HEAR Our CEO and regional board CHAIR talking about retail media advertising
Following on from the release of the research report about Retail Media in Asia by the IAB SEA+India and Carousell Media Group; WARC APAC Editor, Rica Facundo interviewed our Regional CEO, Miranda Dimopoulos, and Regional Board Chair, JJ Eastwood, Managing Director Carousell Media Group.
In this discussion you’ll find out -
Why retail media is having such a moment in Asia
The types of retail media networks in Asia and what makes the DNA of retail media networks in SEA different from China and the West
What retail media networks offer that other channels don't
How retail media can help solve historical challenges of providing cross-border data and insights
Why retail media is an attribution gold mine
Here are a few excerpts :
Miranda: “I’m interested to see what data partnerships will be formed. Retailers are unlikely to have the internal capability to go from retailer to retail media network, so the fastest way to do this is through smart data partnerships to enable them to tap into DSPs. And I think we’ll also see more consolidation. Marketers and agency planners don’t want to be dealing with 10, 15, 20 retail media network interfaces, so what consolidation will we see around the region so that you can actively engage audiences in multiple markets from a single entry point? For example, will we see FairPrice partner with other supermarkets in Asia, because when it comes down to it, we need to make life easy for the consumers.”
JJ: “Retail media networks offer big opportunities to brands for data collaborations. For example, in the FMCG business, their customers traditionally transact in-store so brands don’t have much information about them. They might have extensive databases but they need to enrich that data, and this is where a retail media network comes in. We’ll need some connective pipes such as a DMP, where we come together anonymously in a brand-safe and privacy-compliant way, to merge databases and enrich what we know about our individual users.
“At Carousell we’re in discussions with some airlines with whom we’ll share data which enriches our combined knowledge about a customer. For example, their data tells us a customer purchased flights to go skiing in Japan, and our data tells the airline that this customer purchased a snow suit and snowboard. This enriched data is as important for brands as selling products.”
Miranda: “In terms of the development of standards in Asia, at the IAB SEA+India my role has become, over the past three years, considerably more of a data policy development advisor to governments across our seven-country region. Countries in the Southeast Asia and India region need to have data policies and legislation to facilitate the safe sharing of data, and this is a huge challenge. We have mature media markets such as Singapore which has had data policies in place for a number of years. However, across the rest of the region this is in various stages of creation and development. We hope to see this change so we can speak with one voice on behalf of all our members, representing partners and competitors with one consistent perspective.”
JJ: “One of the biggest trends and opportunities revealed in this survey is that 78% of respondents were looking to activate retail media data off-platform, and around 55% wanted to use it with connected TV which is one of the fastest growing mediums across the region, particularly in Vietnam where they have some of the highest CTV rates in the world. So, how do we action this, can we all agree on which platforms to use and allow brands to activate the data from.”
Miranda: “We’re already seeing strong examples of omnichannel via retail media networks being successful. There’s Woolworths in Australia, Walmart in the US, and FairPrice partnering with The Trade Desk in Singapore. As we see more Retail Media Networks and data partnerships, these success stories of cross-channel campaigns prove that impactful formats, great creative messaging and stories that are personalised and localised to reflect why our region is so dynamic - even just the different festivals - these are the things that drive engagement and conversion.”
Whether you are already optimising Retail Media Networks - or curious to know more - this episode offers the breadth and depth on retail media so you’ll understand how to leverage it better whether you’re a brand, retailer, data partner or media planner. Or you're simply just curious about why retail media in Asia is being built on home grown networks such as Carousell, Grab and foodpanda.
