NYknowgo ecommerce media conference 2019 takeaways
Here are some appetizers from the NYknowgo conference that was held in NY earlier this month.
The NYknowgo conference was held for the 2nd time this year and was dedicated solely to Sponsored Products and eCommerce media.
The speakers were the people who are responsible for generating revenue from offering advertisements in some of the leading eCommerce sites and the brand managers and merchants who are shifting ad spend in their direction.
- 86% of the brands intend to increase their retail media budget.
- Merchants and brands are suspicious towards what they are getting from Amazon (attribution reports and the numbers in the dashboards).
- Many of them are starting to sell their products on other marketplaces and eCommerce sites or planning to do so, hoping to find bluer oceans and get better results.
- They expect to get from the stores transparent reports that make sense and easy to understand. They often talk about black boxes.
- “For brands, there’s still what feels like a lack of transparency when it comes to how marketplaces work.” (Nuno Pedro, Calvin Klein)
- They prefer the certainty of CPC rather than CPM.
- They also expect the stores to share much more data: Who saw and clicked on their ads (gander and age), clear attribution models, offline sales attributed to their online activity, indirect attribution, negative effect (helping their competitors sell more), incrementality, share of reach etc.
- “There needs to be less arrogance and more transparency when it comes to data” (Louisa C. Sole Society).
- Some retailers say this is over expecting or in other words whining.
- “Performance media spend is highly regulated and measured, yet always under tremendous scrutiny, while branding budgets are way loose in comparison, Brands needs to look at the two channels the same way” (Tim Ringel, Spring studios).
- “Brands are shifting ad budget to online stores because that is where the customers are now. Just like when they moved to TV and from TV to the Internet. It’s that simple. Just follow the customers.” (Andreas Antrup, Zalando).
- New York is always beautiful in October!