From 19 to 22 September, the Weekend Media Festival was held for the 17th time in Rovinj, where Wireless Media Group (WMG), a leader in digital transformation and media in Serbia and the region, organised a panel discussion on the importance of Retail Media Networks (RMN).
The Weekend Media Festival, held in Rovinj from 19 to 22 September for the 17th consecutive year, brought together numerous experts not only from the field of media but also from HR, AI, IT and finance, turning this charming town on the Croatian coast into the epicentre of communication and media!
This year, the Weekend Media Festival offered four festivals in one – from non-stop entertainment and inspiring panels to perfect networking opportunities. With nine stages and over 220 speakers from around the world, the festival provided a key opportunity for all professionals and enthusiasts in the industry.
As part of this year’s festival, Wireless Media Group (WMG), a leader in digital transformation and media in Serbia and the region, hosted a panel discussion on Saturday titled “The Third Wave of Digital Advertising: Launching Retail Media Networks in the Adriatic Region.”
The Evolution of RMN
This panel focused on the evolution of Retail Media Networks (RMN), considered the third wave of digital advertising, and which opens up new sources of revenue for retailers. The discussion initiated important conversations about how the RMN model of selling and leasing online advertising space can drive positive change in both regional and local markets, and how it is possible to mobilise industry players alongside leading figures in the field.
The panel was moderated by Petar Jevremović, CDO and member of the WMG Board, as well as CEO of WMG Product & Services, who opened the discussion by highlighting the importance of RMNs for regional markets.
“Global RMNs are of crucial importance at a time when third-party data is steadily losing relevance. Users and consumers are becoming less visible when it comes to targeted advertising campaigns, whereas retail media brings in first-party data – the data found on e-commerce and retail websites. In terms of advertising, targeting, and context, these are the data that make a real difference compared to what we’ve been used to so far,” Jevremović explained. He added that launching local RMNs will require many such panels and discussions, as well as the active involvement of all stakeholders in the advertising ecosystem.
“There needs to be dialogue, education, innovation, testing, experimentation. People need to make commitments, processes must be rehearsed, and new organisations designed to support all of this. We need agencies, brands, and media at the same table. This is a system that will, in the years to come, along with professional associations, help ensure that this local trend takes root and drives growth for everyone,” he emphasised. He added that WMG had “pioneered this field unusually early for the local context, recognising the trend and launching into research of a new discourse, set of ideas, and conceptual framework.”
Nenad Milić, Executive Director at IAB Serbia, said that the organisation’s role is to follow global trends, inform the community and its members, and serve as a forum for education and implementation:
“Agencies across the world are already allocating serious budgets to this segment, and the same will happen here, whether we like it or not. That’s why it’s better that we come together as soon as possible, act collectively, bring together the different players in the market, and contribute to its faster and better development.
“From the very beginning, we’ve been a strong team player in the market, developing dialogue with agencies, engaging with brands and other media. We aim to bring everything to the local and regional markets through constructive dialogue and a community-driven approach, and to establish a solid foundation.”
Multiple Benefits
Panel participants also included Bojan Radlović, Chief Digital Officer at Fortenova Group, Vladimir Zarić, Chief Marketing Officer at Ananas E-commerce, Mario Ivić, CEO of DeFractal/Telum/Midas, and Nenad Milić, Executive Director at IAB Serbia.
Bojan Radlović, Chief Digital Officer at Fortenova Group, highlighted RMN as an entirely new source of revenue.
“What we essentially do is use our online channels, our footprint in our shops, to free up space for advertising. In essence, we are becoming publishers. This is completely new for us. A new way of monetising our data and our footprint,” he said, adding that the benefits are manifold, as this approach allows for a better understanding of customer needs and enables them to be served with exactly what they need – whether it’s information or a product.
Mario Ivić, CEO of DeFractal/Telum/Midas, stressed that the logical direction for everyone is to focus on collecting and utilising first-party data:
“Although Google recently announced that third-party cookies will remain with us for a little while longer, our measurements show that more than 60 percent of users already don’t have third-party cookies. So it doesn’t really matter whether that number rises to 70, 80 or 90 percent in a year – it’s bad news either way for advertisers, who are prepared to pay up to three times more for data-driven campaigns compared to those without data.”
Vladimir Zarić, Chief Marketing Officer at Ananas E-commerce, noted that the company sees great potential in RMNs:
“We see enormous potential, because this will enable us to optimise not only data on consumers, their habits, intentions, and actual transactions – what they’re buying – but also to allow sellers on our platform to use all that data to reach their customers in a targeted way, showing them ads for their products at the moment that purchase is taking place, in a natural way, on our platform.”