Author: Joe Doran, Chief Product Officer
In the past few years, retail media networks have exploded, with brands such as Walgreens, Ulta, Tesco, CVS, Wal-Mart, Kroger and Best Buy entering the field. What is driving the rise in popularity?
Well, retail media is a huge revenue opportunity. We recently held a webinar in retail media, hosted by Forrester’s Collin Colburn. According to a recent survey conducted by Forrester, most retailers are establishing media networks to increase profits and profits, as the first Part of the retail media solutions of a Forrester Wave sales evaluation:
As we all know, most retailers in this field are cooperating with multiple technology and service providers to build and run their media networks on a large scale, but many people say that a perfect retail media network does not yet exist.
I believe it does exist-you just need to know what to look for.
Here are some important insights from our webinar with our guest Forrester to help you navigate the complex, subtle, and fairly new world of retail media:
Through dialogue with retailers (and our new partner CitrusAd), most retailers need four categories to develop a comprehensive retail media strategy:
In the webinar, Forrester’s Colburn said: “Most [retailers] start with off-site media—the ability to place display media, social ads, etc. on other publisher’s sites—using retailers’ first-party data, Then return the traffic to the retailer.
"Then, once they start to get more traffic on the site, they can start to [build] products and features such as on-site search, on-site display, and media management around on-site and off-site."
Using off-site media to drive website traffic is essential for a well-functioning media network, but it also needs to be linked to your live advertising and become part of the overall strategy—providing an interconnected retail media ecosystem. The one-stop service is not only easier to manage, but also ensures seamless connection and optimization of all retail media channels on-site, off-site, and in-store.
By partnering with retail media solution providers that prioritize real identity resolution, retailers can make the most of their first-party data (in a world where third-party identifiers are about to disappear). Meaning: Create a consistent consumer ID on all platforms (on-site and off-site, and in-store and online), accounts, and devices. Siloed work not only complicates measurement, but also makes it impossible to use the retailer’s valuable first-party data to achieve coverage and scale.
This means that the best retail media network should start with accurate personal data, and then use digital and physical attributes to tell you how to talk to that individual shopper, and then the data from these interactive cycles informs each shopper’s relationship with your brand. The next interactive continuous loop:
The fact is that until recently, many of these functions existed in the on-site and off-site, digital and physical attributes of retail media. This is a brand new and complex landscape of retail media technology and service providers. We are beginning to see the integration of more solution providers, which means that retailers can now use what they like with different partners as one Connected solutions.
Epsilon and CitrusAd have led this trend to a large extent, creating a key combination of on-site and off-site advertising functions, recognizing that an optimized media network requires cooperation between experts in various fields. The advantages and free products of Epsilon and CitrusAd will enable us to lead a new generation of retail media based on real identities. (You can learn how Epsilon and CitrusAd stack up in Forrester's recent report: The Forrester Wave: Sell-Side Retail Media Solutions, Q3 2021.)
Technology and solutions do exist today to drive the experience and thus make your retail media strategy successful—whether for your investment or your business profit.
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