Shoptalk 2024, the premier event for retail and e-commerce professionals, brought together industry leaders to discuss the latest trends and innovations shaping the future of retail. As the retail landscape continues to evolve, here are four key takeaways from Shoptalk 2024:
1. The continuing rise of retail media networks
The evolution of retail media is propelling us into a new era of advertising and first-party data monetization. Retailers are using their valuable first-party data to offer targeted advertising opportunities on both their owned and operated channels — from sponsored content to personalized ads — and through offsite programmatic ads. However, the full potential of retail media networks (RMNs) is hindered by challenges in understanding and targeting shoppers beyond retail data, reaching customers across channels and validating measurement.
To unlock the true value of RMNs, and turn these challenges into opportunities, companies should focus on four areas:
- Gain insights: Learn more about your customers and the customers your marketing partners care about.
- Create audiences: Use enriched data to build addressable audience segments for advertisers to target.
- Maximize reach: Expand your addressability and monetize your data on and off platform.
- Demonstrate success: Validate marketing impact by connecting ad exposures to outcomes.
“It was evident at Shoptalk 2024 that the rise of retail media is unstoppable. The conversations, collaborations, and insights shared at the event cemented the position of retail media networks as the driving force behind the future of commerce.”
Alison Hofelich, Sr. Account Executive, Big Box Retail & Grocery
2. Content-led commerce
Content is becoming increasingly pivotal in driving commerce, with retailers investing in shoppable video to stimulate conversations and foster customer engagement. While video may not always lead to immediate transactions, it can start dialogues, offering retailers a platform to enhance customer loyalty and influence future sales.
Retailers talked about their focus on connecting with Gen Z on a deeper level. PacSun highlighted initiatives like the launch of a gender-fluid line and continuous engagement with young consumers via social media for feedback. Additionally, PacSun talked about embracing “conscious capitalism” by co-creating with influencers and customers, recognizing the growing consumer preference for brands that make a positive impact.
By collaborating with influencers and using user-generated content, retailers can create authentic experiences that resonate with their customers.
3. Data privacy and trust
With data playing a central role in retail strategies, ensuring data privacy, and building trust with consumers are imperative. Retailers must prioritize transparency and security to safeguard customer information and nurture long-term relationships.
While the focus may currently be on capturing Gen Z market share, businesses need to anticipate shifts in consumer demographics and adapt their strategies accordingly. Using customer data in a privacy-compliant way enables retailers to implement effective personalization strategies that drive long-term engagement and loyalty.
“Retail media networks were at the center of Shoptalk 2024.In addition to retail media networks, the seamless integration of data to enhance customer personalization and the rising importance of targeting Gen Z were recurring themes.”
Kai Rood, Account Executive, Retail Apparel
4. The time to embrace AI is now
Technology continues to drive innovation in retail, with advancements in AI reshaping the shopping experience. From virtual try-ons to personalized product recommendations, retailers are using AI to engage consumers and enhance product discovery. Testing and learning are essential for AI implementation, as companies navigate the risks and rewards of technological innovation.
Navigate the future of retail with Experian
Shoptalk 2024 provided invaluable insights into the future of retail, highlighting the importance of retail media networks, content-led commerce, data privacy, and tech innovation. By embracing these trends and innovations, retailers can position themselves for success in an ever-evolving marketplace.
At Experian, our solutions are tailored to empower businesses in navigating this dynamic landscape.
Through our Consumer Sync solutions, we bridge the gap between online and in-store touchpoints, ensuring a unified strategy for reaching audiences across channels and evaluating campaign performance.
Our Consumer View solutions enable you to tap into 5,000 demographic and behavioral attributes to fill in any gaps on your customer. Go beyond category buyers by combining your first-party data and Experian’s top ranked data to build custom audiences that lead to higher ROI for your advertisers.
Connect with a member of our team today to get started.
