Key Takeaways from MAICON 2024

The #MAICON24 conference in Cleveland just wrapped up, and one thing's for sure: AI continues to evolve (and IMHO - revolutionize retail media). The sessions were packed with insights (some of my favorite sessions are below), and here are some of the key takeaways and applications that have me most excited:

Key Takeaways

• Hyper-Personalization is the New Norm: AI's ability to analyze vast amounts of data means retailers can now deliver truly personalized shopping experiences. We're talking about product recommendations, ad targeting, and dynamic pricing, all tailored to the individual shopper.
• AI-Driven Content Creation: Gone are the days of generic product descriptions. AI can now generate compelling and informative content at scale, from product descriptions to social media posts. This means more engaging content for shoppers, and less work for marketers.
• The Rise of Predictive Analytics: AI can now predict shopping behavior with remarkable accuracy. This allows retailers to anticipate customer needs, optimize inventory, and even prevent fraud.
• AEO (Answer Engine Optimization) is becoming more popular: With the rise of intelligent AI engines like ChatGPT, Gemini etc comes the rise of AEO. AEO is a more focused approach that specifically aims to optimize content to appear in "answer boxes" or "featured snippets" at the top of SERPs. These are concise, direct answers to user queries, often displayed before any traditional search results. AEO focuses on understanding and anticipating the types of questions users are asking, and then structuring content in a way that search engines can easily identify and extract relevant answers.
• The Importance of Ethical AI: As AI becomes more powerful, it's crucial that retailers use it responsibly. Transparency, fairness, and accountability should be at the forefront of any AI initiative.

Applications of AI in Retail Media

Whilst there weren't any specific retail media sessions at MAICON - there were a lot of insights from the sessions that could be applied to retail media

• Personalized Product Recommendations: AI can analyze a shopper's browsing and purchase history to recommend products they're most likely to be interested in.
• Targeted Advertising: AI can help retailers deliver ads to the right people at the right time, increasing the effectiveness of their ad campaigns.
• Dynamic Pricing: AI can adjust prices in real-time based on demand, inventory levels, and competitor pricing.
• Supply Chain Optimization: AI can help retailers predict demand, optimize inventory levels, and improve the efficiency of their supply chains.

AI & Person-Level Identifiers Drive Results in Retail Media

Epsilon 's Core AI analyzes every potential shopper to ensure all potential buyers are evaluated for engagement, while our Core ID helps recognize an individual in any channel and feeds additional data on the shopper into the AI’s decision-making.

At Epsilon Retail Media, we help retailers get the most out of their data and help advertisers really realize the outcomes they’re looking for when they work with retailers and retail media

Epsilon 's AI determines where and when to engage shoppers, decides how often to engage them across channels, harmonizes engagement across channels and improves the spend on an impression based on the value of the shopper. Our AI is optimizing and making decisions on what ad to serve, where to serve it real time.

Keynotes

How leading e-commerce companies are using AI to win

Keynote: . Sharon Gai ??

Key Takeaways:

Sharon Gai, a seasoned e-commerce and AI expert, delivered a compelling keynote highlighting how AI is reshaping the e-commerce landscape. She emphasized the importance of staying ahead of the curve by adopting AI-driven strategies and technologies to deliver hyper-personalized experiences, enhance operational efficiency, and ultimately, win in the fiercely competitive e-commerce arena.

AI's Transformative Power in E-commerce

Sharon delved into AI's far-reaching impact on e-commerce, showcasing its transformative potential through technologies like computer vision, machine learning, and generative AI. She underscored the need for businesses to embrace these technologies to remain competitive and cater to the evolving expectations of digitally savvy consumers.

The Rise of Hyper-Personalization

A major theme of the keynote was the critical role of hyper-personalization in modern e-commerce. Sharon illustrated how AI enables platforms to tailor content and product recommendations in real-time based on user behavior and context, driving engagement and fostering loyalty.

The Future of E-commerce

Looking ahead, Sharon painted a picture of a future where drones deliver products seamlessly to consumers' doorsteps and AI algorithms make shopping experiences so intuitive that return policies become obsolete. She underscored the importance of AI's predictive capabilities in shaping this future, where e-commerce platforms not only facilitate transactions but also anticipate and cater to consumer needs.

Implications for Retail Media

In the realm of retail media, Sharon's insights have profound implications. As AI continues to revolutionize e-commerce, retail media platforms must leverage these technologies to:

• Deliver Hyper-Personalized Ads: AI can enable retail media platforms to deliver highly targeted and relevant ads to consumers based on their browsing behavior, purchase history, and real-time context.
• Optimize Ad Performance: AI-powered algorithms can analyze vast amounts of data to optimize ad placements, bidding strategies, and creative elements, maximizing the return on investment for advertisers.
• Don't overlook AEO: Sharon spoke to a rising statistic which is a growing percentage of people who start their search on an AI powered answered engine (such as Gemini or ChatGPT) over Google or Bing.
• Enhance Ad Targeting and Measurement: By leveraging AI, retail media platforms can gain deeper insights into consumer behavior and preferences, enabling more precise ad targeting and more accurate measurement of ad effectiveness.

