Written by Greg Billingsley, VP of Technology & Development, Harvest Group
Our team had a great experience at the Shoptalk 2023 event in Las Vegas a few weeks ago learning the latest trends, insights, and initiatives in the industry. We had the opportunity to talk to several of our retail media partners and left the event feeling energized about the momentum in the retail media space and at Harvest Group.
Below is a short recap of a few trends and takeaways I noticed for both agencies and suppliers coming out of the event.
Retail Media, Retail Media, Retail Media.
It was everywhere. Retail Media companies had the largest presence, the biggest booths, and the most activity (besides the TikTok booth, of course!). There’s no doubt that retailers are investing heavily in both platform and marketing to grow those revenue streams, but it doesn’t stop with the retailers. Tech companies and SaaS providers are positioning themselves alongside those retailers to expand their footprint in the retail media space. It’s here, it’s here to stay, and everyone is jumping on board.
For suppliers, this momentum provides a great opportunity to grow their business through partnerships with companies that can help them navigate the retail media landscape and incorporate it into their omnichannel growth goals. The important thing here is to not approach retail media in a silo – it must be interconnected with your sales goals, strategy, and digital presence. Learn more about Harvest Group’s approach to Retail Media here.
Big Announcements & Consolidation
Shoptalk was clearly the place to announce new tech products and partnerships by companies looking to make a splash. We saw (or heard) several product releases by leading technology companies, and we talked with quite a few smaller companies that had been recently acquired. The primary theme was differentiation – anything these tech companies can do to carve out a unique offering was shouted from the rooftops. What remains to be seen is whether those announcements really have groundbreaking tech behind them, or if they just contain marketing spin.
Fundamentals Still Matter
While it may sound like the same-old same-old, the fundamentals still matter. Speakers and panelists emphasized the importance of staying in stock, forecasting well, getting the best price, having excellent digital content, and collaborating with retailers on strategy. They also stressed the importance of agencies, such as Harvest Group, who bring expertise and excellence to suppliers who are trying to navigate the complex retailer ecosystem.
Overall, it was a great event with tons of exciting innovation and momentum. Excited for next year!
More About Harvest Group
Harvest Group is proud to be a named partner across the Walmart Ad-Tech Platform, Kroger KPM/84.51°, Roundel, Instacart, Criteo, Amazon Advertising, and CitrusAd. If you’re interested in learning more about Harvest Group’s capabilities representing brands across Walmart, Target, Amazon, Kroger, Sam’s Club, and Costco in-store and across retail media channels, reach out to us at hello@harvestgroup.com or fill out our Contact Us form here.
