In-store retail mediaRJ Hottovy is Placer.ai’s head of analytics research. He told FoodNavigator.USA that Placer.ai is still in its early stages, but its impact is being seen across a variety of retail sectors, including supermarkets and hypermarkets.
Popular platforms include Walmart Connect, Target Roundel, and Kroger Precision Marketing. These platforms provide valuable data from retailers that allows brands to target and measure their advertising campaign more accurately.
Retail media can be very useful to retailers
Retail media networks provide consumer goods brands with personalized messages based on shopper information, providing valuable insights into purchasing behavior. Mike Ford, CEO of Skydeo – a data platform that enables advertisers to reach and find their audience more effectively – highlighted how retailers can reap financial rewards without selling more products.
He told FoodNavigator USA that retail media is very useful to retailers. They can use valuable data from stores and the Internet to develop a targeted marketing channel that will increase their profits.
“Retailers do a lot more work than that – inventory, real estate, marketing, labor, insurance, etc. – all for a $3,% profit,” he said. Ad networks allow them to take advantage of high profit margins.
Ford acknowledged that there could be conflicts between retail teams. Ford said there was a conflict between advertising teams and retail teams for on-site inventory.
It is important to balance the needs of both departments while ensuring a seamless experience for customers.
RMN ads have higher engagement despite CPG brands' hesitation to buy virtual shelf space.
Ford says some CPG companies may be hesitant to accept NMRs because they will have to "virtually buy shelf space" by placing ads.
Paul Brenner, senior vice president at Vibenomics – an in-store digital advertising company – pointed out that there is potential to increase in-store engagement.
FoodNavigator explained that “food and beverage brands often ask how they can…provide a personalized customer experience similar in nature to that available on online platforms without having access to third-party data.”
NMRs are a great solution because they use shopper insights to target messages and offers in stores. Brenner says this can significantly increase engagement compared to traditional advertising.
Moreover, Here are some of the most effective ways to increase your ROI:DoubleVerify reports that ads on RMNs have a higher engagement rate (183 %) than average ad network impressions.
CoolerX, formerly Cooler Screens, is a technology company that provides retail collateral, merchandising and in-store retail for brick-and-mortar stores, including Kroger and Giant Eagle GetGo convenience stores, as well as Chevron. CoolerX uses AI software and intelligent screen sensors to enable retailers to personalize in-store experiences based on consumer behaviors. Brands can also connect with customers and deliver targeted messaging at the point of purchase. FoodNavigator.USA has already reported on this..
The company recently conducted a survey of hundreds of customers across multiple physical stores. It found that nearly half of respondents (47.8%) influence their shopping behavior by using digital smart displays. Additionally, 89% of respondents said smart displays make it easier for shoppers to locate retailer discounts and rewards. Arsen Avakian, CEO and co-founder of Cooler X, explained how AI-powered digital displays in stores can provide a “more informed and relevant” shopping experience, where customers are able to access useful information that is relevant to their needs.
NMRs must work with brands in a collaborative manner.
Jennifer Silverberg of SmartCommerce, an online marketing company that transforms digital touchpoints into seamless commerce, said retailers have valuable consumer data at their disposal. She stressed the importance of a collaborative effort between them and their customers to increase repeat sales.
“[RMNs] By leveraging the valuable insights retailers have into their customers’ purchasing behavior, they can be more effective,” Silverberg, FoodNavigator USA. “This data will help brands make better decisions about messaging and targeting.”
She said that while brands could use NMRs for data collection and audience insights, "they might be better off using their own media agencies to execute the media,"
Silverberg said, “The secret is being able to do it.” [RMNs] “Brands and agencies should work together, using data from the industry to improve marketing outcomes and ‘raise every ship.’”
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