CANNES — In the ever-evolving landscape of retail media, standardisation may seem like the key to cutting through the noise.
However, according to Michael Greene, SVP of Global Vertical Strategy at Criteo, fragmentation must also be addressed.
In this video interview with Joanna O’Connell for Beet.TV, Green paints a picture of evolution in the industry.
The Reality of a Fragmented Ecosystem
“An average brand has dozens, if not hundreds, of retailers to work with globally”, Greene says. “Many are at various stages of the development of their retail media programmes”.
Historically, retail media was handled directly by retailers in a managed service approach. Brands would allocate funds to retailers, leaving the execution largely up to them.
“Increasingly that’s evolved and more and more retailers are looking to build walled garden platforms,” Greene says.
Shift in the Retail Landscape
Retailers’ decision to adopt retail-media-focused strategies might seem unusual. Traditionally, retailers have been the customer in their relationship with brands. However, the advent of retail media has blurred these defined roles.
Greene comments: “The big change that’s happening with retail media is that dynamic is, if not flipping on its head, getting fuzzier”. In the media space, the brand emerges as the customer of the retailer, reversing the familiar dynamics.
The change is also happening as more brands get educated about the potential benefits.
“As we see more and more people from the traditional digital and media space enter the retail space… education is really driving a shift in the industry,” Greene says.
He is hopeful that through this education, more in-depth conversations will take place, fostering significant industry advancements.
You’re watching coverage of the Global Retail Media Summit at Cannes Lions 2023, presented by Criteo & Habu. For more videos from Beet.TV’s Cannes Lions 2023 coverage, please visit this page.