In the dynamic landscape of marketing and media, a silent player has started to take place — Retail Media. This innovative approach is reshaping how brands connect with consumers, leveraging the power of retail spaces as prime advertising space. Going into 2024 Retail Media challenges the traditional marketing playbook.
Retail Media is a fast-growing segment that is projected to be the third wave of digital marketing after the entrance of Search and social media. It is based on utilizing retailers’ customer-touchpoints for sponsored placements for brands, and by 2026 it is projected to be a €25b market in Europe.
The Retailer site has enormous potential for growth by utilizing extended collaboration with their brands and suppliers in the form of joint marketing initiatives for increased ROI and new revenue streams. Inviting brands to make use of retailers 1st party data is also a key part of this collaboration for targeting and reporting.
The Retailer channel has in many cases throughout the years been a bit of a black box, but is getting more pressure to showcase the performance on different initiatives. Newsletters, touchpoints and areas on retailers’ websites, category share development, and daily sales per product are just some examples of which many brands invest in the dark.
For brands, Retail Media gets them more involved and closer to the point of purchase which they usually have very little insight into. Getting access to retailers 1st party data and insights to optimize investments like other media channels is a massive upside for brands. And the biggest win for both retailers and brands are that they both aim to increase sales and be more effective with their media budget.
Curious to know more, but don’t know where to start?
We at NoA Connect have worked with Retail Media for many years and helped brands and retailers optimize ROI in the retailer channel for some pretty awesome clients such as Adidas, Aco, Orcla, Perrigo, and more. If you want to discuss the next big thing within digital marketing, don’t hesitate to reach out.
Also, keep an eye out for our event on the topic of Retail Media Optimization in March 2024. In which one of our experts along with an inspiring panel will share their insights and experiences. Want to be the first to sign up? Check this post as it updates or follow us on LinkedIn.