How to Win at the Retail Media Game

Retailers that host a retail media network across their websites and apps write the playbook to bigger profits in 2023. Find out how to get started with Swiftly.

Despite economic uncertainty, Amazon’s 19% increase in ad revenue in Q4 2022—to the tune of $11.6B—proves it’s still possible to win by reaching the right people, with the right message, via the right channel, at the right time.

No longer content to sit along the sidelines, retailers of all sizes have recognized the massive opportunity in digital advertising—and they’re getting into the game by way of retail media networks. Given that retail media spending eclipsed $40B in 2022, and will likely reach $60B by 2024, there’s never been a better time to make a play.

In this blog we’ll discuss how to develop a sound retail media network strategy; which retail media tools help you compete; and where you can find a technology leader partner that’s committed to your success.

Step 1: Kickoff with a Strong Retail Media Strategy

Retailers have much to gain when they upgrade their advertising to a retail media network. This cohesive ecosystem provides a way to capture data and connect with their shoppers across channels. Going one step further, retailers can offer the same value to their brand partners to strategically grow their businesses with an added revenue stream.

For a winning retail media network strategy, retailers need to:

● Consider organizational goals. Is your business primarily looking to increase profits with a new revenue stream, or are there other goals—such as strengthening ties with certain suppliers to increase incremental purchases and grow your own loyalty?

● Prioritize low-hanging fruit. Begin with brands you already have a relationship with and consider what you have to offer them. Can you help them own a category? Launch real-time pricing strategies? Amplify their rewards program? Measure performance?

● Start small and work your way up. Beyond banner space, you’ll need to provide closed loop measurement, detailed reporting, and network support to ensure partner satisfaction. You may need to outsource this work as you grow your network and gradually ramp up in-house capacity.

Step 2: Add Competitive Retail Media Tools to Your Playbook

Of course, retail media networks aren’t just for your partners; the retail media tools are yours to use, too! With a retail media ecosystem, your mobile app and website become a shopper’s marketplace that competes with Amazon, Instacart, and other retailers. Whether you’re using tools to drive more purchases, manage onsite marketing, or expand your service offerings, retail media infrastructure gives you all you need to modernize your business to meet evolving consumer demands for convenience and personalization.  

Here’s a rundown of what’s available to help you compete:

● Loyalty programs: When you integrate a new or existing loyalty program, your retail media network provides data for customer experience personalization.

● Pickup and delivery: Go the extra mile with your e-commerce operations by offering curbside pickup, buy online pickup in store, and delivery service through your app.

● Targeted recommendations: Reach shoppers with real-time offers based on behavior and interests to drive incremental purchases.

● Online circulars: Add local inventory and pricing, rich product descriptions, multi-language support, and shopping lists to rally customer loyalty.

● Endless aisle: Work with brand partners to enable single-click subscription through your app and expand your aisles to give consumers what they want most: convenience!

Step 3: Choose the Right Technology Partner as Your Coach

Just as the right coach can make all the difference in the world, the right technology partner can help you build the retail media network support system you need to take your business to the next level. Founded in 2018, Swiftly is a leading provider of retail media technology and solutions for retailers worldwide. With our retail media tools and dedicated teams, Swiftly is ready to expand your in-house capabilities, accelerate your business growth, strengthen brand partnerships, and win your business long-term customer loyalty. Contact us today.

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