SAN JUAN, PR — Omnicom thought the fusion of shopping and media was so important that it made a whole division, Omnicom Commerce Group, dedicated to the topic in June 2023.
Early this year, OCG execs have been appearing at key industry events like Beet Retreat San Juan and Shoptalk.
In this video interview with Beet.TV, Jacquelyn Baker, CEO, Omnicom Commerce Group, says retail media, she notes, is not just about inventory but about creating experiences that resonate with consumers at every touchpoint.
The Power of Data in Retail Media Networks
Baker is adamant about the centrality of data in the retail media equation. “The power of a retail media network is truly centered in the data,” she affirms.
According to her, a retailer’s shopper data, when combined with what brands know about their consumers, creates a full experience journey leading to sales and brand growth.
“It’s getting relevant quality eyeballs that are going to ultimately lead to the actions that you want,” Baker explains, emphasizing the importance of action over mere reach and frequency.
Beyond Sales: Harnessing Search Data for Consumer Insights
While sales are the ultimate goal, Baker reveals that search data can provide profound insights into consumer intent. “Consumers never lie to a search bar,” she remarks, suggesting that brands can innovate and build campaigns based on the problems consumers articulate in their searches.
This level of understanding can be a significant driver of growth if leveraged correctly.
Baker points out an intriguing shift: over 75% of product searches now start on retail sites. “Consumers are predisposed to go to retailer sites… because they have the expectation of the information that they’re seeking will be right there,” she explains. This change underscores the importance of retail platforms in the consumer’s journey, from problem-solving to purchasing.
Looking Forward: A Wishlist for the Industry
As for the future, Baker’s wishlist includes a shift in industry perspective.
She proposes abandoning the traditional sales funnel, which she believes is obsolete in a world where awareness, consideration, and conversion can happen simultaneously on a single platform.
“We need to change our way of thinking and our way of approaching them that mirrors the way that they approach the world,” Baker concludes, championing an approach that aligns with modern consumer behavior.
You’re watching Beet.TV’s coverage of Beet Retreat San Juan 2024. This series and event is sponsored by Albertsons Media Collective, Moloco, OpenX and TransUnion. For more videos from the series, please visit this page.
