In this episode of BRAVE COMMERCE, Analyst & Consultant Andrew Lipsman joins hosts Rachel Tipograph and Sarah Hofstetter to provide a comprehensive exploration of the current state and future trajectory of retail media, offering valuable perspectives for brands, retailers, platforms, and technology partners navigating this dynamic ecosystem.
Andrew reflects on the significant transformation he has witnessed in the retail media ecosystem since 2018. What was initially a minor aspect of his coverage at eMarketer evolved into a dominant focus, comprising 80% of his analytical efforts by 2023. Now, as an independent consultant, Andrew identifies 2024 as a pivotal year marking the transition from retail media 1.0 to 2.0.
The discussion revolves around two key aspects expected to shape 2024 in retail media: the shift to off-site ads, with an emphasis on streaming TV, and the emergence of in-store retail media. Andrew cites substantial growth projections for streaming TV, driven by the integration of retail media, and foresees digital screens becoming more commonplace in stores.
Andrew acknowledges the debate around premium CPMs versus buying inventory directly, emphasizing the trade-offs between cost and effectiveness. Looking ahead three to five years, he envisions a revolutionized TV landscape with closed-loop measurement, foreseeing a significant impact on CPG and consumer brands.
A critical point of the discussion is the evolving relationship between retailers and platforms amid the deprecation of cookies. Andrew foresees a shift in power dynamics, with retail media data gaining prominence due to its superior quality. Another intriguing aspect he introduces is the overlooked role of product samples in the context of retail media. He sees product sampling as a highly effective form of media, especially in categories like CPG, health, and beauty.
Key Takeaways:
- Prioritize off-site ads, especially in the booming realm of streaming TV
- Explore product sampling as an effective form of media, especially in CPG and beauty
- Disperse budgets across diverse channels, with incremental allocations to retail media
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Sources: 1Fortune, August 2023. 2Walmart internal data, January 2023. No endorsement of third-party data sources.
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