What mattered last year might not matter today since the retail media landscape is continuously changing. Market competition and market sophistication are increasing for retail media networks. What new strategies can brands and merchants use to succeed in this retail media landscape 2022??
Access to this first-party data is provided to brands working with Retail Media Networks (RMNs), which can be used to more precisely target audience segments. In order to better optimize campaigns and raise performance, it can also be utilized to measure ad ROI. First-party data may also track return on ad spend (ROAS), enabling brands to recognize and cater to the demands of customers at every stage of the buying process.
Depending on the RMN, different first-party data types are collected, but the majority of them include essential information that can give marketers insightful information about their target audiences. For instance, many RMNs have loyalty programs that gather in-depth demographic and biographic data as well as details on customers’ online and in-store purchasing patterns.
Brands can interact with new customers and broaden their omnichannel marketing approach by using RMNs. The regular use of retail websites and applications by customers today results in more customer touchpoints, which helps to enhance conversions.
Brands may develop highly customized, multichannel campaigns that increase ROI and enhance the customer experience thanks to first-party data gathered by RMNs. For instance, the grocery retailer Kroger claims that its loyalty program keeps track of 96% of all in-store purchases. With this useful shopping data at hand, marketers can use digital ads to retarget customers based on their in-store purchases. They can also assess ROI to determine the effectiveness of these retargeting strategies.
Additionally, RMNs make it simpler for marketers to target customers with highly customized ads that are supported by a wealth of data. This is crucial in the congested digital marketing environment of today; efforts must be data-driven to be effective.