LAS VEGAS – One after the other, more digital retailers in the last couple of years have begun turning their virtual shelf space into ad inventory.
But the retail media wave doesn’t have to all be about digital ecommerce.
In this video interview with industry analyst Joanna O’Connell for Beet.TV, Sherry Smith, GM, Global Enterprise, Criteo, says the practice is broadening-out.
Brand-retail partnerships
Smith highlights how these programs have grown from being primarily focused on revenue generation to now considering the entire customer experience
“Retailers are really thinking about this whole experience of their consumer and how do they really reach that consumer and do so in a meaningful way,” she says.
Start your carts: Ulta's 21 Days of Beauty Event is upon us ?https://t.co/SRqqcjIHE7
— Good Morning America (@GMA) March 13, 2023
Smith cites L’Oreal’s partnership with Ulta for its 21 Days of Beauty event. “The whole experience has to be very seamless,” she says.
“It’s so critical that that retailer and the brand are working cohesively together to think about what are all those touchpoints that they can reach that L’Oreal customer.”
One way to do that is with native advertising, which Smith describes as “not in your face advertising”.
Retail media coming together
In September, a GroupM report estimated retail media networks make up 18% of global digital advertising spend in 2022. That is 11% of all advertising.
Smith says the number of players in the space is growing. With that, so is the extent to which they are actually helping each other, as well as players’ maturity in the field.
“We’re doing more consulting and more help and more support,” Smith says. “When you can get that right relationship, you’re not really teaching them basics.”
You are watching ‘Inside Commerce: Retail Media & What’s Next? Reports from ShopTalk 2023,’ a Beet.TV Leadership Series presented by Criteo. For more videos from this series, please visit this page.