The Threefold team just got back from a busy couple of weeks in the U.S. First, we attended the IAB Connected Commerce Summit in New York City. It was in its inaugural year, and nearly every conversation was about calls for transparency and standardisation in retail media measurement.
Then, the team jetted off to Las Vegas to attend Groceryshop 2023. We were well represented this year, with CEO Sam Knights, Co-Founder Matt Lee, CFO David Bromfield and Managing Director Sean Crawford in attendance. Held at the Mandalay Bay Convention Center, the event offered three-days of programming that addressed some of the biggest challenges and opportunities for every aspect of grocery: technology advancements, like AI, to the battle between in-store and digital strategies and, of course, retail media.
At Groceryshop (and other recent events), we keep hearing “retail media is media” and similar phrases, and we agree! From our perspective, this means that a grocer’s position as a retailer is different from its position as a media channel, and retailers must therefore rethink their relationships with brands and treat them as clients. This is key if we want to continue to dispel the belief that retail media is a tax on brands.
Also discussed: measurement standards across retail media networks (RMNs). This followed the proposed standards released at IAB's Connected Commerce Summit the week prior, which are in a period of public comment through Oct. 13. Greater standards are good for everyone, and we’re excited to continue to be in conversations with other stakeholders about what that means for retailers, brands and consumers moving forward.
Retail media growth is impressive and not slowing down. During one panel discussion, it was noted that retail media is encroaching on linear TV among advertisers. Data suggests that’s true, too. Based on current advertising spend, retail media spend in the U.S. could overtake spending on linear TV in just a few years, according to Insider Intelligence projections. That comes as RMNs grow their investment in connected TV (CTV). CTV — streaming and on-demand television — is one strategy we employ at BMG as part of Audience 360. It enables brands to more narrowly target audiences over linear TV by using retailers’ first-party browsing and purchasing data.
The store is the next frontier of U.S. retail media, and that’s where real opportunities for growth exist. Our experience in the U.K. tells us that true retail media is omnichannel and involves both e-commerce and in-store strategies. We are thrilled to be a leader in the next chapter of retail media in the U.S., as our knowledge of operating 10 RMNs over the past 15 years has awarded us a wealth of experience in what works for retailers and brands.
The conversations held at Groceryshop about retail media echo the ones the retail media experts at Threefold have been having with each other both in the U.K. and U.S. As always, it was great to catch up with old friends and meet new industry peers, and we’re looking forward to spending more time in the U.S. in the months and years to come as we grow in North America.
What’s next for us? We’re holding an exciting event on our home turf, the inaugural Retail Media Summit U.K. Join us on October 11 in London to learn more about the latest tech and media innovations in RMNs. Can’t-miss programming will also hit campaign measurability and calls for standardisation, and our curated event experience will gather leading experts from the U.K. and U.S. for a day of education and inspiration, idea exchange and networking.