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NEW YORK & LOS ANGELES / BUSINESS WIRE / Jan. 30, 2017– Tapad, part of Experian, and Rubicon Project (NYSE: RUBI) announced today a new global partnership offering a unified, cross-device campaign delivery solution within an automated advertising marketplace. Tapad is the leading provider of unified, cross-screen marketing technology solutions and Rubicon Projectoperates one of the largest advertising marketplaces in the world. The Tapad Device Graph™, which enables buyers to expand their high-value display data signals to associated mobile devices, will be integrated across Rubicon Project’s leading advertising exchange and Orders platform, significantly improving consumer mobile reach. The new global partnership will empower Buyers within Rubicon Project’s exchange to find and engage audiences across their entire digital experience. Rubicon Project operates one of the world’s largest mobile exchanges connecting to approximately 1 billion unique mobile devices globally. “We’re excited to partner with Tapad to continue to provide our customers the very best data for managing their advertising businesses,” said Harry Patz, Chief Revenue Officer, Rubicon Project. “Cross-device delivery is crucial for buyers today with more than 81% of internet users currently relying on more than one device for digital access[1]. Through our partnership, buyers will be able to extend their desktop private marketplace campaigns to mobile, allowing them to find and engage their audience across devices, anywhere in the world. The net result will also benefit sellers; the increase in mobile reach will better position publishers and app developers to strategically capitalize on their inventory, ultimately increasing bid rates and mobile revenue across the board.” “Our partnership with Rubicon Project marks the first time advertisers and publishers alike are able to use cross-device solutions at significant scale outside of Google and Facebook,” said Pierre Martensson, GM of Tapad’s Data Division and APAC. “Our Device Graph will help Rubicon Project’s advertisers make more informed buying decisions and find the audiences who matter most.” Barry Adams, VP of Commercial Development at Bidswitch, said, “As digital advertising moves away from desktop and increasingly toward a mobile-first model, cross device data becomes critical to finding consumers. The rich data buyers will now be able to leverage at scale through the Tapad and Rubicon Project integration will enable us to provide a state-of-the-art cross-screen solution for the 150+ buying platforms that use our service, and the tens of thousands of advertisers they represent.” For more information about Rubicon Project’s inventory, please visit www.rubiconproject.com. For more information about Tapad’s cross-platform advertising solutions, please visit https://www.experian.com/marketing/consumer-sync. Contact us today
Tapad expands linear TV analytics solution, enabling optimal reach and frequency across TV and digital platforms NEW YORK, Jan. 24, 2017 /PRNewswire/ – Tapad, now a part of Experian, has partnered with WideOrbit, the leading provider of advertising management software for media companies, to develop the industry's first programmatic TV-buying platform powered by a device graph. Tapad is the leading provider of unified, cross-screen marketing technology solutions and was first to market with a device graph, the Tapad Device Graph™. WideOrbit's robust supply platform and industry-leading footprint offers access to premium TV inventory on top networks, reaching more than 99 million households across local affiliates. The partnership pairs Tapad's demand-side technology with WideOrbit's supply-side inventory. As a result, marketers can leverage cross-device audiences in their TV buys for the first time. Additionally, integrating the Tapad Device Graph™ with digital feedback loops and audiences both accelerates optimization and enables precise audience discovery for TV marketers. "The integration of WideOrbit's quality TV supply takes orchestrated cross-screen media buys to the next level," said Marshall Wong, Tapad's SVP of TV market development. "Marketers can now optimize TV campaigns within days instead of weeks. This also untethers them from buying against generic demographics like age and gender. By allowing brands to employ their own CRM or third-party data, we can move them much closer to audiences who will take action." "Integrating Tapad's device graph with WideOrbit's programmatic marketplace delivers enormous value to marketers looking to add TV to cross-device campaigns," said Ian Ferreira, EVP of programmatic at WideOrbit. "Television still delivers the most efficient reach of any medium, and Tapad's platform now allows marketers to purchase premium broadcast inventory that extends the power of cross-screen campaigns to TV with a single, unified solution." "Our clients build lasting relationships with consumers through thoughtful and pioneering marketing," said Jeff Giacchetti, VP of digital at Mediavest Spark. "The strategic partnership of demand-side technology and supply-side inventory makes it easier for brands to find efficient, incremental reach and are critical in this endeavor." For more information about Tapad's cross-platform advertising solutions, please visit https://www.experian.com/marketing/consumer-sync. Contact us today