In the dynamic world of retail, where the intersection of physical and digital realms shape the landscape of consumer engagement, the P2PI Live 2023 event emerged as a beacon of insights and innovations.
This year’s event delved into the pressing issues facing retailers and marketers, unveiling strategies to bridge the ever-widening gap between the physical and digital divide. Join us as we unravel the key highlights and takeaways from P2PI Live 2023, where industry leaders explored the evolving nature of consumer preferences and ushered in a new era with “Return on Relationship” (RoR) taking center stage as the new metric of success.
In the engaging session titled “Better Together: Innovating the Future of Omnichannel Retail Media,” a distinguished panel featuring Paul Brenner from Vibenomics, Nate Pinkston from Microsoft Advertising, and moderated by Andy Murray of bigQUEST explored the transformative partnership between Vibenomics and Microsoft Advertising.
Nate emphasized Microsoft Advertising’s broad perspective on retail media and the crucial need to bridge the gap between the physical and digital realms. The discussion delved into the increasing interest in in-store media, catalyzed by industry recognition and resources like the IAB Retail Media Buyer’s Guide.
A key takeaway was the collaborative study’s objective: integrating e-commerce and in-store programmatic for proof of performance. The panel highlighted the significance of measuring the effectiveness of joint exposure to in-store and onsite tactics, emphasizing the commitment and collaboration required for successful analytics.
Paul and Nate presented compelling case study results, revealing a substantial 40% rise in household spending and a 50% increase in category share when compared to the isolated implementation of either tactic. The conversation underscored the importance of commitment and collaboration, highlighting Microsoft’s dedicated involvement. The panel encouraged active engagement from brands in this evolving space, recognizing the sophistication and testing required for successful analytics.
Looking to the future, the panel advocated for a “better together” approach, unveiling an aggressive go-to-market strategy. Paul and Nate offered a glimpse into the exciting trajectory of their partnership, hinting at continued innovation and collaboration in the dynamic realm of omnichannel retail media. The session illuminated the current retail landscape and showcased the potential for transformative partnerships to shape the future of retail advertising.
In the informative session titled “Turning Insights to Inspiration: A Journey into In-Store Consumer Motivation,” by Jaime Bettencourt of Mood Media and Cyndi Loza of P2PI, key takeaways emerge regarding the significance of the in-store experience. The audience profile in Mood Media and P2PI’s “Engaging Shoppers In-Store Report” reveals that 52% of individuals shop in physical grocery and supermarket locations.
Jaimie identified two pivotal areas of consumer engagement: shaping perceptions to attract shoppers and engaging experiences that drive passive to active engagement. The discussion emphasizes the role of sensory elements, such as scent, with case studies highlighting the impact in establishments within Hospitality, Grocery, Retail Verticals, all utilizing technology to bring products to life.
Notably, 37% of consumers enjoy discovering new products at retailers, presenting an opportunity for in-store marketers. Customer trends underscore the importance of creating moments for learning, providing hands-on experiences, and making interactions personal, relevant, and meaningful. A practical example is cited in a well known women’s clothing and beauty retailer, employing wireless tabletop displays to enhance flexibility with different merchandise displays.
The key takeaways stress the need for retailers to strategically shape perceptions, employ engaging experiences, and leverage technology to cater to evolving consumer preferences.
The illuminating session titled “Return on Relationship – The New ROAS” delved into the evolving dynamics of retail media from industry experts Kelly Kachnowski from The Mars Agency, Jeffrey Bustos from IAB, and Vin Lay from Albertsons Media Collective.
The key takeaways from their insights emphasize the importance of a holistic approach to retail media success, stressing collaboration among partners and the implementation of comprehensive measurement strategies. The extensive measurement of media delivery and engagement encompasses metrics such as impressions, click-through rates (CTR), views, and completion percentages. Evaluating shopping actions involves assessing store foot traffic, coupon clicks, and samples delivered. Conversion is found through attributed sales, return on ad spend (ROAS), percentage of new buyers, and sales lift, with an added value measured by distribution and return on relationships (ROR).
A central theme emerged around aligning values and harmonizing Key Performance Indicators (KPIs) for mutual benefit, encouraging a culture of continuous education and innovation. The panel emphasized the necessity of collaboration among brands, agencies, and retailers for impactful results, stressing the importance of long-term, cross-functional goals and a commitment to continuous testing in the ever-evolving retail landscape.
