SAN JUAN, PR – With retail media advertising growing fast, does the category deserve its own showcase?
The intersection of data, technology, and retail media is creating a bustling marketplace that has industry experts like Amie Owen, Global Chief Commerce Officer at UM Worldwide, both intrigued and eager.
In this video interview with Beet.TV, Owen explores why retail media should, perhaps, get its own upfront.
Clients Eager Yet Cautious About New Retail Media Opportunities
Owen shares the pulse of the market, stating, “The marketplace when we’re doing surveys are pretty much really excited about it versus just kind of neutral at this point.”
This enthusiasm is mirrored in the clients’ probing queries about costs, availability, and the technicalities of such partnerships.
Owen reports a mix of client reactions, from those ready to dive in and participate in betas to more cautious ones seeking solid measurement solutions before committing.
Leveraging Offsite Advertising with Data-Driven Precision
Owen notes the growing use of vast troves of customer data for offsite retail media advertising.
She emphasizes the importance of data-driven decisions, lauding the efficiency and precision that offsite advertising brings to reaching target audiences where they are, rather than relying on assumptions.
Owen says non-endemic advertisers, like car manufacturers, can leverage retail data to reach relevant audiences, even if their products aren’t sold directly on the retailer’s site.
The Future of Retail and Commerce Media
Looking ahead, Owen is keen on the prospect of retailer advertisers making a splash in the media space, akin to the traditional upfronts. “All of our retail friends are retailers, but they want to play in the media space,” she notes,
envisioning a more standardized approach to buying media that aligns with existing TV and digital practices. Owen anticipates a shift towards a more stable and consistent buying cycle amidst the rapid changes in the retail media space.
The potential for a retailer-specific upfront signals a significant shift in the industry, potentially streamlining the way media is bought and sold. As Owen succinctly puts it, “So when are things going to at least slow down or compare to something that is already traditional?” It’s a matter of not just keeping pace with change but structuring it to fit within the well-oiled mechanisms of traditional media buying.
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.
