Shoptalk 2024 Recap: Key Takeaways

ShopTalk

Mihi Joshi, Content Marketing Manager

Published 03/27/2024

The biggest retail event of the year, Shoptalk 2024, was full of thought-provoking sessions and conversations...and people! I don’t think anyone was ready for the number of innovators and brands that showed up this year, ready to engage in person again. 

This year’s conference provided an eye-opening glimpse into the future of retail. Read on for our key takeaways! 

Achieving profitability was top of mind for all executives 

Retailers are undergoing a strategic shift toward prioritizing ROI and effectiveness in their investments rather than solely focusing on growth at all costs. 

Incrementality measurement was a hot topic across the floor as it’s weaving its way into more marketing strategies - by enabling retailers to precisely assess the true impact of their marketing efforts on profitability. More marketers than ever are optimizing their investment decisions from an incremental perspective, ensuring that their resources are allocated to initiatives that generate the highest returns.

Incrementality is no longer just a buzzword; everyone in retail is talking about it, but not all incrementality measurement is created equal. Read our guide here.

Retail media is gaining prominence 

Retail media has surged in prominence, with a growing number of retailers opting to evenly distribute their media allocation between traditional and retail media channels. 

This trend reflects a recognition of the effectiveness and relevance of retail media in reaching and engaging consumers where they shop, underscoring its rising importance in the marketing landscape. Many marketers are quantifying the incremental lift generated by retail media exposure - retailers can optimize their media mix, allocate budgets more efficiently, and maximize the impact of their advertising investments.

Gen AI is everywhere, but it’s still in its early stages 

The exploration of Generative AI remains a prevalent theme, with widespread interest in its potential but limited understanding of its implementation. 

While businesses strongly desire to harness the power of Gen AI in various marketing functions, many are still in the nascent stages of adoption. This underscores the ongoing evolution of Gen AI as a transformative tool for marketers, with significant potential yet to be fully realized. 

In a sense, AI is both underhyped and overused. We've barely become aware of how AI will intersect with our teams, business operations, etc., yet companies are touting AI as a differentiating feature in their offerings. If everyone's implementing AI, it goes from being a differentiator to the norm. 

Strong focus on consumer experience 

The last theme we saw emerge over the four days was an even more intense focus on driving high-value experience for consumers. Softer, more strategic subjects like this tend to get lost easily at events like Shoptalk because they can seem overshadowed by the expansive tech showcases. But it’s clear how important brands are making this approach to their business. Many of the keynote speakers, including Macy's, Bath & Body Works, and P&G were advocating for driving value for the end consumer.

Measured at Shoptalk

Our team had a great experience at Shoptalk this year, and we were SO excited to finally unveil our all-new incrementality platform to customers, prospects, and partners.

If you missed our CEO and Co-founder Trevor’s presentation on ‘Incrementality in the Privacy Era,’ you can still access the deck here.

And if you dropped by our booth, you probably noticed our raffle in which we polled marketers on their top challenges! It seems like most marketers felt one of the major pain points we outlined:

  • Proving the true value of marketing investments to the business 
  • Knowing precisely where to spend every next ad dollar for maximum ROAS 
  • Maintaining a consistent & reliable source of truth for evaluating marketing performance
  • Implementing & scaling complex experimentation practices within your strategy

The first two emerged as the most prevalent challenges. Luckily, Measured can help pinpoint the incremental value of your media spend and reallocate your budget to maximize its effectiveness. Reach out today to find out how. 

shoptalk group pic