As online shopping continues to grow, retailers are looking for new ways to monetize their digital real estate. One approach that has gained momentum in recent years is retail media, which refers to the use of digital advertising within a retailer’s own online properties, such as their website or mobile app.
Retail media offers several benefits to both retailers and brands. For retailers, it provides a new revenue stream and helps offset the costs of running an eCommerce business. For other brands, it offers a way to reach a highly targeted audience of shoppers who are already in the mindset of making a purchase. And consumers win by accessing highly personalized advertising without having to release personal information.
But as with any new marketing strategy, navigating the world of retail media can be a daunting task. Here are some tips for brands looking to make the most of this emerging trend:
- Understand the landscape: The first step in navigating retail media is to understand the landscape. Different retailers have different offerings, and it’s important to know what each one is capable of. For example, Amazon has its own advertising platform (Amazon Advertising), while Walmart partners with several third-party providers to deliver advertising across its various properties.
- Know your audience: Retail media is all about reaching shoppers who are in the market for your products. To make the most of this opportunity, it’s important to understand your target audience and what they are looking for. This will help you create ads that resonate with them and increase the chances of conversion.
- Align your messaging: Your retail media ads should align with your overall brand messaging and advertising strategy. This will help ensure that your brand is presented consistently across all channels, and that shoppers are more likely to recognize and remember your brand when they see it.
- Leverage data: One of the biggest advantages of retail media is the ability to leverage data to create highly targeted ads. Retailers have access to a wealth of information about their shoppers, including their search history, purchase history, and demographics. By using this data to create highly personalized ads, you can increase the chances of conversion and maximize your return on investment.
- Monitor and optimize: As with any advertising campaign, it’s important to monitor your retail media ads and optimize them for maximum performance. This means regularly reviewing your ad performance metrics (such as click-through rate and conversion rate) and making adjustments to your ads as needed.
- Experiment and iterate: Retail media is still a relatively new marketing initiative, and there is still much to be learned about what works and what doesn’t. To make the most of this opportunity, it’s important to experiment with different ad formats, messaging, and targeting strategies, and iterate on your campaigns as you learn what works best.
While your business teams are working on how to achieve the gold standard in the field of digital retail and monetize valuable digital real estate, it can be a highly strategic move to involve a BPO outsourcing company like Anexa – an award-winning outsourcing leader with two decades of experience in the competitive outsourcing field. Our customer-centric teams have training and experience in building long-term customer loyalty for your brand. Anexa can become a key participant in the development and administration of a robust customer experience platform – we will collaborate with you to plan, execute, and monitor your CX activities that are so critical in moving your business to the front of the commerce race.
Contact Anexa today to see how we can support all of your business processes and activities.