{"id":29320,"date":"2024-03-19T14:05:41","date_gmt":"2024-03-19T14:05:41","guid":{"rendered":"https:\/\/refive1stg.wpengine.com\/?p=29320"},"modified":"2024-09-11T08:41:19","modified_gmt":"2024-09-11T08:41:19","slug":"get-started-with-retail-media","status":"publish","type":"post","link":"https:\/\/www.refive.io\/en\/blog\/get-started-with-retail-media\/","title":{"rendered":"Get Started with Retail Media"},"content":{"rendered":"\n

If you aren\u2019t familiar with the term retail media, in its purest sense it refers to the advertising and marketing a retailer shows either on their website, apps, or even in and around the point of sales in-store. Using this kind of media treats the retailer\u2019s customers as the \u201caudience\u201d, and uses data insight to market and push products or offers directly to the consumers who are already purchasing – even if the advert isn\u2019t the retailer itself.\u00a0<\/p>\n\n\n\n

With many customers already in the \u201cbuying mindset\u201d this is a valuable commodity for many retailers and Walmart in the US <\/a>has seen a huge uptake in the advertising space purchased. Goldman Sachs states that the retail media market will hit \u00a32bn<\/a> in the UK for grocery retailers alone in 2024. <\/p>\n\n\n\n

Retail media’s importance has been surging and is set to be a key factor in the strategies of many larger retailers. Using online data, along with smart in-store touchpoints, the wealth of customer information available for personalising<\/a> advertising means that brands can increase their visibility to their customer base. Being able to foster closer relationships, at the point of purchase, directly to consumers will pay dividends in the long run.\u00a0<\/p>\n\n\n\n

Getting started with retail media requires an understanding of the medium’s ecosystem. Being able to work out who the right retailer partners are or if you should be retaining this key medium for your advertising requirements instead is really crucial in making the most of this avenue.\u00a0<\/p>\n\n\n\n

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Understanding Retail Media<\/h2>\n\n\n\n

In the past, brands would use TV ads or magazine ads to get your attention, hoping that you would remember their product when you went shopping. But now, with everyone shopping online or using their phones to shop, retail media lets brands show you ads at the perfect time \u2014 right when you\u2019re thinking about buying something, or even when you are physically in the shop.<\/p>\n\n\n\n

It’s smart because it uses data to show ads to the right people, making sure they are more likely to be targeted and aligned with the consumer. This smaller audience means a better conversion rate and ultimately a better opportunity for return on investment.\u00a0<\/p>\n\n\n\n

It doesn\u2019t just benefit the brands because of the more targeted segmentation, or the consumer by seeing adverts that are relevant for them, for retailers it\u2019s also a great way to make extra money by selling space for these ads. However, even if you\u2019re not in the position to be selling space, or buying space, it\u2019s still an approach you can use internally. Here is a step-by-step guide to make the most of your retail media and get started.\u00a0<\/p>\n\n\n\n

Step 1. Gather Customer Data<\/h2>\n\n\n\n

First, start by collecting detailed customer data. This is about building up a picture of your customer’s preferences, purchasing behaviours and when they are most likely to make a purchase. Some good techniques for data collection include conducting surveys, analysing interactions on your website, using your own marketing data capture protocols, and reviewing purchase histories. (You can also use refive to capture customer data<\/a> in your physical stores.)\u00a0<\/p>\n\n\n\n

Step 2. Establish Effective Touchpoints<\/h2>\n\n\n\n

Now that you have a wealth of information to use, it\u2019s key to think about where you will implement digital and physical touchpoints to initiate any campaigns. Some of the places where you can do this include:<\/p>\n\n\n\n