One of the biggest challenges retailers have right now is converting in-store shoppers into either returning customers or online shoppers. Although incentives like rewards programs, store credit cards, and even special events may entice shoppers to return, in the age of digital, wouldn’t it be great to “travel” with the shopper?
In the past, you may have given your email address at check-out or signed up for a coupon which then spammed your inbox leaving you with many unread and even deleted emails. Those were the early days of moving to a digital journey. Due to the pandemic, customers and retailers alike had to pivot from this traditional kind of retail media, but it has blossomed into a lucrative opportunity today. With shoppers’ heads down in their devices, a work from home culture, and quick shipping times, the need to be in-store has dwindled quite a bit. So, what happens to that interaction? What happens to the relationship that retailers tried so hard to maintain with in-store shoppers? The answer is simple, really. It moves to digital.
With digital comes data, and with data comes a lot of new opportunities. Imagine being able to allow another brand (non-competitor, obviously) to pay top-dollar to show a shopper an ad for a product you sell that they will want. In turn, you also learn that user’s likes and dislikes. Essentially, now you can “travel” with that customer. Previously you had their emails, but now you have a much richer pile of 1st party data that can help mold the shopper experience and create a deeper customer relationship. Aside from just creating and selling ad inventory, there are ways to enhance the existing customer relationship through digital data. Think along the lines of personalized creative messaging, cross-selling new brands and product bundles, in-store alerts on the shopper’s app, or even the old tried-and-true getting the user into the store (via digital ads).
The concept of retail media isn’t really very different than what advertisers know today. The most crucial part is that retailers are now beginning to act like digital publishers because now, they have the data to do so. Finally, they can touch the holy grail that eluded some for decades: building repeat customers by personalizing the customer experience. Data is a powerful thing, and digitally speaking, it is everywhere. Retailers can open the flood gates to not only enhance the overall shopper experience, but now they can monetize outside of just selling their products. The hurdle for most retailers today is that they don’t treat their site as a traditional digital publisher would by using the influx of shopper data and the new digital engagement on their websites and apps. However, all retailers hold the key to unlock additional revenue streams; most just need to be shown how.
At Infinitive, our media experts have a long history of helping digital publishers build deeper relationships with their consumers, driving more revenue through advertising revenue streams, and enhancing consumer engagement. If you are experiencing a world where you have significantly more customers shopping with you online than you had in the past… no matter if you are in retail, restaurants, delivery services, or hospitality … then let’s talk about building out your digital advertising channel – because the new world where digital media and brick-and-mortar come together is a very exciting, and a very lucrative, place for you to be.
