By: Rajiv Raghunath
Last updated : November 07, 2023 6:05 pm
Laetitia addressed the WOO APAC Forum in Bali
Retail media capitalises on both online and offline advertising spaces owned by retailers and marketplaces, as well as data monetisation. Sharing her perspectives on this fast growing media and advertising channel retail media, the second-fastest-growing ad channel in the US valued at $45 billion and projected to reach $100 billion soon, Laetitia Lim, CEO, Quividi highlighted four key success factors for retail media: strategic positioning at the point of purchase, access to first-party data, transaction efficiency, and adaptability to retail needs. She was addressing the recently held WOO APAC Forum in Bali
Laetitia emphasised the potential growth of in-store retail media at major retail stores like Walmart, Kroger, and Best Buy, foreseeing a 400% increase in the next four years as Tier-1 retailers centralised operations and took control of in-store screens, developing one-stop retail platforms for advertisers, and even extending their services to competitors.
Smaller retailers, on the other hand, are exploring privileged partnerships with established in-store retail media companies to share data and compete effectively, while digital platform companies are entering the space, offering collaboration opportunities, said Laetitia.
Laetitia stressed upon the importance of aligning with these new players and understanding their digital mindset. In-store retail media aims to enhance the shopper's experience while maintaining the physical store's integrity, requiring the adoption of measurement, transparency, and standardisation. The session concluded with a call to embrace the digital mindset of in-store retail media, adapting to the changing landscape, focusing on enhancing the shopping experience, harnessing first-party data, and achieving closed-loop attribution in the physical retail world.