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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Tapad’s TV analytics solutions now include premium national cable inventory– Travelocity asserts industry need, praises partnership — NEW YORK, February 28, 2017 — Tapad, a part of Experian, has announced its partnership with clypd, the leading audience-based sales platform for television advertising. By integrating clypd’s national cable network inventory, the partnership will expand Tapad’s extensive supply of TV inventory to include premium national cable inventory. Tapad is the leading provider of privacy-safe, cross-screen marketing technology solutions and was first-to-market with a device graph. Clypd’s robust sell-side advertising platform was one of the first built exclusively for the television industry, empowering media owners with solutions that deliver workflow automation, data-enhanced decisioning and, overall, maximize TV campaign performance. Through this partnership, Tapad’s Device Graph-powered TV tools will work in tandem with clypd’s sales platform to enable more precise audience engagement for TV ad buys. This will enable marketers to integrate their customer data or third-party digital segments into Tapad’s TV platform and use them to precisely engage their audience across clypd’s industry-leading footprint of national TV inventory. Campaigns are then optimized using Tapad’s graph-powered TV attribution, ensuring ads are aligned with the best context for each brand’s message. “Clypd is a pioneer in building TV marketplaces,” says Marshall Wong, SVP of TV market development at Tapad. “They were quick to recognize the benefits a device graph could bring to TV so that advertisers can activate linear inventory curated for any digital audience.” “Tapad’s TV activation platform increases the efficiency in which marketers can reach their intended audience on traditional linear TV,” says Doug Hurd, co-founder and EVP of business development at clypd. “Their customized, data-driven campaigns launch with precision and really increase the value marketers can extract from linear TV inventory.” "At Travelocity, we are always looking for ways to more efficiently reach our target audiences,” says Ashley Parker, head of brand marketing at Travelocity. “The combination of traditional linear TV and solutions like this offering from Tapad and clypd are bringing both the tools and the supply to make this vision a reality." Contact us today!