In the rapidly evolving landscape of retail media, brands and agencies alike seek to harness the chaotic surge of e-commerce platforms and advertising networks.
Harvest Group, a retailer-focused agency, has struck a partnership with Epsilon, the outfit which just launched an upgraded retail media identity kit.
In this video interview with Beet.TV, Mark Stamps, VP of Growth & Partnerships at Harvest Group, shares his insights on how the agency is steering through this complexity.
The Scale Solution: Amplifying Reach with Epsilon
Harvest Group is an outfit whose services typically include strategic planning, media buying, digital campaigns, and creative development for retailers.
“Scale” is the operative word for Harvest Group as it navigates the burgeoning expanse of retail media networks.
Just-announced Epsilon Retail Media applies its CORE AI artificial intelligence and its CORE ID person-first identity in the ad server, aiming to support identification both within retail media environments and off-site.
Stamps emphasizes the importance of this concept: “So part of what Epsilon and partners like Epsilon do is provide scale that we can then, because of the proliferation of all these different retail media networks, (asking) ‘How do I do this efficiently with the complexity of that being growing?’ And so this helps us offer scale.”
The partnership with Epsilon allows Harvest to achieve more with less, an advantage in an industry where efficiency and reach are paramount.
Optimizing Investment: Where to Allocate the Next Dollar
With multiple retail media networks to consider, determining where to invest marketing dollars is a challenge. Stamps provides insight into their value proposition: “This connectivity and the scale that provides … helps then optimize where you put your next dollar and to make sure ultimately to sell more stuff.”
Understanding consumer behavior is key to this optimization. “The consumer is shopping in such a dramatically different way than they have historically,” Stamps observes. The goal is to ensure product availability wherever the consumer looks, which requires a scaled approach across various networks.
The fragmented nature of the retail media landscape is a hurdle for many in the industry. Stamps outlines the challenges, “It creates quite a bit of waste—wasted resources logging on to these different platforms, wasted time, and wasted money just because you can’t optimize all of that at scale across all these networks.”
Harvest Group’s solution is to streamline this fragmentation, fostering “connected commerce reality” that reduces waste and enhances optimization. As retail media spending increases, Stamps believes that addressing these complexities is crucial, saying, “The complexities of that need to be solved. And I think we’re route to solve that.”
You’re watching “Retail Media: Let’s Talk Shop,” a Beet.TV Leadership Series at Shoptalk 2024, presented by Epsilon. For more videos from this series, please visit this page.
