23 March 2023
The evolution of retail media is a hot topic for marketers and media pundits as its rise signals an evolving shift in the customer’s shopping experience. So, when the RE:Made retail media summit invited industry experts to present their insights into the industry, it also offered a timely opportunity to look behind the lens and discover the potential of partnering with retail media.
The summit featured keynote speaker Colin Lewis, a leadership Q&A session by UN:Made founder Tim Burrowes (which you can plug in and listen to here) and a stellar lineup of speakers. Among them, Cartology Managing Director Mike Tyquin and Chief Marketing Officer of Pepsico ANZ Vandita Pandey, shared their insights into the opportunities and learnings of retail media, fuelled by strong partnerships.
Retail media continues to evolve, meeting customers where and how they choose to shop. As we know, the shopping experience is no longer linear. Shopping is becoming an ‘always on’ experience as customers are surrounded by moments where they can simultaneously move from inspiration to transaction across retail ecosystems and with off-network platforms such as YouTube.
The customer journey is unique to each individual, Vandita Pandey comments “The path to purchase has evolved so much, it’s so different for everyone and it isn’t that traditional path to purchase, meaning we need to think about the full end to end consumer journey. This is where retail media has a big opportunity that suppliers can leverage, given reach both on and off platform.”
For brands such as PepsiCo, the opportunity to go deeper with customers is one of retail media’s greatest strengths, “We (PepsiCo) need to create seamlessly integrated end-to-end omnichannel experiences, because that’s what consumers are expecting,” Vandita said.
“PepsiCo has been in a position to partner with retailers across different markets to help build and develop some of the capabilities when it comes to retail media and that has helped to drive solutions and value for consumers end to end, as well as for suppliers and retailers.”
There’s a lot of opportunity in retail media for collaborative planning between brands, agencies, retailers and Cartology to meet customers with the most effective media solutions.
Of the opportunity in retail media, Vandita comments “What we’ve found particularly from the US and what we’re starting to see more and more here is that retail media offers tremendous benefits that you really can’t get in other ways.”
“From a marketing standpoint, it’s a place that we love to invest holistically, with the opportunity to get a really granular understanding of different audiences, segments, cohorts, that are relevant for a brand. The insight that you can get from that, can ultimately get you to contextually relevant, personalised communication, which we know is more and more important for consumers.”
“For brands, closed loop measurement is needed as the critical unlock to scale retail media.“
Retail media is uniquely positioned to enhance the customer experience and add value to the shopping journey, fuelling inspiration and discovery in three key areas.
By building retail media into media plans, brands can show up for today’s switched-on omnichannel customer, walk with them on the connected customer journey and ride the wave of retail media, now and into the future.