4 Traits of a Successful Retail Media Platform

Amid an ever-evolving and highly competitive landscape, a robust digital retail platform can yield massive revenue opportunities and help retailers win.

The world of retail media continues to expand at a rapid pace, and there are no signs of it slowing down. In fact, global retail media ad spend is projected to reach $122 billion this year, hinting at the diverse revenue opportunities that await.

To stay competitive in an ever-changing retail landscape, retailers and brands must find ways to establish deeper customer connections and seamlessly tailored shopping experiences. A digital retail platform provides that missing link by collecting first-party data from customers to personalize marketing offers and recommendations across a retailer’s websites and mobile apps.

Many qualities make up a successful retail media strategy. In this post, we’ll explore four essential traits.

#1 First-party data

First-party data is becoming the future of retail media technology, as it provides a more complete picture of the customer’s journey from ad engagement through purchase. With the deprecation and eventual death of the third-party cookie, gathering data directly from the source offers a better way for retailers to understand and meet customers’ evolving needs in a way that respects their privacy.

#2 Detailed analytics and reporting

Analytics provide critical insights into shopping habits and personal preferences. Fueled by first-party data, retailers can craft ad and marketing campaigns that resonate strongly with customers. Retailers and brands can use detailed analytical reports to explore important business decisions, including which promotional offers to extend to a particular customer, or whether they should increase or decrease the price of a particular assortment based on current demand.  

#3 A unified solution

Amazon once revolutionized the customer experience by allowing shoppers to remain logged in and connected to their accounts. With unified retail media solutions, any retailer can now offer the same—which is equally convenient for them, too. Centralizing a retail media platform allows retailers and brands to access retail technologies from one convenient dashboard. Whether they want to tap into various stages of the customer’s journey or strategize for accurate advertising, a unified solution allows them to bring it all to fruition with powerful efficiency.

#4 Innovative retail media features

To stay competitive, retailers and brands must incorporate key retail media features into their growth strategy. It’s important for a digital retail platform to be future-proof, especially as they work to adapt to customers’ changing preferences. This can look like: adding mobile marketing channels, implementing real-time pricing and promotions, or going bold by advertising high-profile category takeovers.  

Strengthen your digital retail platform with Swiftly

A multifaceted retailer or brand needs a multifaceted retail solution—and Swiftly can deliver.

Whether targeting customers online, in-store, or both, we offer various retail media tools to help you solidify loyalty, boost engagement, and increase value.

Customers can enjoy the connection between in-store and digital shopping while receiving customized recommendations and promotions. Retailers and brands benefit from streamlined advertising, strengthened digital connections, and long-term success in a competitive retail landscape. It’s a win-win for everyone involved.

Ready to build a rich digital retail platform and maximize your profits? Get in touch with our team to learn more.

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