Retail media networks are an innovative way for brands to connect with their customers and digitally promote products just inches away from their merchandise. Store owners can capitalize on this opportunity and increase revenue from customer purchases and selling ad space to advertisers on the growing medium. According to a study by McKinsey & Company, 73% of advertisers plan to invest more in the medium to engage more shoppers directly in the aisle.
Retailers and advertisers are eager to invest in retail media networks because of evolving customer expectations, where shoppers now expect their online experiences to translate to their in-store shopping journeys. For instance, efficiency and convenience are everything. Customers expect to enter the store, find their products and purchase their items in a timely manner much like the ease of shopping online. Customers also expect a personalized shopping experience. When they use their customer loyalty IDs, they need recognition of their past purchases. Upcoming promotions and product recommendations need to reflect their real preferences. Customer loyalty programs paired with digital signage can display goods that are bestsellers and drive more in-store engagement.
In order to attract and captivate today's customers, having these types of engaging experiences is the new competitive battlefield. Retail media networks can help retailers rise to the occasion of meeting customers needs with dynamic eye-catching displays that lead to more purchases. In this blog, we will discuss three strategies to maximize the effectiveness and returns of your in-store digital strategy.
Engage shoppers from the couch to the aisle
Retail media networks extend customer touch points as part of one holistic buyer journey. Retailers can engage customers at home through television ads, out in the world through consumer mobile apps and directly in-store through digital signage. Unlike online advertisements, retail media networks meet customers at the point of the decision. Business owners can obtain performance data to understand customer buying decisions. This data is invaluable, giving brands insight into when, why and what customers are buying their merchandise and allowing them to make intelligent changes to optimize content and display placement as part of their in-store digital strategy.
Find the perfect mix of original content and advertising
When installing visual displays around the store to attract customers, location makes all the difference. Instead of simply placing an advertisement for bread in the bakery section of a grocery store, place the content in a high-traffic area to draw customers to an aisle or section that they did not plan to visit before they saw the promotion.
The content playlist showcased on retail media networks makes a significant difference. Similar to when you listen to the radio, the songs played over the course of the next few hours vary and the same methodology should be used when displaying ads. If the shopper sees the same few ads in a carousel, they will grow tired and bored. Use first-party consumer data, such as social media poll results and real-time weather information to trigger timely promotional offers. For instance, displays inside a gas station convenience store can utilize weather forecast data to trigger promotions for car washes. When retail media network know their audience and their surroundings, they can better cater their content, achieve optimal results and increase revenue.
Retailers can also adjust content to tell different stories at different times of buying. For example, a brand of coffee can showcase ads in the evening when customers are getting off work and can see how drinking the coffee can help them tackle their next work day better than the current brand they are drinking. An ad in the morning could show the different types of coffee such as grounds, instant or pods available for purchase. Digital signage can be informative for the customer and inspire them to make a purchase.
Go green and meet sustainability commitments
As corporations work toward their sustainability commitments, the usage of digital signage in stores offers environmental benefits. It allows companies to reduce their carbon footprint as opposed to using paper and plastic to promote merchandise. Sustainable in-store hardware uses energy-efficient LED lighting to showcase brands' content around brick-and-mortar locations, reducing greenhouse gas emissions. Content device management solutions can also help retailers monitor their displays' energy usage. Activating energy-saving modes on the displays during closing hours can also help reduce energy consumption and costs, saving resources and money.
Digital signage also saves companies money in the long run due to a low total cost of ownership. For maintenance, some vendors offer repair services when their displays are purchased to take the burden from store management of finding a repair person and bundling the service with the integrator or technology provider. Vendors can also offer partner solutions with measurable and actionable metrics for reaching carbon neutrality. Implementing hardware and software with sustainable features as part of a retail media network can help brands drive toward their green goals.
Retail media networks are becoming valuable assets in brick-and-mortar locations. By merging digital displays with retail media networks, in-store signage becomes a new channel to create a connected shopping experience, captivate shoppers and generate new revenue streams. Used effectively to communicate your brand's message to customers, retail media networks become the digital heart of your business.