CANNES — With US retail media spending estimated by eMarketer to be $45 billion in 2023, the category is not exactly a new topic anymore.
So, companies rolled into Cannes Lions with solid views about a maturing topic.
Beet.TV played host to some of those discussions, through Global Retail Media Summit at Cannes Lions 2023, presented by Criteo & Habu.
Here, we summarise some highlights…
1. New Approaches to Commerce Media
Brian Gleason, Global Chief Revenue Officer at Criteo, believes the company’s venture into commerce media via their Commerce Grid platform offers brands and agencies valuable insights on their ad dollar spend.
“We recently launched something we call Commerce Grid, which is our SSP. It allows a new way for publishers to participate in commerce media … (Criteo) has the ability to have closed loop reporting to see exactly how your ad dollars are working.”
2. Focusing on Top of Funnel Strategies and In-store Integration
Marc Fischli, Executive Managing Director, EMEA at Criteo, discloses the company’s successful expansion beyond onsite experiences into offsite strategies and instore integration, following their acquisition of Australian company, Brand Crush.
“2023 has been a fantastic year for us. We had a fantastic base in on-site Criteo and the industry overall too. And now we’re going to go into off-site to really go at scale, also top of funnel. In-store has become really important for us.”
3. Bridging Fragmentation in Digital Advertising Ecosystem
Michael Greene, SVP of Global Vertical Strategy at Criteo, believes in creating a simplified, consolidated workflow to bridge the fragmentation in the digital advertising ecosystem.
Greene discusses a client-centric approach to addressing fragmentation in the industry, with an emphasis on consistency in managing budgets across retailers and defining metrics.
4. Unifying Digital Media Budgets
Joseph Meehan, the Commerce Manager at Criteo, envisions the extension of commerce potential for media owners through unified digital media budgets.
“Right now we’re talking about unifying the digital media budgets. We see kind of a full spectrum of publishers just tapping into it… all the way to becoming pseudo retailers themselves.”
5. Digital Transformation in Beverage Industry
Zach Lain, Director of Global Data Partnerships at PepsiCo, shares insights into PepsiCo’s digital transformation journey.
“Our journey began three years ago with the creation of the data analytics function at PepsiCo. Fast forward to today, we’re 700, 750 folks that really do span across so many different functions.”
6. Evolving Role of Retailers Globally
Sherry Smith, GM of Global Enterprise at Criteo, analyzes the distinct roles of retailers and their growth trends across the globe.
Smith comments on the changing roles of retailers across regions, from becoming hybrid in APAC, to content-focused in EMEA, and to digital in the US. She notes, “We’ve got well over 70 retailers in EMEA. US, it’s certainly more of the digital (players). And then of course with APAC it’s more of the marketplaces and how do you connect with those sellers.”
7. Uber’s Transition into Advertising
Megan Ramm, the Global Director and Head of CPG Partnerships at Uber, believes that their transition into advertising has been a seamless and natural progression.
“How can we (passengers) them with a message at the right time when we know that they’re attentive, we know that they want to see it? It feels very natural. It is like the consumer wants to see it. They’re in the mindset to receive the messages and we’re here to deliver it.”
8. Early Movers Establish the Patterns
Ted Flanagan, Chief Customer Officer at Habu, believes that companies moving swiftly in the current business climate will be well-positioned to scale and achieve value ahead of their competitors.
“The first movers are the ones that are establishing the patterns. And so they’re just going to be that more well-positioned to scale, to move quickly, and to be really deriving value as the rest of the industry catches up.”