In today's dynamic Retail environment, leveraging every touchpoint to influence consumer decisions has become more critical than ever. This is where Retail Media steps in.
What is Retail Media?
Retail media represents the practice of using advertising space offered by Retail environments to display advertisements to consumers during their buying process. Its primary objective is to provide Businesses and Brands with a direct and relevant advertising space within retail channels, actively influencing consumer purchasing decisions.
In 2022, Digital Retail Media Advertising Spending worldwide was estimated at a staggering $114.4 billion. Projections indicate that this value will soar to over $176 billion by 2028, underscoring the explosive growth and significance of this industry.
E-commerce and Retail Media: a synergistic evolution
The global e-commerce landscape has been increasingly shaped by marketplaces. With worldwide retail e-commerce sales predicted to reach $8 trillion by 2026 and cross-border e-commerce set to exceed $2.1 trillion in 2023, the scope is vast. Notably, European cross-border market online turnover grew by 19% YoY in 2021, with marketplaces growing at double the rate of overall e-commerce. Such growth patterns demonstrate the immense potential and necessity for brands to leverage retail media to optimize their market reach and shopper engagement.
Key Drivers for Brands
Brands are turning to retail media networks for two primary reasons centering around their shoppers:
- To know them better;
- To engage with them in more relevant ways.
The emphasis on first-party data has become a critical offering for Retail Media Networks (RMNs), enabling brands to enhance shopper experiences and achieve their performance goals.
Benefits of Retail Media
- Audience: enhanced customer engagement - Forge meaningful connections with your audience through tailored content, ensuring your brand resonates at every touchpoint.
- Conversion: increased conversion rates - Drive more sales by targeting the right audience with precision, transforming prospects into loyal customers.
- Actionable insights: data-backed decision making - Empower your team with actionable insights for strategic planning, ensuring every decision is informed and impactful.
Witailer's comprehensive services
Witailer is dedicated to helping brands discover and enter new marketplaces beyond Amazon by offering a range of ad-hoc services tailored to each specific Retailer. Our expertise spans across various crucial areas, ensuring a comprehensive support system for our clients.
In terms of Account Management, we provide extensive onboarding support, assisting brands with logistics and order management. Our team sets up and implements necessary integrators and conducts thorough retail sales analysis to ensure optimal performance and operational efficiency.
When it comes to Performance, Witailer excels in managing search, display, and programmatic campaigns. We focus on delivering robust reporting and analysis across multiple channels, allowing brands to track their performance and make data-driven decisions effectively.
Our Branding services cover all aspects of product presentation. We handle product page details setup, listings, optimization, and variations to ensure that products stand out in competitive marketplaces. Additionally, we manage power images and create compelling brand stores to enhance visibility and engagement.
Why advertising on Digital Retailers?
Advertising on digital retailers is pivotal in increasing conversions and enhancing shelf relevance. With digital retail platforms experiencing exponential growth, brands must harness the power of advertising to remain competitive. Statistics show that more than 60% of users start looking for a product on Amazon, with around 75% of these searches beginning in the search bar. Ensuring your products are findable is crucial for success.
Retailers offer first-party data access, enabling brands to deeply understand their customers and create personalized content that fosters meaningful connections. This data-driven approach ensures targeted advertising, resulting in higher engagement and conversions. Moreover, marketplaces are growing at double the rate of overall e-commerce, making it essential for brands to dominate this space to maximize market share and capitalize on growth potential.
Advertising Management Platforms
The management of advertising campaigns is made efficient through various platforms that offer self-service functionalities. These platforms enable brands to manage, optimize, and monitor their advertising efforts seamlessly.
Criteo provides a self-service platform for brands, optimizing sponsored products and display advertising campaigns across multiple retailers such as MediaWorld, Sephora, Auchan, and Carrefour. CitrusAd allows retailers to create personalized and targeted advertising campaigns using first-party data and other tools, serving retailers like Ocado, Argos, Tesco, and Sainsbury’s.
Some retailers have adopted their own self-service advertising platforms, often managed through PACVUE. Examples include ManoMano, bol.com, and Glovo. This diversity in platforms offers flexibility and tailored solutions to meet the unique needs of each retailer and brand.
Business Intelligence Services
At Witailer, we go beyond traditional services by providing robust business intelligence (BI) offerings designed to enhance your Retail Media strategy. Our marketplace mapping service studies e-retailers and marketplaces from multiple perspectives to assess opportunities and threats, aiding in strategic entry decisions based on the client's maturity level.
The Digital Shelf Assessment service analyzes the competitive landscape on the digital shelf from both organic and sponsored viewpoints, enabling us to design and implement tailored strategies. In branding assessment, we delve into best seller product detail pages to offer content benchmarks and best practices, optimizing listings to boost conversion rates.
Our Data Strategy expertise untangles the complexities of data, helping clients make the most of their information by building integrated data sources and creating custom, easy-to-read visualizations. This holistic approach ensures that brands can harness the full potential of their data, driving informed decisions and strategic actions.
By partnering with us, brands gain access to a full spectrum of services designed to navigate the complexities of the Retail Media landscape. From account and advertising management to advanced business intelligence, we equip brands with the tools and insights needed to thrive in a competitive market. With Witailer, your brand is poised for success, backed by comprehensive support and strategic guidance.
CASE HISTORY
Success stories
How we have supported companies and professionals grow and achieve their goals.
