We recently had the chance to sit down with Alex Crowe, the Global VP of Omnichannel Strategy at Criteo. With his extensive experience in retail and media, he offered some insightful perspectives on the ever-evolving landscape of retail media.
Retail Media: A Rising Star
Alex discusses the significance of retail media in today’s marketing ecosystem and its quick rise to prominence. “The value of [retailer’s website real estate] has incrementally grown post COVID because obviously, a greater share of customers are actually shopping in the online environment.”
But what was this valuable digital real estate doing before the rise of retail media? As Alex puts it, “Before retail media, most retailers operated by engaging with a buyer. Everything was about either a commercial deal or what is right for the customer and right for the customer experience.”
Advertisers’ Needs and Challenges
In a post-cookie era, owning rich, first-party data has become crucial, and this has increased the value of retail media for brands. Alex explains, “With the upcoming cookie deprecation, advertisers are now turning to us with a clear request: ‘You’ve got this wealth of first-party data, so how can you help us target our campaigns more effectively? And most importantly, how can you assist us in understanding the success of these campaigns?’”
Alex discusses the challenges advertisers face in this new landscape. He mentions the growing need for standardization and the struggle to best use this newly valuable space. “Standards around viewability, measurements, and even naming conventions are quite important,” says Crowe.
Future Innovations in Retail Media
Looking ahead, Alex points out the potential for tremendous innovation in retail media. He sees a future where AI and data-driven predictions will enable retailers to better target their customers, offering richer metrics and personalized experiences.
“I think with data comes power. We’re hearing a lot about AI, and I think that it’s inevitable that what we’re gonna see is retailers becoming better at predicting future customer behavior to enable them to better target.”
But don’t take our word for it! Hear all of Alex’s insights firsthand by watching the full interview. His understanding of the retail media landscape is immensely practical for marketers navigating this evolving channel. So, don’t miss out on this enlightening conversation!