Shoptalk 2023 Showcases Advancements in Social Commerce, Artificial Intelligence

Shoptalk is an annual conference that brings together innovators and leaders in the retail and e-commerce industries to discuss the latest trends, technologies, and strategies shaping the future of commerce. It’s considered by many in the industry to be the ultimate platform for brands, retailers, and technology providers to showcase their products and services, make connections, and learn from industry experts.  

From discussions on the latest trends in consumer behaviors to the newest technologies in the retail space, Shoptalk 2023 covered a wide range of topics that are crucial to understanding the evolving retail landscape.  

For the InMobi Team, it was truly an opportunity to learn from industry leaders and experts and to gain a deeper understanding of the challenges and opportunities facing the industry. 

As we know from recent growth projections, social commerce is reaching heights, and multiple case studies at the event indicated that businesses are recognizing the importance of social commerce and are actively seeking ways to incorporate it into their strategies.  

A clear takeaway from the event was that as more and more consumers turn to social media for shopping, businesses will need to prioritize social commerce to stay competitive and meet consumer expectations. 

Another big takeaway from this year’s event was Artificial Intelligence and the rapid way in which AI is changing how retail and e-commerce businesses operate. The overall sentiment from thought leaders was that AI is a big positive for the industry, but it's also important to be prepared for the challenges that come with it. 

Retail Media discussions mostly focused on economic uncertainty, data and privacy technology, in-store efficiencies using technology, and AI updates to company tech in the wake of ChatGPT. Other topics included the importance of data and getting your data in working order, while also communicating data privacy practices to customers and vendors that utilize your data. Transparency and consistency in reporting and attribution were also important topics, as was the appreciation of partners who are upfront about how hard the process can be. 

Here are a few key Shoptalk takeaways from InMobi’s Head of Marketing and GTM- Retail Media, Drew Lindgren: 

• There was significant discussion around the importance of omnichannel technology and structure within retail organizations. Focusing on the tech to build simple, frictionless experiences, which is ultimately what (virtually) all customers want. One quote from the Lowes Chief Digital and Innovation Officer was “The thing that great retailers have in common is strong technology.”  
• It is crucial to attract traffic to your online properties, but it is equally important to prioritize the guest experience in Retail Media. To achieve this, you need to determine the appropriate level of personalization and effort for your guests or customers, not your vendors. The key is to work closely with tech vendors that prioritize the guest experience, aligning their incentives with yours.  
• Given the personal and local nature of grocery shopping, it requires greater implicit personalization compared to other types of retail. Grocery stores often serve as a hub of the community, where people tend to make frequent purchases. Therefore, AI needs to be approached with a more human touch and applied differently than in other retail sectors. The focus should not only be on delivery or click-and-collect services, but also on driving in-store convenience. Regardless of whether AI is used, all grocery technology should prioritize customer values of ease, value, and convenience. 
• In this fast-paced technological landscape, being data-centric comes with its own set of challenges, as opposed to the earlier subjective approach taken by merchants. However, the trend is shifting toward greater reliance on data, analytics, and measuring KPIs. AI has provided smaller and less mature businesses with the ability to compete with larger players in the market. In the future, AI may even be able to engage in discussions about the day-to-day business operations. Overall, the impact of AI on businesses is expected to be positive. 

In conclusion, attending Shoptalk 2023 provided valuable information and cutting-edge insights into the retail industry, showcasing some of the most innovative and exciting technologies and strategies that are shaping the future of commerce. 

To learn more about InMobi Commerce, reach out to our Head of Marketing and GTM- Retail Media, Drew Lindgren at andrew.lindgren@inmobi.com.