The rise in retail media networks creates new opportunities for retailers to reach customers and rethink the customer experience. Our recent webinar, How to Influence Add-to-Cart Moments with an In-Store Digital Media Channel, offers strategies on how an omnichannel marketing mix that includes an in-store digital media channel can influence customers at a high-intent moment in the customer journey, as well as influence buying behaviour and create monetization opportunities. Hosted by Broadsign’s Director of Sales, North America, Karim Kanji, this discussion provides recommendations and ideas for retailers to drive sales by creating a compelling customer experience in offline spaces.
If you were unable to attend the webinar, we’ve compiled a few key takeaways from Karim’s presentation to help inform your in-store media channels strategy.
Why should retailers jump on retail media?
In this first section of the webinar, Karim illustrates the breadth of opportunity that exists in the retail media landscape, along with some of the changes taking place that create new urgency for investing in this space. First, and perhaps most enticingly, there’s the money: in 2022, retail media revenue is forecasted to balloon to about $50 billion globally, representing significant opportunities to reach customers. Other factors to consider, like the fast-approaching cookieless future that’s likely to interfere with digital advertising efforts, means retailers, brands, and marketers, may have previously unexplored opportunities for reaching customers. It’s all explained in this clip:
Looking at retail media network data
Here, Karim parses the data to demonstrate where the bulk of consumer packaged goods (CPG) ad spend is going, and how the breakdown of this spend is evolving over time. He also explains that there is a key opportunity available for retailers who invest in evolving their offerings. Almost half of CPGs are looking for innovative advertising solutions.
In-store digital marketing: Areas of interest for retail professionals
As three out of five adults still prefer to shop in-store, retailers continue to seek out innovative ways to create a more impactful, information-rich in-store experience. And this is just one of the reasons why in-store digital media is becoming a more critical offering for retail leaders. Karim explains some of the advantages in-store digital media can offer in the realm of shopper experience – and also some of the ways that implementing this can produce new monetization opportunities for the retailer.
Reimagining the customer experience
One of the drivers of success in the online retail space has been retailers’ ability to hyper-target customers. This experience is creating new expectations in shoppers that the in-store experience, too, should put them at the center. Karim discusses ways that brick and mortar retailers can rethink the consumer experience, leaning in part on the capabilities of in-store digital to create a better-tailored experience that customers crave.
What value can an in-store channel bring?
In the below clip, Karim delves deeper into the unique advantages of implementing a retail media network that includes contextual in-store messaging capability. Factors such as the online cookie crumbling (cookies are expected to be fully phased out by 2022) and increased user disengagement with online advertising place new importance on being able to reach audiences with messaging tailored for the environment in which they are displayed.
Beyond that, there’s added advantage in leveraging first-party data and building relevant, contextual storytelling to drive business. More here:
Contextual storytelling to boost sales
In-store messaging is nothing new. What is new, however, is how it’s done. In the past, brands and retailers have invested in visual merchandising, product placement, store design, and other formats to attract customers. And that’s where in-store digital media networks enter the chat.
With in-store digital, retailers can provide opportunities to create meaningful moments that connect with consumers—for example, advertising refreshing ice-cold beverages on a scorcher of a day. This presents a way for brands to not only stimulate sales of their products, but also to improve ad recall, and make a lasting impression with customers. Karim discusses further how relevant moments and content can lead to a positive response and sales lift.
Here, Karim shares two examples of successful in-store digital channels from Albert Heijn in the Netherlands and U.S.-based Starlite Media. Both launched retail media networks composed of various consumer touchpoints, including digital in-store signage, and saw remarkable results. Hear their stories:
Karim concludes his presentation on an optimistic note, saying that despite the numerous challenges the retail industry has faced, reinventing the in-store strategy with a retail media network is an innovative solution. These channels can help brands and retailers target consumers at the final phase in their purchasing journey, using contextual storytelling and dynamic content to drive home a point or sale.
Watch the complete presentation on our YouTube channel.
Dive deeper into the subject by downloading our e-book here.
Ready to start harnessing in-store digital to evolve your retail media offerings? Contact our team and we’ll help get the ball rolling!