Some businesses fail to make it big even with outstanding products and services. It can happen to anyone—whether it’s a big enterprise or a young start-up.
The reason? Poor marketing and customer acquisition.
This is where retail media networks provide an excellent solution. These platforms allow companies to advertise their services and reach out to their target customers.
Put simply, these platforms allow companies to attract potential buyers.
Additionally, retail media ad networks benefit businesses by connecting with customers at various stages of their buying journey. As such, companies can run targeted ad campaigns, keeping users at the core.
Hence, companies today are investing heavily in retail media advertising to keep up with the competition. It is this reason why the US retail media ad network industry will be worth $41.37 billion by 2022!
So, if you are one who too wishes to expand your market reach globally, retail media advertising might be the answer. If you’re still not convinced, here’s why you should switch to retail ad platforms if you haven’t already.
Connect with customers during their buying journey
If you’re a brand owner, you can advertise your products via retail ad networks i.e., on another successful brand’s website. For instance, an upcoming product-based start-up can promote its products on Walmart’s website.
You can also capture a user’s attention through on-site advertising as well. This means that you’ll be visible everywhere—search, category, and the home pages. You’re essentially highlighting your products while the customer shops.
So, if they’re shopping for a laptop, your ad for laptop bags might attract them.
This ad can also attract customers actually searching for laptop bags. This means that you can focus on attracting two categories of customers with a single ad campaign. Lastly, retail media ad networks will also enable you to attract more customers than before.
Offer exciting deals to attract customers
Another excellent method of targeting customers is by offering exciting product deals.
Over the years, limited-time deals have become extremely beneficial for brands and customers as they are exciting and offer products at surprisingly affordable rates. That's why customers look forward to these types of offers.
Not to forget, you can also promote your products in a dedicated section of an e-commerce platform. And to add to that, along with the top-rated products, you can also highlight your products that have limited-time offers.
This will allow you to create FOMO (fear of missing out) among the customer's minds and, they might end up buying more products than they actually need!
Additionally, sponsored brands will receive a better ROI than normal online advertising. Plus, it also lets them compete with renowned companies.
But that’s not all!
You can also drive traffic to your site during the process. So, all in all, the approach offers a wide array of products and great deals to choose from which makes the customer happy.
Receiving valuable product data
Retail media ad networks allow businesses to connect with customers by offering them better products. This is possible when you receive valuable product insights through promoting products on an established platform.
For example, you can understand if customers like your product through their buying preferences. So, when you advertise your products alongside the site owner's products, you'll understand where you stand.
Additionally, using product data, you can analyze the number of customers buying your product when looking for similar items. For instance, data from cart additions, payments, or cart abandonments will give you better insights.
Moreover, you can see which products customers can buy along with your offerings and you can compare their choices to understand how you can improve your brand. This will help you have a better idea of how to continue product development.
And that’s not all. You will also receive the following benefits:
- Develop more customer-centric products
- Improve product quality and fix defects
- Reach wider markets and offer personalized services
Search result ads for better personalization
You can easily run sponsored search result ads to offer more product options to your target customers. So, launching native ads with specific search results can help customers choose from a wider array of products.
But how does it benefit your brand? The answer is personalization.
Running these sponsored search result ads will let you keep customers at the center of your campaigns. This means that the search results will be more targeted and personalized.
So, when they search, they will receive the items they were looking for and your product advertisements. This will significantly increase the chances of them buying your product more!
As such you must invest more in sponsored search results.
Lastly, retail media networks also allow brands to send personalized emails and gift coupons which benefits small brands by increasing their customer base and organic traffic. Not to forget, these emails can contain special product promotions and vouchers that customers would love.
Offering customers an enhanced e-commerce experience
Developing great products isn't enough to capture your customer's attention. You need to provide them with an excellent user experience when they search for and buy your products.
This is where retail media ad networks come into play.
Most of these retail media network owners are business giants, such as Amazon and Walmart, and as such have an established e-commerce platform that offers a convenient user experience.
So, when you utilize their network to promote your products, your target audience receives the best shopping experience. This quality customer experience will impress your audience and show that you care about them.
In addition, your customers feel that your services are focused on offering them convenience. As a result, they might come back for more and keep your services in mind.
Hence, in short, providing hassle-free e-commerce experiences helps you gain more loyal customers and also increases your brand awareness.
The bottom line
Retail media ad networks are the future of e-commerce marketing and branding. These networks will help many new brands establish their position in the market.
So, if you're a brand owner too, retail media ad networks will assist you in tracking the performance of your advertisements.
Additionally, as the sales and ad impressions happen on a single platform, you can understand the metrics easily. Hence, by developing a tailored retail ad-media strategy, you not only end up attracting various customers but can also learn the branding strategies of established brands.