Tune in to Time for A Reset
In a recent episode of Time For a Reset Marketing Podcast: Insights from Global Brand Marketers, brought to you by CvE Marketing Consultancy, host Paul Frampton connects with several industry experts at the MAD//Fest 2024 in London, including Ollie Shayer, Omni Media Director at Boots; Tash Whitmey, Group Director of Loyalty, Membership and CRM at Tesco; Amir Rasekh, Managing Director at Nectar360; and Ben O’Mahoney, AdTech & Data Partnerships Lead at Ocado Retail.
Paul moderates the panel discussion and they reflect on the growth of retail media industry in the U.K. and highlight the key differences between the UK and US landscapes. The panel also explores the importance of customer-centricity, the role of ad tech in delivering personalised experiences, and the potential of AI to transform audience building, creative generation, and campaign performance. They emphasise the need for collaboration between retailers and CPG advertisers, focusing on trust, measurement, and innovation while highlighting self-serve platforms’ growing role in the retail media ecosystem.
Panellist Details
Ollie Shayer is the Omni Media Director at Boots UK
Tash Whitmey is the Group Director of Loyalty, Membership and CRM at Tesco
Amir Rasekh is the Managing Director at Nectar360
Ben O’Mahoney is the AdTech & Data Partnerships Lead at Ocado Retail
Key Differences in Retail Media: UK vs. US
The panel discussed the distinct characteristics of retail media in the UK compared to the US. Tash Whitmey from Tesco highlighted that while the US market has been more digitally driven, focusing heavily on off-site press and online advertising, the UK has maintained a robust emphasis on the in-store shopping experience. This divergence is notable in the UK’s in-store solid retail presence, with major retailers like Tesco still seeing significant footfall in physical stores. Tash pointed out that UK retailers are now developing connected store media strategies, a field where US retailers are beginning to look for inspiration.
Ollie Shayer added to this by noting that the US has pioneered advanced omnichannel strategies, particularly with self-serve platforms that empower advertisers to optimise their campaigns. Although the UK market is smaller, Ben O’Mahoney believes that adopting these US learnings could enhance the effectiveness of UK retail media, driving substantial growth and more integrated customer engagement.
Balancing Revenue Growth with Customer Experience
A key theme of the discussion was the balance between revenue growth and customer experience. Amir Rasekh highlighted the transition from the initial hype of retail media to a more measured approach focused on sustainable growth. Trust and accurate measurement are crucial in this transition. He noted that while the US benefits from its scale, the UK is making strides in omnichannel measurement and tracking customer behaviour across both online and in-store channels. Amir advocates for standardisation in measurement practices, which he believes will boost the UK market’s ability to provide valuable insights and drive industry growth.
The Role of AI in Transforming Retail Media
Artificial Intelligence (AI) emerged as a central topic in the panel discussion, with the speakers exploring its transformative potential in retail media. Ollie Shayer discussed the advanced machine learning models used for personalisation in retail media. AI is poised to enhance various aspects of retail media, including creative generation and predictive performance. For instance, AI-powered tools can facilitate rapid testing and optimisation of creative elements, which is particularly beneficial for smaller brands. Predictive performance capabilities allow for more accurate optimisation during campaigns, providing valuable insights through in-flight data.
Tash Whitmey emphasised that AI’s ability to analyse vast amounts of data can significantly enhance personalised customer experiences. By understanding customer preferences and behaviours, AI-driven ad tech enables more targeted and relevant advertising messages, improving engagement and conversion rates. The panellists agreed that while AI presents exciting opportunities, there is room for improvement in communicating the full potential of these technologies to advertisers and consumers.
The Importance of Trust and Collaboration
A recurring theme throughout the discussion was the need for trust and collaboration between retailers and Consumer Packaged Goods (CPG) companies. Ben O’Mahoney stressed that successful partnerships rely on a shared understanding of goals and accurate campaign impact measurement. Trust and transparency are essential for evaluating campaign success and making data-driven decisions. As highlighted by Amir Rasekh, self-serve platforms are seen as a crucial development in retail media, offering greater control and flexibility for advertisers while streamlining campaign management.
The Future of Retail Media
The conversation underscored the growing significance of retail media and the need for continuous innovation and collaboration within the industry. The insights shared by the panelists highlight the evolving nature of retail press, focusing on integrating technology, enhancing customer experiences, and leveraging data-driven strategies. As the industry moves forward, the ability to adapt and embrace new technologies like AI while maintaining a customer-centric approach will be key to driving successful retail media campaigns.
Wrapping Up
The discussion brings a comprehensive overview of the current state of retail media, offering valuable perspectives on the differences between the UK and US markets, the role of AI, and the importance of trust and collaboration. The insights from MAD//Fest 2024 reaffirm the dynamic nature of the retail media landscape and the exciting opportunities ahead for both retailers and advertisers.
You can read the full transcript episode here.
