Retail media networks (RMNs) are a lucrative way for retailers to monetize their expansive digital footprints. By providing targeted advertising opportunities, RMNs enable brands to reach in-market shoppers at the right time while ensuring data privacy and closed-loop attribution.
These solutions deliver significant wins for everyone—retailers generate revenue, marketers achieve person-level performance and insights, and shoppers enjoy relevant and personalized advertising.
Retail media networks are a new way for brands to connect with consumers as they shop. They monetize their expansive digital real estate, give advertisers access to first-party audience data, and provide shoppers personalized offers. The result is higher and more measurable ROI on ad spend.
Retail media networks’ essential benefits are that they can deliver targeted ads that meet consumer demand for convenience and relevant content. For example, a retail network may display sponsored products alongside the search results if you are searching for a mattress. This is a great way to drive traffic and sales while providing a better shopping experience for the consumer.
Another benefit of retail media networks is that they can offer closed-loop reporting that ties ads to incremental sales. This is a significant benefit for marketers who are increasingly being held accountable for the ROI of their campaigns.
When choosing a retail media network like Epsilon, it is essential to find one that has an extensive reach and works with your budget. For example, look for networks like Amazon with a global footprint to reach millions of customers. A smaller retail network like CVS may be a good fit if your budget is more limited.
Reaching the Right Audience
Retail media networks offer brands a powerful way to reach and target the shoppers that matter most to them. They collect first-party data on buyer behavior, which is incredibly valuable for marketers because it’s more reliable than third-party cookie data. Plus, since many internet browsers are moving to eliminate third-party cookies, RMNs are a great marketing option.
Brands also benefit from RMNs because they can use data analytics to create more targeted customer promotions and recommendations. This helps to make shopping easier for their audiences and leads to a higher ROI on their ad spend.
As a result, it’s no wonder that many marketers are using RMN solutions to boost sales and build customer loyalty. By taking the time to select a well-orchestrated network and creating a clear conversion tracking strategy, marketers can maximize the potential of this powerful marketing tool.
However, one of the biggest challenges with utilizing retail media networks is that they often silo data across different platforms and systems. Luckily, a marketing ETL platform is designed to help break through these barriers by enabling marketers to integrate all their data sources into a single database to analyze their campaign performance in real-time. For example, a digital signage network solution provider can help brands plan and execute campaigns on all their ad spaces, including a retail media network, from a single dashboard.
Convenient Access to Data
Retail media networks are a new way for brands to showcase their products in front of the right audience. Plus, they provide access to valuable first-party data that can help them target ads more effectively and personalize messages to match shoppers’ purchasing behavior.
For example, a brand that uses Retail Mediasolution can reach out to in-market shoppers looking for furniture and kitchenware with retargeted ads owned and operated channels. In addition, the platform can also show ads on third-party platforms such as social media and YouTube.
Many CPG brands are turning to RMNs to take advantage of these benefits. According to eMarketer, most CPG advertisers cited the ability to access retailer-specific audience data as their primary motivation for working with a retail media network in 2021.
However, with so many different RMN offerings, brands must choose one with robust, closed-loop measurement and attribution capabilities that can integrate with their existing DSPs. This will ensure they can leverage a single, unified platform that offers greater visibility for marketers and a seamless experience for suppliers. In addition, it must provide an easy-to-use management media UI so brands can launch campaigns and get started right away. The platform should also allow quick access to a retailer’s e-commerce and in-store transaction data directly within the forum for segmentation purposes.
Unlike third-party ad networks, which rely on cookies to target ads, RMNs use their first-party data to identify and reach customers who are in the market to buy. This allows brands to deliver highly personalized promotions and recommendations, proven to increase conversions and ROI.
RMNs also often offer closed-loop reporting, which can be a significant draw for brands that must demonstrate their ad spend’s impact. This provides a clear link between advertising investments and incremental sales which can take time to accomplish with other advertising platforms.
With all the benefits available through a retail media network solution, it’s no wonder that brands are increasingly adopting this strategy to meet their business goals. Retail media networks are quickly expanding their sphere of influence, opening new revenue streams, and transforming their ability to connect with audiences personally.
To get started with a retail media network, look for one that aligns with your budget and offers a good return on investment. Then, explore the various options for ad placements, including onsite and offsite solutions such as sponsored product listings in a grid, carousel formats, and shoppable media. Shoppable content gives customers a quick pathway to purchase by adding an “Add to Cart” button on their viewing page.