The session underscored the nuanced dynamics of retail media, advocating for a collaborative and strategic approach to seamlessly integrate physical and digital experiences in a truly omnichannel retail landscape.
The Path to Purchase Institute LIVE event was a beacon of enlightenment, unraveling the intricate threads of the ever-evolving retail media landscape. From transformative partnerships and in-store motivation to redefining Return on Relationship, each insight offered a glimpse into the future of retail.
As industry leaders pave the way for a truly omnichannel retail experience, the future appears promising and filled with opportunities for those ready to embrace the dynamic changes in the retail world. Collaboration, innovation, and the seamless integration of physical and digital experiences are the cornerstones of success in this dynamic industry!
Path to Purchase Institute (P2PI) is a global association that provides insights, knowledge, and networking opportunities to consumer goods professionals involved in the path to purchase. P2PI offers a variety of resources, including research reports, case studies, webinars, and events, to help its members stay up-to-date on industry trends and best practices.
Vibenomics, a Mood Media Company, is the leading in-store digital advertising provider with 23,600+ shopping locations in the U.S. Our platform provides a single, all-in-one Retail Media network, empowering advertisers to deliver an on-premise experience and to connect with customers via display, audio and experiential channels.
Ready to learn how Vibenomics can elevate your Retail Media strategy with in-store advertising? Click here to engage with Vibenomics today!
Even amidst the haze of wildfire smoke, our time in Chicago at the Path to Purchase Institute’s (P2PI’s) Retail Media Summit was nothing short of extraordinary! P2PI’s Retail Media Summit is an annual event with the goal of breaking away from traditional patterns of thinking and encouraging attendees to tap into new strategies that fully leverage the power of Retail Media. By embracing innovative approaches and adopting effective Retail Media strategies, participants can enhance their omni-channel initiatives and drive better results for their brands.
There was a wide array of industry topics covered at this year’s P2PI’s Retail Media Summit designed to help CPG brands and retailers navigate the complicated and rapidly shifting arena of Retail Media.
A few agenda items to highlight from this year’s Retail Media Summit include:
If you missed out on this year’s Retail Media Summit or just need a refresher, fret not! Here are Vibenomics’ 3 key insights from the 2023 Retail Media Summit –
Retail Media is changing advertising’s impact and effectiveness. Keynote speaker Andrea Leigh, founder of Allume Group, stated, “Advertising is the force that opens up people’s minds to new possibilities.” Leigh’s statement highlights the influential role that advertising plays in shaping consumer behavior and perceptions. In the context of Retail Media, which refers to advertising strategies and technologies employed by retailers to monetize their digital platforms and reach their customers, there’s been notable shifts in the impact and effectiveness of advertising strategies and solutions.
One of the key advantages of Retail Media is its ability to reach and influence consumers at every stage along the shopping journey. Through targeted advertising on their digital platforms, retailers can engage with customers during the awareness stage, introducing them to new products and brands. By tailoring advertisements based on consumer preferences and browsing behavior, retailers can deliver meaningful messages that resonate with the audience, capturing their attention and encouraging them to explore new products.
Retail Media has revolutionized the way consumers interact with advertising. By leveraging their digital platforms and first-party loyalty data, retailers enable brands to deliver personalized and targeted omni-channel campaigns that open up new possibilities for consumers. This shift has not only made advertising more effective but has also allowed retailers to measure and optimize their campaigns more accurately. As a result, advertising has become a powerful force in influencing consumer perceptions and driving consumer behavior in the modern retail landscape.
Meeting shoppers in the physical store is a critical element of implementing a successful Retail Media strategy. Despite the growth of e-commerce and online shopping, 91% of sales happen in-store. In-store is also the closest proximity to the product. Therefore, it’s important for retailers to focus on enhancing the in-store experience and leverage Retail Media to engage and influence shoppers.
Brands increase their reach by 70% when they focus on in-store. Andrea Leigh (Alume Group) shared a bar chart that compared in-store US monthly audience reach to digital US monthly audience reach. The data showed an increased audience reach in-store compared to digital for well-known retailers like Lowes, Walgreens, Kroger, and Costco. This information underscores the importance of investing in strategies that optimize the in-store experience and effectively utilize Retail Media to engage and influence shoppers.
