September 2024 saw a lot of news in the retail media industry.
We saw retail giants making media announcements. We spotted media companies investing in retail activities. Borders have been crossed, and lines have been blurred!
We wonder if it’s all in preparation for the shopping spree that Black Friday and the winter holidays promise.
Here are a few interesting industry moments we noticed in September 2024.
Amazon launches AI video
The online retail giant has now incorporated more AI functionality into their ‘Sponsored Brands’ offering.
Retailers advertising via Amazon Ads can now create video ads to improve their sales on Amazon.
This functionality will benefit the smaller companies that cannot rely on hiring videographers to create compelling product videos and help them compete with their larger competitors.
TikTok Shop’s ‘For You’ week
First, there was Amazon Prime Day. Then there was Facebook Marketplace.
Now, it looks like TikTok is looking to replicate and combine its retail and social media older brothers with a ‘For You’ week within its TikTok shop.
Influencers and retailers participated in the discounted seven days (from September 23rd to September 30th). L’Oreal and Sweaty Betty were two brands that adapted to this new retail media space by both trending and offering large, relevant discounts.
The question now is, how quickly will other retailers follow suit? Will the industry be slow to adopt this intersection of social media and shopping?
Time will tell!
Walmart’s Open Call
On September 25th, 2024, Walmart continued demonstrating its commitment to invest in the local community by hosting its ‘Open Call’ day.
This is an event where the retail giants allow American small business owners to pitch their products to secure a place on Walmart’s shelves.
The Open Call Day is part of Walmart’s wider ‘America at Work’ initiative through which Walmart has pledged billions of dollars to the American economy through jobs and production on American soil.
You have to imagine that this move will prove popular with the American people and benefit one of the largest retailers in America with continued shopping in their stores.
Fjallraven launches peer-to-peer marketplace
Fjallraven has combined its retail expertise with Archive’s media mastery to create a peer-to-peer marketplace for its products.
This is yet another step that the outdoor gear retailer has taken to enhance the brand’s perception of quality and the value of sustainability.
One could argue that this could cannibalize new product sales, but the retailer appears willing to accept the cost for the environmental benefits.
On the media side of this launch, the ‘Pre-Loved’ website is already up and running. It features high-quality second-hand items and the money you can save by purchasing pre-owned.
Poshmark, EON, and Coachtopia
Together, the three brands are blending fashion, technology, and sustainability to improve the reselling experience, which may eventually disrupt the retail media industry.
If you have never heard of these brands, here is a quick rundown of their innovative collaboration…
Poshmark is an online marketplace that often facilitates reselling second-hand fashion items.
Coachtopia is the sustainably focused ‘Coach’ sub-brand, and EON provides the technology that gives each product its own ‘Digital Passport’.
Therefore, buyers of Coachtopia products on the Poshmark platform can quickly see the digital history of the product they are buying.
What does it all mean for the industry?
To try and spot the common themes throughout September’s announcements, we can see that first of all, technology is being incorporated more and more into the retail industry, whether this means through AI-generated content, DOOH ads, or the tracking of products as they pass through multiple owners.
Secondly, a major theme emerging appears to be sustainability and the importance of community. Walmart is looking to give back, and TikTok, Fjallraven, and Poshmark are all looking to bring people together over retail.
It will be interesting to see how the industry changes in the future.
If you’re interested to find out how ADvendio can help those in the retail industry click here for more information.
