Retailers that have recently launched their own retail media businesses should learn from what the established leaders already do. The biggest player, with 60% of the $45 billion market, is Amazon, followed by the likes of Walmart and Target, which, combined with a few other large players, are expected to take a combined 25% of the space, according to Boston Consulting Group.
Article Highlights
- Retailers must harness the power of consumer data to create detailed buyer personas, identifying the preferences, behaviors and demographics of target audiences.
- Running campaigns depends on specialized, integrated software that provides a platform to buy and sell media, manage campaigns and optimize omnichannel advertising experiences across print, digital, streaming, out-of-home and digital-out-of-home media.
- Collaboration with advertisers fosters a win-win scenario where advertisers achieve their desired outcomes and retailers capitalize on increased revenue and enhanced brand positioning.
- A cluttered advertising environment can be overwhelming for consumers, diminishing the effectiveness of campaigns. Curate high-quality content that aligns with the brand and resonates with the audience.
- Data privacy and security is paramount in building trust with customers. Retailers must prioritize the security and ethical use of consumer information.
- By delivering personalized content at the right moment, retailers improve the chances of converting leads into customers and retaining existing ones.
- Innovation is key to staying ahead in a fast-changing market that is already among the fastest-growing U.S. advertising channels, up 22% YoY according to the IAB, and set to double over the next five years to $107 billion.
Read the full article here: www.retailtouchpoints.com
Originally posted on ADvendio.com on 10th April 2024
