Leveraging Data to Drive Commerce: Insights from Digitas’ Amy Lanzi
As retail media experiences rapid expansion, the industry is working hard to keep up. One of the primary issues, as identified by Amy Lanzi, CEO of Digitas North America, is that the retail sector is still in the early stages of developing effective media strategies. While the potential of retail media is enormous, many retailers are still playing catch-up with traditional media players in terms of standards, measurement, and overall media execution.
Amy Lanzi is a respected leader in the field of digital marketing, known for her strategic insights and innovative approach to leveraging data and technology. In Rokt’s Beet.TV Leadership series, Lanzi delves into the importance of data, the transformative power of AI, and the trends shaping the future of retail media, especially during the holiday season. Her unique perspective highlights the opportunities and obstacles in this burgeoning sector.
The power of data in driving retail and commerce
Data is at the heart of the current retail and commerce boom. Lanzi emphasizes the importance of understanding consumer behavior to motivate further purchases. “What’s powering the retail and commerce boom is more about data and what consumers buy and how you’re using that data to motivate them to buy the next thing,” she explains. This ability to track and analyze consumer purchases, preferences, and behavior allows brands to connect with their audience more effectively, even extending to targeted ads during streaming sessions and measuring if those ads lead to sales.
This data-driven approach is crucial as it enables brands to see if their efforts translate into actual product movement, fulfilling the core purpose of their business. As data sharing and technology become more prevalent, the impact on retail media becomes increasingly significant, making it a critical focus for business leaders. In addition, this leads to better, more relevant experiences for the end consumers which drives satisfaction and greater brand loyalty.
Overcoming growing pains with media capability
Despite the opportunities, the rapid expansion of retail media brings its own set of challenges. Lanzi notes that many retailers are still catching up with the standards set by traditional media players like television networks and major online platforms. “Media is now a new capability,” she says. “So for some of them, they have to catch up with the traditional media players in terms of the standards, how do you measure it, brand safety, all of those things that we know to be true.”
The lack of established standards and measurement techniques can hinder progress. However, Lanzi remains optimistic, highlighting that as retailers build their media capabilities, there will be significant advancements in how they engage with consumers and measure the effectiveness of their campaigns.
AI is revolutionizing the commerce experience
Artificial intelligence is playing an increasingly vital role in enhancing the commerce experience. Lanzi highlights how AI has been quietly revolutionizing shopping for some time, from suggesting complementary products to optimizing product display pages in real-time. “That’s the magic of AI,” she says. AI enables a more relevant shopping experience by adapting to real-time changes, optimizing content accordingly.
Looking forward, Lanzi envisions even more tailored consumer engagement driven by AI. “The north star around relevancy… not only do you know who I am, but you know something about me that makes this really personalized to me,” she predicts. Achieving such relevance at scale requires sophisticated AI tools that can understand and respond to individual consumer behaviors and preferences.
The convergence of commerce and media during the holiday season
As the industry prepares for the holiday season, Lanzi foresees a trend of convergence between commerce and media. She anticipates closer collaboration between retailers and traditional media players, allowing for a more integrated and precise full-funnel approach to marketing. “I think we’ll see the theme of convergence,” she says. “I’ll be able to be more precise in the full funnel approach to a retailer to be able to invest with them.”
Lanzi also predicts that retailers will adopt a sponsorship mindset, incorporating elements like movie properties or festive events into their offerings to enhance the consumer experience both online and in-store. Additionally, the integration of commerce and Customer Relationship Management (CRM) will be pivotal in moving consumers from initial purchase to loyalty, making the holiday season a critical period for refining CRM strategies.
Rokt’s role in enhancing retail media strategies
Amy Lanzi’s insights underscore the transformative potential of data and AI in retail media. By leveraging these technologies, brands can achieve greater relevance, optimize their marketing strategies, and drive significant business results.
At Rokt, we understand the importance of leveraging data and AI to drive consumer engagement and conversion. Our solutions utilize AI, built over the last 12+ years, to dynamically choose the next best action for each individual in the Transaction Moment. This approach ensures real-time tracking and accurate attribution, helping brands determine the success of their campaigns.
Rokt’s technology integrates seamlessly with existing retail media networks, providing brands with the tools they need to deliver highly relevant offers at the optimal moment. By focusing on privacy and utilizing a persistent identifier such as an email address, Rokt ensures that customer insights are gathered securely, enhancing the shopping experience and driving higher conversions.
To learn more about how Rokt can uplevel your retail media strategy, visit our retail media page.