Back to the Future of Retail Media
Last month, Rokt held our first-ever “Future of Retail Media Summit” in London that brought together industry experts like Sir Martin Sorrell, Founder & Executive Chairman of S4 Capital; Libby Rodney, Chief Strategy Officer at The Harris Poll; Dave Peterson, Global Head of Retail Media, Epsilon; Irina Minakova, Display Partner at Dentsu; Keshav Pathasarathy, Retail Media Insights Author. The morningday not only featured insightful sessions but also drove conversation from attendees and left myself feeling excited to watch this landscape continue to unfold.
There were three key themes that floated to the surface as a result of the day: putting customer-centricity at the forefront, exploring opportunities in the world of retail media, and emphasizing the need for synergy between digital and in-store experiences.
Customer-centricity: the heartbeat of the retail media industry
It's evident that the industry is evolving rapidly, driven by technological advancements, changing consumer behaviors, and a commitment to delivering more relevant and personalized experiences. According to our recent Harris Poll commissioned report, UK consumers have increasingly sophisticated expectations for online shopping. An impressive 67% of surveyed UK shoppers express the need for relevant offers during the checkout process, which is 10% higher than the global average.
Putting the customer first must be at the forefront of the entire buying journey. With 52% of UK consumers desiring increased availability of loyalty programs and 45% that want to see an easy checkout process, these findings highlight the importance of understanding the evolving needs and expectations of customers who are consistently seeking a personal and hassle-free shopping experience.
The rise of retail media
Retail media is no longer uncharted territory; it's a valuable revenue stream that's here to stay. The summit showcased how brands are harnessing the power of retail media to engage consumers in innovative ways. David Peterson of Epsilon shared insights on how far we’ve come in the world of retail media and highlighted the opportunities in non-endemic retail media and embracing non-standardised ad formats. This comes in the form of leveraging new technologies and the role of AI will continue to be an asset in supporting and personalizing the shopping experience. The future of retail media is all about adapting to evolving consumer behaviors. It's about recognizing the end of one-size-fits-all strategies and embracing innovation that resonates with the customer.
Digital and in-store synergy: improving customer loyalty
The boundaries between online and in-store shopping experiences are blurring, and the demand for bridging the two is stronger than ever. Shoppers today seek a united shopping experience that combines both in-store experiences with the convenience of digital ecommerce platforms. Elevating the online experience will only enhance retailers ability to attract and retain shoppers. UK shoppers specifically are 5% more likely than the global average to seek out a different site when they encounter checkout frustrations. Retailers who can successfully merge both in-store and online shopping experiences will be rewarded with customer loyalty and brand equity.
As leaders in the retail industry, we’re not just spectators of the unfolding retail media revolution; instead, we’re actively shaping the very foundation of what's to come.