Opportunities in retail media are growing rapidly, as major retailers and their consumer brand partners seize on the power of data connectivity to drive both awareness and sales. In a fireside chat with The Drum, Boots CMO Pete Markey and LiveRamp president and former CFO of Amazon and Electronic Arts Warren Jenson will discuss their journey to date, and look at what the future holds.
When looked at globally, retail media is going to be a $100 billion opportunity. Amazon is estimated to have the largest share (at around a quarter of the total) but others are also investing heavily. In the UK alone, the market is expected to be worth £2.4 billion by 2024, according to Group M, as growing numbers of brands seize on its potential.
Boots is a pioneer in the field with the launch of Boots Media Group in September 2021. The unit was described at the time as “central” to the retailer's marketing strategy, and designed to provide Boots’ suppliers and partners with the ability to create ad campaigns based on the rich first-party data derived from the Boots Advantage Card loyalty scheme, which counts 17 million active members across its digital platforms, and 2,200 brick-and-mortar stores.
True measurement of performance
The attraction of this data for consumer brand partners is clear – the ability to both target, analyse and measure the performance of campaigns linked directly to sales.
In light of this, The Drum’s assistant editor Jenni Baker will host a fireside chat between Pete Markey, chief marketing officer of Boots and Warren Jenson, president of LiveRamp, the data connectivity platform that is working closely with the retailer on the development of Boots Media Group.
The session will examine how Boots' journey is progressing in terms of providing a sophisticated retail media solution, exploring the retailer's move from a strategy focused on mass personalization at scale through to the launch and services provided by Boots Media Group to consumer-packaged goods brands.
Audience insight that lifts sales
Markey and Jenson, who has extensive experience of working on data connectivity projects for retailers around the world (including Walmart and Carrefour), will discuss what Boots Media Group can offer in terms of providing audience insight and targeting to boost the impact of supplier campaigns, and the measurement solutions designed to deliver incremental sales lifts.
The experts will also consider lessons that retailers in general can learn from Boots' market-leading approach, and the major challenges that they are likely to face when investing in data-driven media solutions.
Speakers will look forward too, addressing how data will continue to play a large part in Boots' overall customer strategy, and what's next for retail media in general.
Major talking points also include what made the launch of Boots Media Group so innovative, and how CPGs can benefit from its range of services – including targeted advertising and measurement solutions, especially in the situation where they have little first-party of their own.
All of this is made possible by Boots' own exploration, in partnership with LiveRamp, of the potential of using first-party data to drive its media spend (40% of Boots media budget is now spent advertising to its own customers based on taking a single view of combined Advantage Card and website data).
The value of data expertise
The session will also discuss the value to Boots of tapping into the best expertise (both internally and externally) when it comes to data more generally, especially when applied to the retailer's preparations for an era of "cookie-less addressability" in light of the 2023 removal of third-party cookies from Google's Chrome Browser.
Markey will also offer some thoughts on where next for Boots in terms of customer strategy, and what's on the horizon for the retail sector in more general terms.
All-in-all the fireside chat will provide strong insights and views that should prove invaluable to brands and retailers as we lie on the cusp of a data revolution in retail media.
Register to attend the webinar on March 29 here.