Retailers and brands need no reminders that their on- and off-line assets are valuable to third parties. Amazon alone made $31.2 billion in 2021 from advertising and there is lots more to come as the company pushes further into video advertising. The mindset change has therefore been made; the challenge now is how to take full advantage of retail media in ways that generate revenue of course, but also complement the experience that customers expect. If it is intrusive, irrelevant, inconsistent, and poorly targeted, retailers risk turning their valuable assets – their customer data – into advertising junk yards.
- 81% of companies are still dependent on third-party data, which they do not own, may have no connection at all to their business, cannot be controlled in terms of accuracy, security, or recency.
- Advertisers are tapping into Kroger’s data to reach relevant households by applying first-party retail sales data to programmatic campaigns within their preferred ad-buying platform and reach 85 million households.
- Grocery chain Tesco is excited by the prospects for in-store digital as it adds to what is already the UK’s largest closed-loop grocery media and insight platform, having rolled out digital screens in 150 stores this year.
- Online-only grocer Ocado is delivering an average ROI to advertisers of 250% and has been in retail media longer than most.
Read the full article here: www.newdigitalage.co