Online shopping is more popular than ever, and this change in customer behavior is altering how brands advertise their goods. For the first time ever in 2021, digital advertising accounted for significantly more than half of all ad spending worldwide. While it’s become standard practice for marketers to target consumers when they use social media or conduct product research on Google, it’s now time to leverage retail media networks and engage customers while they buy. So, why retail media networks are essential for brands?
Because of all the distinctive advantages that retail media offers companies, it will take some time for them to get used to how it is transforming how consumers and brands engage.
1. Extensive data
Each retail media network has the ability to get first-party data on consumer behavior because sales occur on their platforms. Compared to information obtained by third-party cookies, this is more trustworthy. Additionally, it is future-proof because all web browsers are phasing out the use of third-party cookies.
2. High-level customization
You may tailor your message for retail media to boost sales, boost ROI, and offer a seamless consumer experience. However, by tailoring your offerings to certain audience subgroups, you may go much further.
3. Timed advertisements
You may reach shoppers by using retail media to spread your message. There is no better moment to market your brand because conversions are only one click away when someone is on a retail website prepared to make a purchase.
4. Accurate conversion monitoring
The fact that purchases and ad impressions occur on the same platform allows you to precisely measure the effectiveness of your advertising. This gives you crystal-clear ROI information and enables you to invest more in the tactics that have the greatest financial impact. With businesses like Google and Facebook, there isn’t the same amount of accountability because the consumer journey can’t always be tracked until the moment of sale.