𝗠𝗼𝘃𝗲 𝗢𝘃𝗲𝗿 𝗖𝗧𝗩, 𝗦𝘁𝗲𝗽 𝗶𝗻 𝗥𝗲𝘁𝗮𝗶𝗹 𝗠𝗲𝗱𝗶𝗮
While it may seem repetitive, it's crucial to reiterate until progress is achieved: we're undergoing significant regulatory changes, and businesses must be prepared.
Retail, more than any other medium, is at the epicentre of this impact zone. Imagine trying to build a retail network in an environment where various types of innovation are omnipresent: AI, GenAI, ML, LLMs, and more.
𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗦𝘁𝗿𝗼𝗻𝗴 𝗙𝗼𝘂𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝘀
Consider the analogy of building a house. Your time and effort should focus on laying solid foundations, as these will determine the longevity of the structure. However, much of the current discussion and attention is centred on peripheral aspects - akin to debating the TV you'll put in the living room or the colour of the front door.
𝗞𝗲𝘆 𝗧𝗵𝗲𝗺𝗲𝘀 𝗶𝗻 𝗥𝗲𝘁𝗮𝗶𝗹 𝗠𝗲𝗱𝗶𝗮
Several industry experts, including Teresa Sperti (GAICD) of Arktic Fox and Billy Loizou of Amperity, have highlighted crucial themes:
🔄 Rethinking measurement frameworks to demonstrate true value
🔄 Improving compliance and ethics around customer data usage
🔄 Investing in capabilities for future growth
🔄 Enhancing execution abilities
𝗕𝗮𝗹𝗮𝗻𝗰𝗶𝗻𝗴 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 𝗮𝗻𝗱 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲
The retail media opportunity is enormous. To build the future in this space, we'll need to balance multiple factors. Our advantage lies in the evolution and innovation that has preceded us. While many high-potential tools like AI exist, we must remain focused on building a solid foundation that supports the retail work of tomorrow, not just today.
𝗟𝗼𝗼𝗸𝗶𝗻𝗴 𝗔𝗵𝗲𝗮𝗱
As we navigate this changing landscape, it's essential to:
🔄 Prioritise foundational infrastructure and governance
🔄 Develop flexible, future-proof strategies
🔄 Stay informed about regulatory changes
🔄 Foster partnerships that enhance capabilities
By focusing on these areas, we can build a retail media ecosystem that's not only compliant and ethical but also innovative and growth-oriented
.
The future of retail media is bright, but it requires careful planning, strategic investment, and a commitment to building strong foundations. Are you ready to step into this new era of retail media?
Read the full insights in Retail World Magazine: https://shorturl.at/R2wds
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CC: Veronika Sonsev, Scott Silverman, Allan D., Emily Wander, Jill Dvorak, MBA, Farzana Nasser, Katja Teichmann, Maeve Billings, Ben Price, Max Shu Teasdale