Retailers often find that their most valuable asset isn’t a specific offering or product, it’s their customer base. Brick-and-mortar food retailers have a set group of individuals—maybe hundreds, maybe thousands—who are loyal to their establishment. Whether they simply live close by, had a positive experience at the store, or seek brands only they carry, the bottom line is that they’re a win retailers can count on.
It comes down to human nature. A certain percentage of shoppers will always be repeat customers. People are, for the most part, creatures of habit. The real question lies in whether retailers are making the most of their loyalty and maintaining it.
Tap into your upselling potential
Brick-and-mortar food retailers operate with razor-thin margins in extremely price-sensitive environments. To put it simply, every sale counts. But for grocery businesses growth isn’t just about acquiring new customers, it’s about incentivizing your current customers to buy more.
Successfully monetizing a customer base means capitalizing on the existing customer loyalty to drive incremental sales and increased revenue. Ideally, that revenue funnels right back into the business, without the burden of third-party fees or cuts. Here’s how retailers can leverage a comprehensive digital retail media network to do just that—and why they should.
● Engage customers more effectively. Digital retail media networks allow retailers to meet customers where they are, and where they want to be: online, in-app or in-store. Digital advertising spend is skyrocketing, presenting a ripe opportunity to tap into those returns and open a new revenue stream—retailers just need to secure their share of the space before it’s too late. Engage existing customers more effectively by enhancing the shopping experiences they’re used to, and delivering them fresh experiences, fresh content, and fresh forms of digital engagement. Digital retail media networks let retailers leverage new and proven strategies for driving revenue, including video, audio, push notifications, native advertisements, and more.
● Personalize the customer experience. Get closer to the customer base—and convert customers more often—by customizing the retail media network experience to each individual’s preferences and purchasing behaviors. Increasing the advertisements’ relevance is the first step to better grasping the customers’ attention. Plus, sophisticated machine learning and pattern recognition technology built into the digital retail media network can help do it with ease, efficacy, and efficiency.
● Enable true native advertising. Personalization can be difficult to do well. True native experiences are more than just spam messages and pop-up banners. Well-executed native experiences deliver customers helpful content across a range of touchpoints—content that relates to what aisle they’re in, what coupons they’re clipping, and what other items are in their cart. Gain the ability to easily notify shoppers when they might be missing something and help them get what they need faster. A personalized in-store experience like this puts the customer at the center—not the advertisement. The end result? A personalized in-store experience fills baskets with more items, each and every time.
● Unlock point-of-sale data. Leverage a comprehensive, intelligent platform that seamlessly tracks which ads connect to which clicks, actions, and sales. With a digital retail media network done right, retailers can finally connect ad spend to the point of sale, and use it to inform further cross-selling strategies. Increasing sales, being able to measure them, and being able to attribute them to specific customers and content is key—and it only drives more revenue in the future. Rather than juggle multiple point-of-sale solutions painting a fragmented picture, adopt a holistic tool that connects behavior to transactions once and for all, breaking open visibility across each and every customer journey, and generating insights down to the specific SKU.
Don’t disregard monetizing the existing customer base as a tactic to survive in a highly competitive marketplace. It’s a powerful sales strategy—one that can redefine a business’s growth and take returns to a whole new level. On average, Swiftly partners generate 40% more trips to the store and more than 10% increases in same-store sales. That’s the digital retail media difference. For more information on how your store can do the same, contact Swiftly today.