WEBVTT 00:00:00.040 --> 00:00:04.000 That's really the next phase for retail media is being that connective tissue. 00:00:05.480 --> 00:00:08.200 We're joined by Parbinder from CVS Media Exchange, 00:00:08.200 --> 00:00:08.840 welcome. 00:00:08.840 --> 00:00:09.360 Thank you, 00:00:09.360 --> 00:00:10.160 thank you for having me. 00:00:10.160 --> 00:00:13.720 Well, while you've been here at Cannes, you've announced a very exciting new 00:00:13.720 --> 00:00:16.720 partnership with Reddit, which is certainly generating a lot of buzz. 00:00:17.280 --> 00:00:20.680 Just explain how that's come about and how it reflects, I suppose, 00:00:20.680 --> 00:00:22.960 how consumers are now discovering products? 00:00:23.000 --> 00:00:24.640 Yes, we have absolutely done the Reddit 00:00:24.640 --> 00:00:27.520 partnership. Congratulations . . And we'll go into . . . thank you. 00:00:27.520 --> 00:00:31.800 We'll go into a closed beta in Q4 with some very select partners. 00:00:32.720 --> 00:00:36.640 The relationship that we have, it's really entering as we think about 00:00:36.640 --> 00:00:38.760 sort of cocreation and collaboration, 00:00:38.760 --> 00:00:44.440 we're entering that phase for retail media and that's what the partnership 00:00:44.440 --> 00:00:45.920 with Reddit brings. 00:00:45.920 --> 00:00:50.360 So activating extra care audiences, which is our loyalty program and then 00:00:50.360 --> 00:00:53.320 what CMX is built on within the Reddit platform. 00:00:53.320 --> 00:00:57.760 So what we're also doing is being part of the communities and being part of the 00:00:57.760 --> 00:00:59.280 conversation within Reddit. 00:00:59.280 --> 00:01:03.600 There's hundreds of thousands of communities within Reddit. 00:01:03.880 --> 00:01:07.360 Health and wellness is a pretty hot topic within Reddit, 00:01:07.360 --> 00:01:10.800 and people go there to get their thoughts and opinions. 00:01:10.800 --> 00:01:15.520 And we have now have an opportunity to overlay that with . . . 00:01:15.520 --> 00:01:21.640 just talking to consumers with our brands within those communities to ultimately 00:01:21.640 --> 00:01:23.000 drive back to CVS. 00:01:23.000 --> 00:01:26.200 And one of the things that's really exclusive about the Reddit partnership is 00:01:26.200 --> 00:01:27.360 our end-to-end attribution, 00:01:27.360 --> 00:01:30.720 so that's a first. Just explain for people who are on Reddit, 00:01:30.720 --> 00:01:31.680 what will change? 00:01:31.680 --> 00:01:32.560 What will that look like? 00:01:32.800 --> 00:01:35.720 So it's more insertion into the conversation. 00:01:35.720 --> 00:01:40.000 So think about cobranded creative from our nearest and dearest brands, 00:01:40.000 --> 00:01:42.880 the brands that we work across the front store, 00:01:42.880 --> 00:01:47.120 insertion in those health and wellness communities and bringing those 00:01:47.120 --> 00:01:48.840 communities to life as well. 00:01:49.040 --> 00:01:50.280 This does feel very cutting edge. 00:01:50.360 --> 00:01:54.800 What for you, looking ahead, what does the future of retail media look like? 00:01:55.480 --> 00:01:58.480 Well, I really think that we are entering into 00:01:58.480 --> 00:02:02.320 this phase of co-collaboration, cocreation, collaboration. 00:02:03.040 --> 00:02:06.120 If you think about the data asset that we have, 00:02:06.120 --> 00:02:11.440 right the way from our first-party data, the relationship that we have as a brand 00:02:11.440 --> 00:02:16.080 with the consumer and then, most importantly, that transactional data. 00:02:16.520 --> 00:02:21.040 How do we partner with publishers, with platforms to really bring the 00:02:21.040 --> 00:02:25.560 message to life where consumers are going and engaging with content? 00:02:25.840 --> 00:02:27.200 And that's the next phase. 00:02:27.200 --> 00:02:31.360 That's really the next phase for retail media is being that connective tissue, 00:02:31.360 --> 00:02:35.440 whether it's with CTV or whether it's with social as we announce with Reddit, 00:02:35.440 --> 00:02:39.640 or how do we think about other cross collaboration as well with our data sets. 00:02:39.640 --> 00:02:41.880 And that's really the future of of retail. 00:02:41.880 --> 00:02:46.480 And we've done an enormous amount of work on building out our platform and making 00:02:46.480 --> 00:02:50.360 sure that we have our first-party assets in a very, very good place. 00:02:50.480 --> 00:02:52.400 We have the channels that are available to us. 00:02:52.400 --> 00:02:54.760 And now, now it's that expansion of channels and 00:02:54.760 --> 00:02:57.840 and building those one-to-one co-collaborations and creations. 00:02:57.880 --> 00:03:01.040 The customer journey, I mean, it still spans both the digital and the 00:03:01.040 --> 00:03:01.760 physical world. 00:03:01.880 --> 00:03:02.840 It does. Yes, absolutely. 00:03:03.160 --> 00:03:06.760 Just explain what you're doing with sort of physical spaces to sort of innovate, 00:03:06.760 --> 00:03:08.320 you know, the customer experience. 00:03:08.440 --> 00:03:08.800 Yeah, 00:03:08.800 --> 00:03:12.400 and, you know, we see over 50% of our consumers are 00:03:12.400 --> 00:03:17.520 using a digital experience in order to come into the store and, you know, 00:03:17.520 --> 00:03:23.040 that's to check if there's, you know, product availability at their local CVS. 00:03:23.040 --> 00:03:26.920 It's in order to have that level of discoverability in a digital capacity 00:03:26.920 --> 00:03:28.280 before coming into a CVS. 00:03:28.720 --> 00:03:33.600 But you've got to really think about retail media is that connective tissue 00:03:33.600 --> 00:03:38.680 from an omnichannel perspective of not just engaging with the consumers on the 00:03:38.680 --> 00:03:41.680 CVS. com platform or platforms like we've just 00:03:41.680 --> 00:03:45.800 announced with Reddit, but we've also got to think about how we 00:03:45.800 --> 00:03:50.640 bring that conversation full funnel when the consumer is in store as well. 00:03:50.640 --> 00:03:53.960 And we . . . that's a big, big move and push for us. 00:03:53.960 --> 00:03:57.440 And we've been focused heavily around it, which is, you know, 00:03:57.440 --> 00:04:02.120 activation of screens--so screens in the pharmacy waiting areas or screens at the 00:04:02.120 --> 00:04:06.400 end caps-- in order to continue that conversation and connectivity with our consumers. 00:04:07.000 --> 00:04:08.720 And it's not just an ad play for us. 00:04:08.960 --> 00:04:12.680 We see those screens as an opportunity for us to bring editorial content into 00:04:12.680 --> 00:04:13.960 those environments as well 00:04:14.160 --> 00:04:18.160 that enables us to say: OK, how do we localize the conversation in 00:04:18.160 --> 00:04:22.400 our local communities and those communities that CVS serves, you know, 00:04:22.400 --> 00:04:25.720 throughout 9,000 stores across the US? Well, Parbinder, 00:04:25.720 --> 00:04:29.840 thanks very much for joining us here at Cannes to talk about it all.