Introduction
Retail media encompasses advertising and promotional activities within retail environments, both online and in physical stores. This strategy, while rooted in traditional retail practices, has evolved significantly with the rise of digital spaces and the availability of first-party data. Commerce media, a broader term, includes all media and advertising related to the buying and selling process, extending beyond the retail environment.
The Growing Influence of Retail Media
Retailers have long provided marketers with opportunities to promote their brands across various channels. Recently, retail media has gained momentum due to the vast digital space available on retail and transactional sites and the rich first-party data collected from customers. Targeted advertising on these platforms ensures that marketing messages reach the right audience at the right time and place, making it a powerful marketing tool.
According to eMarketer, retail media spending is projected to reach $140 billion USD by 2024. Retailers are now establishing their own retail media networks, leveraging their websites, social channels, in-store screens, catalogs, and other platforms. Broader transactional businesses are also exploring ways to monetize their media channels, capitalizing on high consumer engagement and conversion rates in these environments.
Building a Successful Retail Media Network
For transactional businesses (retailers and beyond) looking to launch an ad business, selecting the right solution is crucial. Several approaches can be taken, depending on the desired level of control and investment:
- Proprietary Solutions: Major players like Amazon, Coles, Tesco, and Walmart have heavily invested in building their own retail media networks. These proprietary solutions offer extensive control and customization but require significant investment.
- Retail Media Platforms: Pure-play retailers can utilize existing retail media platforms. These platforms connect brands and retailers, offering various advertising options both online and offline, providing a quicker start with fewer upfront costs.
- Third-Party Technology: Broader transactional businesses seeking more control without a multi-million dollar investment can use third-party technology. This approach allows them to build their own network with bespoke advertising and sponsorship solutions.
Viztrade’s Bespoke Approach
At Viztrade, we offer a tailored solution for transactional businesses hesitant to use open platforms shared by multiple retailers and brands. VizCommerce focuses on creating a “walled garden” advertising proposition, where the media owner retains complete control and ownership of their platform. We combine this control with our advanced technology, providing a unique and customizable advertising solution.
Our services include onsite / in app advertising solutions and expanded reach through in-store and social media channels, ensuring that our partners benefit from a comprehensive and effective retail media strategy.
Conclusion
Retail media is rapidly becoming a dominant force in the marketing landscape. With significant growth projections and evolving strategies, businesses have ample opportunities to leverage this powerful tool. Whether through proprietary solutions, retail media platforms, or third-party technology, the key is to find the approach that aligns with your business goals and investment capabilities. Viztrade is here to help transactional businesses navigate this space with a bespoke solution tailored to their needs.
