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.
The Need to Bridge the Physical and Digital Divide
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.
Retailers Need to Cater to Evolving Consumer Preferences
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.
Return on Relationship Is The New ROAS
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!
About Path to Purchase Institute
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.
Getting Started with Vibenomics
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!