Retail media spending is growing at an incredible rate that matches its immense potential value. Spending has more than doubled since 2020 and will continue accelerating in the coming years. If, like most marketers, you’re already invested in retail media, odds are good that you’ve initially focused on the competitive bidding aspect of finding the right retail media partners. But that’s just the beginning.
Capitalizing on retail media requires keeping in mind that it is an extension of the customer experience. With that in mind, it’s critical to provide a seamless and highly tailored CX. To achieve this, you need the right solution to automate creative production, test creative content, refine ads based on audience data, and effectively deliver high-performing customer experiences.
Investments in retail media can pay for themselves by offering a massive ROI. But it all begins with the right retail media solutions. Here are four reasons to invest in scaling your retail media so you can build innovative and high performance creative content.
1. Automate Creative Production
Retail media can quickly multiply your initial investment, especially if you do it right. But the real value and the highest ROI come from serving the right content to the right customer at the right time. This is where investing in the right creative automation tool really shines. Generic content no longer meets customer needs or expectations. But personalizing content to the individual level, resulting in thousands or even millions of variations, is beyond the manual capabilities of the creative team.
Armed with an intelligent creative production automation solution, you can focus on developing truly innovative experiences rather than tediously building creative iterations. A solution like Innervate can build endless iterations for you based on consumer data, engagement, and responses. It can even leverage AI capabilities to adjust existing creative assets or generate new ones.
2. Access to First-Party Data
Retailers enjoy access to a treasure trove of first-party data from not just their website but also from interactions in-app and in-store. Retail media allows brands to leverage this data at a critical time when their traditional third-party data options are becoming limited or nonexistent.
Retail media platforms are enticing to partner brands who are searching for another way to leverage engagement data vs guesswork to drive and tailor their campaigns.
Delivering more engaging and relevant experiences for customers on the retail site benefits both the retailer and brands, building brand loyalty and improving performance.
3. Targeted Creative Decisioning & Personalization
Retail media offers a unique opportunity to influence consumer behavior. Retail media allows you to target customers who are already on your website where they intend to spend money and then entice them with highly targeted offerings based on their behavior.
This can change consumer behavior in the moment and also steadily grow brand awareness over time. You’re targeting people who are ready to buy and are at least aware of your retail site and brand at a high level, meaning the sales pitch isn’t nearly as hard, and the sales cycle is likely much quicker.
In this way, ROI only tells part of the retail media story. Retail media investments also allow you to gather more data on consumers, build campaigns based on that data, test results, and refine. It should offer a continuous feedback loop with the data constantly driving personalization and optimization. Delivering relevant content and an engaging experience will steadily grow your brand and your retail media presence.
4. A Competitive Edge
Retail media now comprises nearly 11 percent of ad spending. The retail media market is only going to become more competitive, and now is the best time to master the art and science of this innovative approach to marketing. Retailers enjoy massively scaled and/or crowdsources ad creative production and delivery.
But retail media isn’t just something you can set and forget or half heartedly invest in. To truly make Retail Media a significant revenue driver, it should be based on a continuous feedback loop that drives constant tailoring, testing, and optimizing of the content. You need a powerful solution to build upon your successes, tailor campaigns based on customer data, and offer endless iterations of your marketing campaigns via dynamic optimization…without burning through your time, money, and resources.
Investing in your retail media offering can exponentially grow your brand and revenue and drive both customer and partner satisfaction.
RevJet offers streamlined, professional, compliant ad experiences on a massive scale, integrating with everything you already use so you can automate whatever you desire. This can reduce ad creative work by 50% to 95%, reducing costs and stress. Our mass personalization and mass optimization increase advertising value and revenues by 25% to 125%, steadily building on success to create ever-higher-performing ad creative at scale.