It’s been a fantastic 12 months for the retail media industry, marked by transformative shifts and continued innovation. Retailers and CPG brands have embraced channels with renewed vigor, leveraging data-driven strategies and customer insights to create impactful experiences.
Despite the progress earned last year, there’s always room for improvement. At Threefold, we’re always looking for ways to get even better and push retail media forward for retailers, brands and consumers.
As retail media matures into this new year, here are four areas where retail media stands to get even better for all stakeholders.
Over the past year, the industry has talked a great deal about bringing greater standardization to measurement, from the IAB proposed standards in the US to the ISBA Responsible Retail Media Framework in the UK. But talk is just that, and if the keyword of 2023 was “standardization,” 2024 should be all about “implementation.”
In this new year, Retail Media Networks must focus on the implementation of consistent metrics for advertisers and retailers with clear guidelines that show the impact of campaigns on sales, loyalty and brand awareness. They should also use attribution models that can account for cross-channel and cross-device effects, as well as offline conversions. Plan-Apps, our proprietary suite of commerce marketing tools, is one way we at Threefold gather this data to plan, manage and further evaluate campaigns, offering brands and retailers like-for-like comparisons that maximize return on investment.
Make it relevant
RMNs should leverage the rich, first-party customer data they receive from the retailer to deliver greater personalization and more relevant ads that match the shopper's intent, preferences and behavior. While retailers have rich, deep data points about their shoppers, they don’t always offer this data in a usable format, impeding its maximum potential. In 2024, retailers, their media networks and their data and technology partners must work to streamline processes to organize the data to truly understand it to develop thoughtful, personalized campaigns that benefit the consumer.
RMNs must think bigger about their inventory and formats beyond traditional display ads and sponsored products. Amid an ever-increasing number of networks, RMNs must emphasize what sets them apart. What differentiators can retailers use to land campaigns for brand impact? Luckily, there are many such avenues, from exciting developments in influencer-led video that drive sales to innovative in-store experiences that grow brand equity. Throw in evolutions in video, audio, social, native and interactive ads, and the race is on.
There are numerous teams involved in the retail media ecosystem, and the networks driving the most success thread the needle of collaboration between buyers, trade marketing, CPGs, publishers, platforms and tech providers. It can get pretty crowded.
Threefold’s model prioritizes a one-front-door approach that delivers value for CPGs and retailers, reducing friction and enabling stakeholders to work together harmoniously. Increased collaboration and a focus on simplicity for brand advertisers create value that, ultimately, fosters better experiences for the shopper, drives sales and builds loyalty.
As we step into 2024, we continue to evolve, promising even more customer-led campaigns. The future looks bright for retailers, brands and shoppers alike. We can’t wait to see how retail media evolves this year and beyond.
About Steven Bayley
Steven Bayley is a Client Manager at Threefold North America. Before joining Threefold North America, Steven led e-commerce and digital brand activations for Threefold’s Co-op partnership. He previously worked in content programming for Anuvu. Want to chat about how Threefold can supercharge your retail media strategy? You can reach him at firstname.lastname@example.org.
Founded in 2008, Threefold is the world's leading Retail Media Network (RMN) specialist, headquartered in both London and New York. As part of the SMG agency network, which employs over 250 retail media experts, Threefold's primary mission is to unlock incremental CPG budgets, curate media campaigns that supercharge sales and elevate its retail partners into top-tier omnichannel media owners, spanning in-store, offsite and online.
Threefold's services include consultancy, evaluation, and a white-label in-house solution that has seen the agency build, run and operate over 10 Retail Media Networks to date. In the UK, Threefold runs and operates Walgreens' Boots Media Group and Morrisons Media Group, and additional live partners include major retailers like The Co-op, Signet Group and The Very Group.