There’s no denying that technology advancements are making it easier and more efficient to put the right content in front of the right customer when propensity to spend is highest. While sometimes digital displays can limit the impact of shopper behavior due to restricted exposure and engagement, in-store audio’s ubiquitous nature has the ability to influence shoppers at the point of purchase because:
Think of the shopping journey as a funnel. Brands want to increase awareness through audio in-store, drive intent by getting the shopper to the right aisle, and enable conversion by getting the shopper to care enough to make a purchase.
ROAS (Return on Ad Spend) is a crucial metric for measuring the effectiveness of advertising campaigns in terms of generating revenue. However, when it comes to Retail Media, there are additional metrics and considerations beyond ROAS that are important to understand and leverage in determining whether or not a campaign is deemed successful. One such aspect is the focus on consumer relationships. Advertisers can gain a comprehensive understanding of the impact of their advertising efforts through the following metrics:
Consistent measurement remains a crucial aspect in assessing campaign success. Standardizing reporting and data transparency is a top priority, although it requires significant effort from both brands and retailers to establish this consistency and measure impact accurately.
While ROAS remains an essential metric for measuring the financial performance of your advertising efforts, it’s crucial to recognize the broader benefits of Retail Media beyond immediate sales lift. By focusing on consumer relationships, you can cultivate loyalty, advocacy, and long-term value, ultimately contributing to the growth and success of your business.
P2PI’s Retail Media Summit proved to be a beneficial event, offering a deep understanding of the ever-changing landscape of Retail Media. The knowledge gained from this event will undoubtedly benefit CPGs, retailers, and solution providers in their pursuit of enhancing omni-channel initiatives and achieving superior outcomes for their brands and businesses.
By embracing the insights shared at the summit, organizations can navigate the evolving world of advertising, recognize the significance of engaging with shoppers in-store, and prioritize consumer relationships in their measurement strategies. Armed with this knowledge, they will be well-equipped to adapt to the dynamic nature of Retail Media, connect with their target audience effectively, and achieve sustainable growth in the competitive retail industry.
Onto the next one! Don’t miss out on P2PI LIVE 2023 in St. Louis this upcoming November. P2PI LIVE is a premier event that aims to provide a comprehensive and enriching experience for professionals in the commerce marketing industry. Join Vibenomics as we continue to revolutionize the next generation of Retail Media in-store!
Path to Purchase Institute (P2PI) is a global association that provides insights, knowledge, and networking opportunities to consumer goods professionals involved in the path to purchase. They focus on helping businesses understand and optimize the consumer journey from the initial consideration of a product to the final purchase decision.
P2PI offers a variety of resources, including research reports, case studies, webinars, and events, to help their members stay up-to-date on industry trends and best practices. They also provide a platform for networking and collaboration among professionals in the consumer packaged goods (CPG) industry.
Vibenomics, a Mood Media Company, is the leading in-store digital advertising provider. Our platform provides a single, all-in-one Retail Media network, empowering retailers to digitize their on-premise experience and advertisers to connect with customers via display, audio and experiential channels.
Through a first-of-its-kind turnkey solution, this model delivers the ubiquity and revenue-generating capabilities needed to drive the next iteration of Retail Media. Ready to learn how Vibenomics can elevate your Retail Media strategy? Click here to engage with Vibenomics today!
How is it June already? It feels like it was just yesterday that we grabbed our beaded necklaces and eagerly headed down to New Orleans in May to attend Path to Purchase Institute’s (P2PI’s) Future Forward 2023 event.
P2PI’s Future Forward event is an annual conference that brings together industry leaders and professionals to discuss the latest trends, innovations, and strategies in the consumer packaged goods (CPG) industry. The event attracts a diverse group of attendees from a variety of backgrounds, including:
At this year’s Future Forward event, attendees had the opportunity to participate in educational sessions, networking events, and keynote speeches delivered by industry experts in the CPG field.
There was a wide array of topics covered at Future Forward 2023 which included shopper behavior and trend forecasting, the future of commerce via in-store experience, social commerce, metaverse and beyond!
A few agenda items to highlight from Future Forward 2023 include:
If you weren’t able to attend this year’s Future Forward event, or just can’t read your handwriting from your notes (we’ve all been there!), we’ve got you covered.
These are the top 5 takeaways from Future Forward 2023 that stood out to us:
The event highlighted the growing importance of digital in-store experiences, emphasizing that these innovative strategies are becoming a permanent part of the retail landscape.
Ari Peralta, neuroscientist and CEO of Arigami, presented 5 ways for brands and retailers to turn to neuroscience and technology to give them a competitive edge with design:
The trends above emphasize the convergence of in-store technology to enhance consumer experiences, creating immersive, interactive, and emotionally resonant brand interactions.
