How Retailers Can Seize the Retail Media Opportunity
The retail landscape is changing. The retail industry has seen a seismic shift towards retail media, with major online retailers already moving to monetise their data and tighten relationships with brands and suppliers.
Major retailers have been quick to secure leading shares across retail media, however ,Boston Consulting Group has estimated a $100 million opportunity is still available for retailers. This article will break down the major considerations for retailers who are looking to seize their opportunity at this pivotal time.
Refining data management for clean customer IDs
As consumer-privacy restrictions continue to tighten, clean first-party data is the golden goose. Brands will pay to leverage first-party data as it empowers them to more effectively target and engage with their customers. The size of a retailer’s audience and the richness of their data is their value proposition and will determine how high the opportunity is for the retailer.
For retailers who already own a large audience, the challenge is in effectively collecting, cleaning and activating the associated first party-data. Refined data management systems must be in place in order to draw out the rich data and customer profiles that power an effective retail media offering. Now is the time for retailers to invest in digital maturity and begin scaffolding their data systems to develop the comprehensive customer profiles that brands are seeking.
Communicating the value of retail media to brands and advertisers
Retailers need to be able to build or tap into agile sales teams that can manage and grow their media offering. Skilled sales professionals who are well versed in the value of retail media are accessible through retail media platforms, and can help to communicate the value to brands and potential advertisers, create excitement and drive revenue.
Accessing a fully integrated, scalable ad-serving platform
The next step for retailers will be in providing a seamless ad-serving platform. Effective retail media platforms have vast capabilities across ad-serving and reporting. While manual campaign launch platforms may be sufficient initially, ultimately a self-serving ad platform is critical to ensure scalability for retailers.
For retailers, a key consideration is in accessing an advertising tech stack that can be seamlessly integrated to maintain and bolster UX, provide control to the retailer for ad placement and serving, and be flexible and scalable.
CitrusAd provides an ambitious retail platform that streamlines media sales and ad-serving for more than half of the top 20 retailers in the world. For retailers, first-party data is a key point of difference, and CitrusAd can provide the technology to commercialise it the right way.
The white label CitrusAd platform works natively, with retailers remaining in control of ad serving. The platform equips retailers with the technology to create a new revenue stream and monetise their digital real estate by allowing suppliers to compete in a live auction for prime product positioning and banner placements within the retailer website. ,Explore retail media for retailers here.