Retail Media Summit UK 2024 Recap
- RMS UK 2024 Takeaways from Kevel
From the power of first-party data to in-store going digital, Paul Astbury, sales director at Kevel, the official sponsor of the RMS UK 2024 recap, shares his key takeaways from the event. Click here to read all his insights.
- Are We Sugarcoating the Real Challenges Facing Retail Media?
SMG’s Lee LeFeuvre said the five key issues facing retail media networks are:
- Senior leadership buy-in
- Resource and skill sets
- Unclear retail media network point of differentiation
- Lack of transparency
- Unrealistic expectations
- The ROI Obsession: Will Short-Term Wins Always Steal the Show?
“Not all ROI is built equal, what we should be focused on is incremental ROI and uplift. We break it into three building blocks: Build a bank of strong ROI performers; understand use of channels; and work towards an omnichannel approach to campaigns.” — Bianca Hall, SMG senior insight director
Are Retail Media Networks Failing to Adapt to the Existing Media Ecosystem?
A session chaired by Helen Johnson, SMG media & insight group director, asked three major advertising channels how they were adapting to RMNs and flexing their own offers to leverage spending across multiple media channels.
They singled out the relative newness of the sector and the race to find the right personnel to bring creativity to the media options as key challenges.
“There is no blueprint, we are very familiar with traditional marketing, but RMNs are complex and offer a myriad of ways of coming to market,” said Katy Clark, Meta head of industry - retail & e-commerce. “Everything is so complex. In addition, media has not been written with RMNs in mind. But those that approach RMNs with a very clear objective tend to scale quicker. All of us need to adapt.”
Jayesh Rajdev, ITV controller of advanced advertising, added that the industry needed new and unique skill sets to make sure that advertising channels and media made the most of the opportunity.
“Often the ideas come from the agency side and finding the right creative people is a real challenge,” he said. “We are trying to build an adaptable platform and while this is absolutely an opportunity, we need to be open-eyed to brands testing and managing their budgets. We have to disrupt ourselves.”
“RMNs are an opportunity,” said Paul Wright, Uber Advertising, head of international. “Hopefully it will benefit our customers, but the big elephant in the room is Amazon, because everyone will try something on their platform.”