Digital Retail Media: Possibilities for Retailers & Suppliers
The digital advertising landscape is a dynamic industry. Retail media defines a relationship between retailers, brands, and consumers. Digital advertising space, retail data assets, and in-store opportunities curated by retailers. It presents an opportunity for brands to execute targeted and impactful advertising campaigns. In datasapiens, we are always aiming to improve the retailer's package. Read some of our thoughts on how we help retailers crack the world of retail media.
In the past, retail media meant advertising within the retail environment close to the point of purchase.
Previously, conventional methods included in-store advertisements, product sampling, loyalty cards, flyers or coupons. With the Internet era, retail media evolved. It has opened up a whole new world with its transfer to digital form. Certain retail media networks are limited to online channels. However, tailor-made platforms may integrate both online and in-store data. Combining engagement through retail apps, loyalty programs, and actual in-store transactions.
On-site, Off-site, and In-store Digital Retail Media
On-site Digital Retail Media
The base lies on-site, where retailers capitalize on their digital properties. This includes websites, apps, and online marketplaces. This proves highly lucrative as retailers sell their media inventory directly to brands. It allows them to bypass intermediaries. Sponsored product ads, search results, and banners create a wide offer of advertising opportunities.
Off-site Digital Retail Media
Contrasting on-site dynamics, off-site involves selling the retailer's audience to brands on external platforms—for example, displays and social media. Brands pay to tap into the retailer's customer base on the open web. This environment proves typically to be more competitive.
We are offering managed services or platforms for off-site campaigns. This segment requires a nuanced approach, considering factors like campaign management.
In-store Digital Retail Media
In-store digital opportunities open avenues for advertising through radio, TV or ATMs. Bought directly from retailers, programmatic opportunities are on the horizon. Traditional media like trolley panels and shelf booklets coexist with digital innovations. It helps create a dynamic in-store advertising landscape.
Within datasapiens, we are aiming to close the loop and offer complete packages for both brands & retailers.
Current propositions on the market allow retailers three options. They can either opt for a managed service, buy and handle campaigns directly, or drive it themselves. That allows advertisers to use retailer data programmatically. The choice hinges on factors like expertise, speed, and scalability.
Benefits for Suppliers & Retailers
Retail media campaigns offer suppliers and retailers revenue growth and extended audience reach. The benefits are the following:
Precise Targeting. Retailers have first-party consented data, enabling precise audience targeting. This is especially crucial in a post-third-party cookie era.
Diverse Outcomes. Expand advertising reach across various touchpoints, driving sale activities and brand awareness.
Consistent Targeting. Retail data ensures consistent targeting and measurement across digital channels.
Volume. The exponential growth of e-commerce provides access to vast shopper audiences.
Closed-Loop Evaluation. Closed-loop evaluation is efficient in e-commerce scenarios, as ads drive visits and transactions directly.
Logistics Relief. Brands find an opportunity to reach audiences without logistical concerns leveraging various platforms.
Visibility and Credibility. Access to large audiences enhances brand visibility and credibility in a crowded marketplace.
Navigating this landscape requires a nuanced understanding of on-site, off-site, and in-store dynamics. They are coupled with targeted campaigns, precise targeting, and informed measurement practices. Brands and retailers can take the next step in customer engagement and revenue generation. At datasapiens, we are doing that. Reach out to find out more about a comprehensive solution for retailers.