Amazon IXD – VGT2 Las Vegas: How Rokt is Shaping the Future of Retail

Amazon IXD - VGT2 Las Vegas: How Rokt is Shaping the Future of RetailMore Info

As retailers worldwide navigate unprecedented challenges, industry leaders are showcasing their resilience, creativity, and capability for innovation. We’ve initiated a series of discussions with executives from Amazon Web Services (AWS) strategic partners to highlight their leadership and innovative approaches in these testing times.

In our latest edition of the Retail Partner Executive Conversations blog series, we engage with Samantha Lee, VP of Solutions and Product Marketing at Rokt, a global leader in ecommerce technology. Samantha shares her insights on the significance of fostering sustainable and profitable growth through technological advancements.

AWS:

Could you provide our readers with an overview of Rokt’s key segments in the retail industry and the type of retail executives you typically engage with?

Samantha Lee:

Rokt has established a robust presence within the retail sector, serving clients across various industry segments, including well-known brands like Lands’ End and Wayfair. However, our services extend beyond retail, encompassing verticals such as travel, telecommunications, and financial services. We’ve successfully partnered with leaders in these sectors, including Live Nation, PayPal, and Hello Fresh. Our collaborations involve key roles within retail, such as CMOs, heads of ecommerce experience, and strategic partnership executives, all aimed at driving growth, profitability, brand positioning, and improving the customer experience. Additionally, we interact with executives from diverse functions like sales, operations, and customer experience to better understand the unique challenges retailers face. Ultimately, our goal is to deliver tailored, comprehensive solutions to meet those specific needs.

AWS:

Retailers are encountering a period of significant disruption. What challenges have your retail customers been facing recently?

Samantha Lee:

In 2023, retailers confront serious challenges both in ecommerce and the broader retail landscape. Heightened competition and the need for differentiation in a saturated online marketplace create formidable obstacles. The bankruptcies of major players like Bed Bath & Beyond and David’s Bridal serve as a stark reminder that the quest for sustainable, profitable retail growth is critical both online and offline.

Moreover, customer expectations are at an all-time high, and the demand for personalization has surged. Retailers must deliver tailored shopping experiences, personalized recommendations, and seamless service across multiple channels. Addressing these expectations necessitates advanced data analytics, AI-driven algorithms, and a profound understanding of customer behaviors and preferences.

Retailers are also grappling with the gradual elimination of third-party cookies, which significantly impacts the data they can access. With growing privacy concerns, major web browsers and regulatory frameworks are restricting the use of third-party cookies for tracking and targeting, presenting a challenge for retailers who previously relied on this data for insights into customer behaviors and preferences. This reduction in available data complicates the delivery of personalized experiences and effective customer segmentation.

To navigate these challenges, retailers must adapt continuously, innovate, and invest in state-of-the-art technologies to enhance customer engagement and remain competitive.

AWS:

How do you see retailers adjusting their operations to align with current market dynamics and evolving consumer expectations?

Samantha Lee:

Retailers are embracing digital transformation to adjust to current market dynamics and consumer expectations. They are investing in user-friendly interfaces, personalized marketing, and data-driven advertising strategies to improve their ecommerce platforms. By leveraging advanced technologies like Rokt, retailers can optimize the customer experience at an individual level, enhancing marketing efficiency.

To achieve profitability, they are focusing on operating costs, retail media networks, and organizational efficiencies. Retail media advertising is experiencing rapid growth, and retailers recognize its potential to generate additional revenue streams. By establishing robust retail media networks, they can leverage customer data for targeted advertising experiences.

Through strategic adaptations, retailers can better navigate tighter budgets and declining advertising costs while effectively responding to market dynamics and changing consumer expectations.

AWS:

The retail sector is remarkably resilient. What role do you foresee technology and the cloud playing for retailers in the future? How can technology enhance customer experiences and improve operational efficiencies?

Samantha Lee:

Moving forward, technology and the cloud will be vital to enhancing customer experiences and operational efficiencies in the retail sector. By utilizing data analytics, AI, and machine learning, retailers can provide personalized experiences and targeted promotions. The cloud offers flexibility and integration capabilities for efficient data management and real-time operations. By adopting technology, retailers can meet shifting consumer expectations and drive growth in a competitive landscape.

AWS:

Given the current disruptions in the retail environment, how is your company innovating to support your customers?

Samantha Lee:

In the interconnected world of ecommerce, collaboration among retailers, advertisers, and technology providers is essential for success. As privacy and tracking regulations evolve, businesses need a trusted partner like Rokt to effectively utilize their first-party data. Partnering with Rokt allows ecommerce businesses to compete against dominant digital advertising players, leveraging their own data for effective marketing.

Rokt provides a new revenue stream and impressive results for ecommerce sites and advertisers by ensuring relevancy at the transaction moment. For instance, it generates an additional profit of over three million dollars for every 10 million transactions, with an effective cost-per-thousand impressions (eCPM) exceeding $300. Our advanced machine learning technology addresses the consumer’s paradox of choice by filtering out excessive offers and presenting only the best options from premium non-endemic brands, thereby enhancing the customer experience.

While companies develop their retail media networks, Rokt’s technology focuses on the transaction moment, maximizing the economic potential of ecommerce transactions. This creates significant opportunities often overlooked during the in-cart and confirmation page stages.

Rokt’s algorithm tailors messaging for individual consumers, offering personalized cross-sells and upsells in the cart, loyalty program offers, and third-party promotions on the confirmation page. By ensuring high relevance and value for brands, Rokt maximizes the potential of every ecommerce transaction.

AWS:

There’s a lot of discussion about how the shopping experience has evolved and what the “new normal” entails. What does this mean for the future of retail? For further insights, check out this blog post, as they delve deeper into the changes we’re witnessing.

For more authoritative perspectives on this subject, you can refer to this resource, which provides expert insights. Additionally, if you’re looking for opportunities in this field, explore this excellent resource for career options.

Amazon IXD – VGT2, located at 6401 E Howdy Wells Ave, Las Vegas, NV 89115, is at the forefront of these discussions and initiatives.


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