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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Partnership combines customer connections and cross-device scale to deliver more strategic customer insights NEW YORK AND CHICAGO — March 16, 2017 — Signal, the global leader in customer identity, today announced a partnership with Tapad, now part of Experian and the leading provider of unified, cross-screen marketing technology solutions. This global integration extends device connectivity for Signal’s clients across North America, APAC and EMEA by leveraging Tapad’s proprietary Device GraphTM. With Signal’s Customer Identity Solution, brands benefit from more visibility of known customers, lower costs to reach those customers and decreased expenses and data loss that often results from using multiple vendors. Integrating with Tapad’s Device Graph, which connects billions of devices, enables Signal clients to build an even broader view of their known customers across multiple devices. This integration combines Signal’s customer identity scale with Tapad’s device scale to expand the reach of addressable media channels and enhance customer journey insights across touchpoints. Tapad and Signal were able to drive incremental device connections for more than 65 percent of customer profiles, linking an average of 6.8 browsers and devices per customer. With this combined data set, Signal clients can expand their authenticated view of a customer to all associated devices and realize more strategic insights into their high-value users. The partnership also allows Signal’s clients to integrate in real-time with Tapad’s media platform, Unify. This proprietary technology enables advertisers to make real-time activation and buying decisions with maximum scale, as well as automated reporting and measurement. “Continuously recognizing customers across devices instantly and in a privacy-safe way is essential for marketers to stay competitive,” said Marc Kiven, founder and CRO of Signal. “We are thrilled to enter this unique, global partnership with Tapad, enabling our clients to access their technology and more effectively reach customers in real-time and at scale.” “Being able to leverage a persistent view of customer connections across devices is a huge challenge for brands,” said Pierre Martensson, SVP and GM of Tapad’s global data division. “With Tapad, Signal is now able to connect with the billions of existing data points in our device graph to help clients better understand customer behavior and realize even stronger customer engagement.” Contact us today
Early successes include revenue increases, global partnerships and fundraising NEW YORK, March 16, 2017 /PRNewswire/ — Tapad's entrepreneurial mentorship initiative, the Propeller Program, has seen extremely positive results since it began in September 2016. The five early-stage startups selected from Norway have gained momentum in establishing a U.S. presence. Tapad, now a part of Experian, is the leader in unified cross-device marketing technology. The company was acquired by the Telenor Group in 2016. Among the successes within Propeller: Xeneta, the leading ocean freight price comparison platform and contracted rate database, has raised an additional $12M in funding since beginning the Propeller Program. Before the end of 2016, the company had exceeded its revenue expectations by nearly 30 percent, proving the European-focused business could succeed in the American market. "Aside from directly impacting our revenue, the Propeller Program has provided us with incredible access to a countless number of external resources, including subject matter experts from the fields of fundraising, public speaking, corporate structuring and immigration law," said William Di Ieso, GM of North America for Xeneta. "We remain extremely grateful for the opportunity and exposure the program has provided for Xeneta." Bubbly, an in-store real-time engagement tool for non-buyers, now has clients on four continents. After only a few months in the U.S. market, Bubbly has signed deals with one major retail brand, one major toy manufacturer and a major global consulting firm. The Propeller Program has also opened doors for greater opportunities in Scandinavia and EMEA. After an introduction to Telenor Group's President and CEO Sigve Brekke, Bubbly is currently piloting its IoT kiosk with the company. "The mentoring sessions have been very valuable and have given us guidance as to how to best enter the U.S. market," said Marianne Haugland Hindsgaul, Bubbly CEO and co-founder. "Learning to do business in the U.S. is not something you can necessarily learn from a book. The most impactful lessons are based on real-world experience, and that is what the Propeller Program has given us." BylineMe, a marketplace for freelancers, publishers and brands to connect for content creation and distribution services, has built an extensive network of potential clients and investors. The company has tested its product in the U.S. market and gained valuable feedback for further development. Eventum, a property-sharing group that digitally assists in securing venues for meetings and corporate events, has closed a seed round of funding for nearly $1M. Eventum has also made key hires in the areas of business development and engineering. Socius, under the influence of Tapad, pivoted into the ad tech space, positioning itself as "a social native ad platform" for digital publishers. The company has attracted top talent to begin building out its U.S. business development and sales divisions. As a result, Socius has signed a host of premium publisher partners to validate its exciting new direction. "It is so rewarding to be able to support these Norwegian startups in a meaningful way," said Are Traasdahl, CEO and founder at Tapad. "Mentor relationships are critical for strategic growth, and I am proud to be able to pay forward the experiences I have gained as an entrepreneur. To me, the Propeller Program is a shining example of the magic that can happen when Norwegian innovation meets American opportunity." Contact us today!