Sharon's keynote serves as a powerful reminder that AI is not just a buzzword but a transformative force in e-commerce. Retail media players who embrace AI-driven strategies and technologies will be well-positioned to thrive in the increasingly competitive and dynamic digital marketplace.

How AI can revolutionize your marketing pipeline

Keynote: Dustin Callif at Tool of North America

This was by far my favorite keynote! Dustin Callif from Tool of America delivered an insightful keynote on the revolutionary potential of AI in marketing. He highlighted how AI is transforming content production and marketing strategies, particularly through its efficiency and ability to personalize content.

Key takeaways and applications for retail media:

• AI's Expanding Role in Marketing: AI has played a crucial role in marketing since 2016, but its use exploded in 2022. This widespread adoption is revolutionizing how marketers analyze patterns, predict outcomes, and create personalized content. Retail media can leverage AI to gain deeper insights into customer behavior, optimize ad targeting, and deliver highly personalized product recommendations.
• Efficient Content Production: AI streamlines content production across various platforms, helping marketers manage rising costs and budget limitations. In the retail media space, this efficiency can translate to creating dynamic product visuals, generating personalized ad copy, and adapting content across various channels like social media, email, and websites.
• Personalized Campaigns: AI enables the creation of highly personalized campaign content that resonates with individual customers. For retail media, this could mean tailoring product recommendations based on browsing history, demographics, or real-time interactions, leading to increased engagement and conversion rates.
• Workflow Automation: AI automates content creation and workflow pipelines, freeing marketers to focus on strategy and creativity. Retail media professionals can automate repetitive tasks, such as image resizing and ad copy variations, enabling them to scale their efforts efficiently.
• Overcoming Resistance: Dustin addressed the resistance from creative professionals towards AI, emphasizing the need for education and open-mindedness. Retail media teams can benefit from embracing AI as a tool that enhances human creativity, leading to more effective and impactful campaigns.
• AI's Role as a Tool: Dustin clarified that AI is not meant to replace human creativity but rather serves as a powerful tool within the creative pipeline. By understanding AI's capabilities and limitations, retail media professionals can leverage it to create personalized content, optimize campaigns, and drive better results.

Case Studies:

• Under Armour: Dustin showcased how AI enabled efficient content production without disrupting an athlete's training schedule. This demonstrated the potential for retail media to create high-quality, personalized content at scale, even with limited resources or time constraints.
• Coke: The use of AI to create personalized music videos at music festivals illustrated AI's potential for delivering unique and engaging experiences. This application can be adapted by retail media to create interactive and personalized in-store or online experiences, fostering deeper connections with customers.

In my honest opinion, Dustin's keynote highlighted the transformative power of AI in marketing and its vast potential within the retail media landscape. By embracing AI, retail media professionals can create personalized experiences, streamline workflows, and drive better results. It is crucial for industry professionals to understand AI's role as a tool that complements, rather than replaces, human creativity. By adopting an educational approach and showcasing successful AI integrations, marketers can overcome resistance and fully leverage AI's capabilities to revolutionize their strategies and achieve greater success.

The death of segmentation

Keynote: Shawn Goodin at FirstHive | Customer Data Platform

In his keynote, Shawn Goodin of FirstHive took the audience on a journey through the evolution of marketing, highlighting the increasing role of technology and data in shaping customer experiences. With a rich background spanning financial services and consumer goods, Goodin shared his insights on how marketing has transformed over time, with a particular focus on the revolutionary impact of generative AI.

Goodin emphasized the growing struggle to create enough content for hyper-personalization, even with ample data. Generative AI, he argued, is poised to address this challenge, unlocking new levels of personalization by analyzing customer data and optimizing experiences based on individual needs and behaviors. He also predicted a major shift in the marketing landscape, where generative AI will play a central role in drastically altering content creation and personalization capabilities within the next 18 months.

Applications within Retail Media

Goodin's insights have significant implications for the retail media industry. Generative AI can be harnessed to create highly personalized product recommendations, advertisements, and content, tailored to individual customer preferences and behaviors. This can lead to improved engagement, higher conversion rates, and increased customer loyalty.

For instance, AI can analyze a customer's browsing and purchase history to generate personalized product recommendations in real-time. In addition, AI can create targeted advertising campaigns that resonate with specific customer segments, maximizing the effectiveness of retail media spend.

Furthermore, the automation capabilities of generative AI can streamline the content creation process, enabling retail media teams to produce large volumes of high-quality content quickly and efficiently. This can be particularly beneficial in the fast-paced retail environment, where staying ahead of trends and maintaining customer interest is paramount.

Summary

Shawn Goodin's keynote painted a picture of a marketing landscape on the cusp of a major transformation, driven by the power of generative AI. His insights highlight the need for marketers to adapt their strategies and embrace AI-driven solutions to stay competitive in an increasingly personalized and data-driven world. In the realm of retail media, generative AI holds the potential to unlock new levels of personalization, efficiency, and engagement, ultimately driving better business outcomes.