How brands can boost retail media networks for greater efficiency
By Seun Johnson
Retail media networks have become a powerful tool that allows brands to leverage retailers’ first-party data to deliver highly targeted and measurable campaigns.
As an advertising infrastructure consisting of various digital channels offered by retailers to third-party brands, retail media networks have metamorphosed from simple in-store promotions into sophisticated, data-driven ecosystems.
Marketing experts believe that this advertising approach has revolutionized the industry by seamlessly merging online and in-store communities.
Whether through compelling ads on e-commerce giants like Amazon or digital displays in brick-and-mortar locations, retail media networks have created a powerful platform for brands to effectively capture audience’s attention.
According to the International Trade Centre (ITC), African e-commerce could reach a value of $180 billion by 2025, signifying a huge potential for local brands to go global through digital platforms.
Today, brand owners are increasingly leveraging technology to scale their businesses, boost local sales, and maximize ROI.
To achieve greater efficiency, experts revealed that there is a need for them to prioritize key enhancements within their retail media networks and ensure smarter targeting and better campaign performance.
One of these enhancements is data optimization for precision targeting.
According to them, one of the biggest advantages of Retail Media Networks is the access to first-party data.
With this opportunity, it is believed that brands can refine their targeting strategies by leveraging technology and ensuring that ads reach consumers who are most likely to convert. This is expected to minimize wasted ad spend and improve return on investment (ROI).
Also, by integrating in-store promotions, e-commerce placements and social media campaigns, brands can create a seamless omnichannel experience that enhances visibility and consumer engagement.
It is similarly argued that data-driven insights would greatly help creating a contextually relevant content that resonates better with consumers, leading to high visibility and better engagement.
For brands, retail media networks is a goldmine of opportunities, far beyond just another advertising tactic. It is like a powerful catalyst that drives sales, enhances visibility and maximizes return on ad spend.
With omnichannel reach, they can seamlessly connect with customers at every touchpoint and ensure their products stand out in a crowded marketplace and influence purchasing decisions at the right moments.
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