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This Week in Commerce: eTail West, Target and DTC earnings
Check out the happenings in commerce for Feb. 27-March 2.
Welcome to a new week. Many retail industry leaders are starting the week heading to Palm Springs for eTail West. Meanwhile, a group of retailers and DTC brands will offer more data and insight on holiday results for 2022 in earnings reports.
Here’s what The Current will be watching in this week in commerce:
eTail West: The retail conference in Palm Springs features stories, strategies, strategic conversations and networking. Keynotes will provide insight from leaders at Kohl's, e.l.f. Cosmetics, Walmart, Nordstrom and more. (Feb. 27-March 3)
Durable Goods Orders: The U.S. Commerce Department releases data for January on the volume of manufacturer orders for goods that are designed to last more than three years. This is an upstream indicator of demand in the economy. (Feb. 27, 8:30 a.m.)
Retail inventories: The U.S. Commerce Department releases data for January on the amount of goods that were held in inventory by retailers. This number has been closely watched as many retailers faced a glut of inventory in 2022 as a result of supply chain disruptions. Feb. 28, 8:30 a.m.)
Consumer Confidence: The Conference Board releases data on consumer buying moods and expectations for the economy. (Feb. 28, 10 a.m.)
Monday, Feb. 27: Hims & Hers
Tuesday, Feb. 28: Figs, Warby Parker, Target
Wednesday, March 1: American Eagle Outfitters, Abercrombie & Fitch, Kohl’s, Lowe’s, Qurate Retail, SmileDirectClub.
Thursday, March 2: Hormel Foods, Utz, Best Buy, Victoria’s Secret.
Trending in Economy
Asos to expand retail media network with sponsored search ads
The online fashion retailer is partnering with Criteo to scale advertising through its website and app.
A top online fashion retailer is poised to expand its retail media network.
The news: Asos is set to partner with Criteo on retail media to provide advertising opportunities for endemic brands across the retailer’s app and website. The three-year agreement is the latest in a series of deals over the last year for Criteo, which is powering retail media networks for a range of retailers, such as Best Buy and Michaels. The network will harness first-party data from Asos to reach customers.
How it works: Asos will provide the following advertising products through its marketplace:
- Sponsored Ads, a new addition to the network, will enable targeting of ads within search and product pages. Ads will be placed within a curated edit of 70,000 products, which are sourced from nearly 900 third-party brands, as well as Asos’ in-house labels.
- On-site display ads will extend an existing format on Asos under Criteo’s purview. These are designed to increase brand awareness at the point of sale.
- Off-site ads will also be provided by Criteo. These extend the ability to target ads from Asos across thousands of sites and connected TV.
Along with the introduction of Sponsored Ads, the companies said the partnership will lead to improved targeting and measurement. Criteo will also support sales efforts in key markets, as they work together to drive “mid-to-long-tail” brand targets, as well as agency demand.
Initially, the ads will be available in the UK, US, France and Germany,
Key quote from Asos Media Group Director Elton Ollerhead: "The ASOS vision is to become the go-to global destination for fashion-loving 20-somethings and we want to take brands on the journey with us, helping advertisers showcase their products through our fashion lens. Criteo's technology is proven at scale and designed for retail, which opens up enormous opportunity for brand advertisers across our key markets."In vogue: Retail media is in fashion among advertisers, and this deal shows how it is extending to a variety of retail categories. Asos is bringing Amazon-style search and product advertising to its marketplace, offering a way to reach shoppers right alongside listings by using data that is collected from the people on that site. By 2024, retail media spend is expected to grow to $61.15 billion, and account for nearly 20% of digital ad spending, according to eMarketer. The move to scale through Criteo figures to set Asos up for that coming wave of growth.