Advertising Week hosted its 20th year of one of the industry’s most anticipated events last week in New York City. From how to integrate AI thoughtfully into marketing, to ongoing measurement enhancements, to growth in the retail media industry and the general media landscape, topics from the event touched on the most pressing issues and opportunities for marketers in the coming year.
First-party data is the key advantage of retail media for marketers
A clear takeaway from the event was the increasing importance of first-party data. For commerce-focused technology providers, this data provides the necessary insights and institutional knowledge at the forefront of retail media. First-party insights – such as historical purchase activity, SKU-level data, and retailer strength in specific categories – are now central to retail media strategies, presenting more long-term opportunity. Brands can (and should) leverage what they’ve learned from prior campaigns, while also being mindful of the specific commerce environment of each.
Retail media is desperate for better measurement and standardization
There is increasing concern that, while the industry is crushing ad revenue projections year over year, the channel still lacks the basic maturity and standardization required for consistent reporting. Across the industry, retailers have developed processes to deliver data in their own unique format. With more than 220 retail media networks now in operation, the absence of standard metrics for measurement and reporting has created confusion for brands. This inconsistency makes it difficult for brands to assess performance and determine the best areas to invest in the future. The call for consistent, standardized performance metrics and greater transparency around methodologies is growing louder, creating an urgency for retail media to create more consistency as soon as possible.
As digital marketing evolves, is retail media already an outdated concept?
Over the past decade, retail media has become a critical component of brands’ marketing strategies, serving as a major driver of growth and significant opportunities. However, its rapid growth and evolution have emphasized the need for brands and retailers to remain agile – especially as the industry reaches new levels of maturity. Some leaders have even suggested “retail media” may already be an outdated concept. Instead, “commerce media” has emerged as a better fitting term, expanding beyond the traditional retailer environments to reflect the integration of social commerce and other channels.
These trends indicate a greater push for first-party data and better measurement strategies, making now the time to invest in a strategic partner who will help you navigate the complexities of retail media as it evolves. Rithum can help you reach your full potential in marketplaces. Learn more here.
Meghan Barden is director of global retail media at Rithum.
