Retailers should leverage Swiftly to develop a retail media platform to take their digital advertising revenue to the next level, while maintaining a close connection with shoppers and brand partners.
Spending on digital advertising has surpassed traditional media spending as of 2019, as more retailers see the value in transitioning their efforts online. The rising adoption of online shopping has left plenty of money on the table — $15 to $20 billion by 2024, to be precise — but companies cannot simply “do what they do” on a retail media platform. Retailers have to think big if they want to compete with established digital giants like Google, Facebook, and Amazon. Successfully generating digital ad revenue requires accessing the right data, personalizing ads for optimal relevance, using multiple types of ads, and working with partners to scale to a fully supported retail media solution quickly.
Rethink What Data You’re Using To Personalize Ads
“What are shoppers typing into Google? What other ads are they looking at? Where are they spending their time browsing? What pages are they looking at on our website?” These used to be the most pressing questions on a retailer’s mind.
But with Google’s plans to retire the cookie tracker that allows advertisers to target an individual across websites, reliance on third-party data has become antiquated. After all, the goal of retail media is not always to inspire an online purchase, but to drive foot traffic into stores as well. The popularity of “Buy Online Pickup In-Store” (BOPIS) has created a vacuum of data retailers must tap in order to understand how to tailor their ads for true success and profitability. There is no clear replacement for cookie tracking, though we can suspect first-party data from certain websites and physical retail locations will become much more important.
Retailers craving insights that sit closer to the point of purchase need to leverage partners like Swiftly who can help illuminate what omnichannel shoppers are doing after viewing digital media. “Are shoppers viewing ads and heading to retail stores? Are they buying anything related to the ads they viewed in store? Are they buying something different or complementary items?” These insights give a better glimpse into consumer behavior, rather than simply a consumer’s intentions.
Partner Up To Launch Your Own Digital Media Platform Fast
Retailers are rapidly launching their own digital media platforms to offer brands they work with so they can create personalized ad campaigns of their own, monetize audiences, and run targeted ads elsewhere. Examples of in-house retail media platforms include: CVS Media Exchange, Kroger Precision Marketing, Target’s Roundel, Walgreens Advertising Group, and Walmart Connect.
Of course, the process of launching an in-house program from the ground-up can be very time-consuming, expensive, and fraught with operational challenges. Swiftly helps retailers get to market quickly and offer brand partners an intuitive, proven digital advertising platform for driving retail traffic. Brand partners also receive access to valuable first-party data based on what shoppers scan on their mobile devices — and buy using the Swiftly Fastlane checkout. In addition to receiving a platform that’s customized, fully branded, and immediately available, retailers benefit from access to Swiftly support — here to help with any questions about campaigning or monetizing their ads.
Protect the Shopper Experience
Digital advertising is only appealing to shoppers if it’s timely, relevant, and compelling. Therefore, retailers must gather the best possible data to inform their decisions on how, when, and what to market to consumers digitally. Shoppers want retailers to “know” them if it means providing a better, more seamless shopper experience, but they want their privacy respected, their data protected, and their data used wisely.
As shoppers scan items with their mobile devices and use the Fastlane self-checkout feature, Swiftly absorbs valuable information at the point of purchase. This information can then be used to send out personalized offers, sale ads, and other promotions, based on relevance rooted in actual purchase behavior. Swiftly’s closed loop reporting ensures that data is safe, secure, and not shared with third parties, thus protecting consumers from unwanted solicitations that could potentially harm a retailer’s reputation.
Combine Native Advertising with Offline Ad Placement
Once a retail media network is established, a diverse approach will yield the highest amount of Return On Investment. Retailers (and brands) can place sponsored ads and helpful suggestions where they’re most organic — like when a shopper is on the retailer’s site conducting a product search. Offsite ads can also funnel traffic over to a retailer’s website, mobile app, or physical location while shoppers are checking the weather, seeing what new TV shows are streaming, reading the news, or performing other digital tasks.
Shoppers often turn to retailers for information on brands they should purchase. Retailers who offer “sponsored content” have seen 50% increases in shopper engagement, so these campaigns quickly pay for themselves. Yet, opportunities to bring “offline” traffic over from InstaCart, Shipt, the retail mobile app, and other third parties cannot be missed either. Swiftly’s platform is flexible and fully customizable, allowing partners access to both native and offline advertising opportunities.
If you’re ready to ramp up your digital advertising through the development of a revenue-generating retail media network, contact Swiftly to help make it happen.