In P2PI’s blog post, “Future Forward: Amplifying Consumer Experiences,” Peralta highlights that incorporating multisensory cues in a store can increase shopper’s stay by up to 51%, while also noting that 52% of consumers have abandoned e-commerce sites due to poorly curated offerings.
One of many notable findings in the P2PI’s “Shopper Engagement with Retail Media” research report identified that 48% of shoppers say in-store audio encourages them to locate products in-store and consider purchasing — the same amount as with video ads and digital screens. To capture and maintain shoppers’ attention in the crowded retail landscape, brands MUST invest in efforts designed to maximize customer interaction.
With the evolving in-store environment, it is vital that navigating the shopping experience remain simple. With consumers desiring a simplified and straightforward shopping experience, retailers must focus on creating a smooth transition between onsite, offsite and in-store channels. Brands, too, must ensure that messaging is consistent and relevant to each individual shoppers’ journey.
Paul Brenner, SVP of Retail Media Strategy and Partnerships at Vibenomics, says that for the past several years, the retail landscape has evolved to become all about the customer experience. Technology helped elevate digital ecommerce – an evolution no doubt accelerated by the global health crisis. But nearly 95% of shoppers have returned to physical stores with an expectation that their in-store experiences will deliver as well as online shopping.
Brands want to shift their budgets to be more inclusive of Retail Media In-Store digital advertising strategies within their omnichannel campaigns – alongside traditional onsite and offsite tactics.
A significant majority of buying (92%) still occurs in-store, while only a small portion (8%) happens online. Brands can truly influence shoppers at the point of purchase with in-store tactics by creating compelling and interactive experiences that engage all the senses and leverage personalized promotions to drive conversion and brand loyalty.
Brands are adopting an omnichannel approach with single, unified campaign objectives. The focus is on seamless omnichannel buying experiences, integrating various channels rather than treating them separately.
The question we hear at Vibenomics is, “how do brands catch shoppers’ attention with ads and deliver a personalized experience similar to what’s available via online platforms?” Enter RMNs, providing omnichannel solutions to these challenges. Retailers can broadcast targeted audio advertisements in brick-and-mortar stores to promote products near the point of sale and in the aisles.
Data silos between onsite, offsite, and in-store channels were identified as a challenge in proving incrementality and, therefore, preventing effective omnichannel investment.
The pressure is on retailers to demonstrate the value and incrementality of Retail Media solutions by proving the effectiveness of omnichannel (onsite, offsite, and in-store) campaign strategies. The importance of breaking down these data silos to gain a comprehensive understanding of the customer journey was emphasized.
After an immersive and thought-provoking experience at Future Forward 2023, several key takeaways emerged that shed light on the evolution of the in-store experience, the importance of a simplified shopping journey, and the significance of brands transitioning to a true omnichannel approach with unified campaign objectives.
By understanding and implementing these top takeaways, retailers and brands can stay ahead of the curve, create meaningful connections with their customers, and establish a strong foundation for sustained growth in the years to come.
As one event ends, another one approaches! Don’t miss out on P2PI’s 2023 Retail Media Summit in Chicago this upcoming June. Attendees will gain invaluable insights into the latest trends, strategies, and technologies that are shaping the future of retail media. Mark your calendars and be sure to join Vibenomics at the 2023 Retail Media Summit as we explore the future of retail media together!
Path to Purchase Institute (P2PI) is a global association that provides insights, knowledge, and networking opportunities to consumer goods professionals involved in the path to purchase. They focus on helping businesses understand and optimize the consumer journey from the initial consideration of a product to the final purchase decision.
P2PI offers a variety of resources, including research reports, case studies, webinars, and events, to help their members stay up-to-date on industry trends and best practices. They also provide a platform for networking and collaboration among professionals in the consumer packaged goods (CPG) industry.
Vibenomics, a Mood Media Company, is the leading in-store digital advertising provider. Our platform provides a single, all-in-one retail media network, empowering retailers to digitize their on-premise experience and advertisers to connect with customers via display, audio and experiential channels.
Through a first-of-its-kind turnkey solution, this model delivers the ubiquity and revenue-generating capabilities needed to drive the next iteration of retail media. Ready to learn how Vibenomics can elevate your Retail Media strategy? Click here to engage with Vibenomics today!