Retail marketing industry leaders gathered at the Microsoft Technology Center in Chicago on May 24 during the 4th Annual Cooler Screens Innovation Summit “to explore the confluence of physical stores and media, the destiny of retail and the next wave of digital marketing.”
The day was filled with in-depth and engaging conversations, including Unilever Shopper Marketing Team Lead, Leah Wise, who sat down with Arc CEO, Soche Picard and VP Account Director, Ashleigh Schultz, to share insights from the creation of their award-winning program, Scents of Confidence.
Overall, three clear themes emerged throughout the day as we look towards the exciting future of retail marketing.
1. Digital integration will transform the in-store customer experience. What’s old will be new again in a post-COVID world where in store traffic has regained ground and retailers usher in the “renaissance” of in store marketing. Through digital transformation and the immense power of artificial intelligence, the connected store of the future will offer more unified customer experiences across media, in store displays, product packaging and retailer websites and applications. In this new age, in store experiences can be completely reimagined and creatively unconstrained, while still offering shoppers inspiration and utility.
2. The future of media is omnichannel and will be led by retailers and marketplaces. In a world where the traditional shopper journey has collapsed, retail media will be more integrated into the total marketing mix vs. operating independently. Having a trove of valuable shopper data sets, retailers will capture more supplier media dollars as brand managers, shopper / commerce marketers and trade teams see the benefits of retail media (i.e. access to coveted audiences and closed-loop measurement) and collectively invest in these high performing channels. Retailers will continue to evolve and enhance their offerings, with in store opportunities poised to lead the next frontier of retail media, and make it easier for suppliers to buy media inventory across channels.
3. The retail media industry must move towards standardization. Similar to how traditional “vanity” media metrics and measurement was standardized, the retail media industry will come together to establish clear standards. Measurement, in particular, must be addressed as brands look to compare performance across retail media networks and optimize their spends. Third party measurement solutions may emerge to be the best approach in the interim as methodologies across networks vary greatly and suppliers look to hold retailers more accountable.
As retailers and suppliers partner better during this exciting time for retail marketing, the future certainly looks bright and is ripe for industry disruption in the new age of marketing and consumer engagement.
Want to learn more? You can see the sessions of the day here.
Need help navigating the ever-changing retail media landscape? Connect with us (contactus@arcww.com) to learn more about how Arc’s planning, measurement and optimization tools can enhance your commerce marketing strategy.
