose of hype surrounding the sector, there was a need to bring industry players together to foster collective development and knowledge sharing. The summit aimed to provide a platform where experts could collaborate, discuss challenges, and work towards establishing best practices for the evolving retail media landscape.
Register Your Interest for Retail Media Summit UK 2024
“The Retail Media event of the year” brings together cross-Atlantic industry professionals to delve deeper into the value of retail media for both retailers and brands. Both the UK and US markets are represented by true experts, giving everyone an opportunity to learn from the challenges and opportunities the other is facing.
We’re incredibly excited to be co-hosting the 2024 Summit with the Path to Purchase Institute (P2PI), the leading publication in the United States that offers consumer product marketing executives and brand managers a holistic, 360-degree view of the shopper journey.
Don't miss out on the opportunity to be part of this dynamic community shaping the future of retail media. Register your interest today to stay informed, engaged, and ready to elevate your strategies at Retail Media Summit UK 2024. Let’s unlock the potential of retail media together.