It’s no secret that the retail landscape is changing. With the growth of digital media and e-commerce, traditional brick-and-mortar stores struggle to keep up. It can be tough to stay updated to the retail marketing changes, yet, it’s essential to understand the key players in the retail media landscape to leverage their strengths and improve your retail marketing efforts.
Working alongside some of the biggest names in retail, we will be the first to admit that there is a lot that goes into a successful retail marketing campaign. You have to understand your target audience, create compelling content, design an effective advertising strategy – then measure and adjust based on the outcomes.
Embedded within that strategy is a critical piece of the puzzle: understanding the basics of the retail media landscape and its contribution to your success.
Let’s discuss the different types of retail media and how they impact the industry by looking at some of the biggest players in the digital media game and how they’re shaping the future of retail media and shopper marketing services.
The Role of Retail Media Networks in Shopper Marketing
Retail media networks are a vital part of the marketing industry and play an increasingly important role in shopper marketing. They offer advertisers access to a wide range of digital media channels, including social media, video and mobile. Retailers use these networks to reach shoppers with targeted messages based on their location, interests and purchase history at the right time and place.
By understanding how these networks operate, retail marketers can create more targeted and effective campaigns that reach shoppers who are already spending time online.
When used correctly, retail media networks can be an extremely powerful tool for reaching shoppers and igniting ROI across shopper marketing campaigns. In order to maximize their effectiveness, marketers should understand how they work and where they can best fit within their overall marketing strategy.
The Key Players in the Retail Media Network Landscape
Retail media is a quickly growing and complex ecosystem. There are various key players in retail media that brands need to be aware of when developing their shopper marketing strategy. Here, we’ll look at some of the most important players in the retail media landscape.
Gone are the humble online bookstore days – Amazon is now the dominant player in retail media. They offer a variety of ad products that reach shoppers across different stages of the purchase journey. Amazon’s ad products are divided into three main categories: product display ads, search ads and video ads.
Product display ads appear on product detail pages and show relevant products to shoppers who are browsing. Search Ads appear on search results pages and help shoppers find your products more easily. Video Ads appear on Amazon Video and reach shoppers who are engaged in video content.
Walmart isn’t feeling the effects of other brick and mortar stores and remains one of the biggest retailers globally thanks to a media presence that is growing larger every day. In addition to traditional advertising, Walmart has now ventured into digital marketing and influencer partnerships and welcomes 150 million customers to their stores and website every week.
Digital ad impressions increased 50% year over year as 40% more advertisers joined their network, making them a great choice for retailers looking to influence buying decisions.
They’re also working on developing their streaming service, which could be a game-changer for how consumers shop. It’s clear that Walmart is a force to be reckoned with when it comes to retail media. And as they continue to innovate, we can expect even big things from them in the future.
As one of the leading retail companies in the United States, Target has made a big splash in the retail media landscape in the last 8 years. By partnering with some of the biggest names in digital media, Target has reached a wide audience of 147 million customers in-store and online and boasts 40 million unique visits to their website each week.
With Target’s digital sales growing by nearly $10 billion over the previous year, more and more CPG brands are utilizing their e-commerce channel advertising options.
The Retail Media Advertisers Impacting Shopper Media
External retail media specialists usually advertise technology companies that have built the required software and tools to help retailers operate their networks. They also have relationships with the brands that want to advertise on these retail media properties.
Some of the more well-known ones include Amazon Advertising, Walmart Media Group, and Target’s Roundel. Several smaller players are starting to gain traction, such as Criteo and ShareAsale. As the retail media landscape evolves, we can certainly expect to see more consolidation and new entrants into the space.
These specialists will typically charge the retailer a portion of the advertising revenue. It can be a win-win for everyone involved since it allows retailers to focus on what they do best (running their stores) while still monetizing their digital properties through advertising. It’s also a good way for brands to get access to new audiences they wouldn’t be able to reach otherwise.
Ready to Reach the Right Shoppers at the Right Time?
Retail media is a complex and ever-changing landscape. In order to make the most of your marketing efforts (and budget), it’s essential to understand who the key players are and how they can impact your campaign’s bottom line. With that knowledge, you can develop a strategic plan that targets your audience more effectively and generates better results.