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  • Writer's pictureBob Freas

Retail Media Networks: Capturing the In-Store Audience Goldmine!


Shoppers in line indie of a retail store

It’s no secret that Retail Media Networks are in high demand. Many predictions say that “in-store” is the next area of great potential that retailers will look to focus on and improve on. I agree with those predictions because of one simple factor, that is where the customers are, more so than any other digital channel on average.

 

With retailers having their sights set on the consumers in the physical stores, the RMNs are wielding a lot of potential within the store aisles and checkout lanes. Although some in-store channels currently exist, there is plenty of untapped potential that the Retail Media Networks will create and build upon. Like any channel, expect to see things evolve very quickly as more in-store advertising options and technologies become available. 

 

According to research by McKinsey & Company, 73 percent of advertisers anticipate spending more on RMNs in the next 12 months, capturing an estimated 10 to 15 percent of total media spend. Retail media networks are attracting an increasing share of marketing budgets as manufacturers and brands shift spending to target consumers closer to the point of purchase. It’s no surprise that “advertisers are favoring channels that have the highest ROAS: on-site display and video advertising, top channels that are outperforming off-site advertising. Paid social media is also critical and cited by 19 percent of advertisers as their number-one choice.”

 

The In-Store Advantage: An Engaged Audience

Brick-and-mortar stores offer a unique environment where advertisers can connect with consumers in ways that other channels can’t replicate. The foot traffic in physical stores presents a vast and engaged audience, providing advertisers with a key opportunity to make a lasting impact on customers.

 

Unlike digital audiences, in-store consumers are actively seeking products, creating the perfect environment for advertisers to deliver targeted messages at the point of purchase. This captive audience represents a significant shift from traditional advertising methods, enabling brands to connect with consumers right when they are most receptive.

 

In-Store Retail Media Options:

 

Displays and Screens

Leveraging digital displays strategically placed throughout the store can provide a dynamic platform for advertisers. Interactive screens can highlight product information, promotions, and engaging content, creating a connected shopping experience. 

 

Shopping Cart and Basket Ads

We have all probably experienced some version of these advertisements in the past. But, look for shopping carts and baskets as areas the retailers will look to include and capitalize on when it comes to their ad inventory. Almost every customer uses a cart or basket, so it is prime real estate to offer opportunities for brands to promote their products or exclusive offers. There is even potential for smart carts with screens that could include personalized messaging and rewards information. 

 

Smart Tags and Aisle Signage

Smart tags can be another impactful advertising tool. A grocery retailer, for instance, could partner with an agency that offers a tech platform where customers can scan a QR or scan a product and then receive video content directly from the brand. Other options include the delivery of digital coupons or rebates, product contests and promotions, push notifications and more. If you are interested in learning more about a multifaceted platform that offers in-store and e-commerce capabilities, then click the following link for Social Shelf®.

 

Other aisle signage includes things like product displays or end cap features that can attract customer attention in high-traffic areas. Floor decals are even an option in some retailers as they are used to feature products or direct customers to a specific aisle that the product is in.  

 

Smart Shelf Technology

Integrating smart shelf technology can transform shelves into interactive displays. Customers can get personalized advertisements when they browse aisles; they can get all the product details from electronic labels; and shelves can detect when an item has been removed or purchased to help with inventory. Some smart shelves can also collect data and insights that will let retailers know more about their shoppers.

 

In-Store Audio Messaging

Utilizing in-store audio messaging allows retailers and brands to reach consumers through a bit of a different experience. Advertisers can craft impactful audio ads that resonate with shoppers. For instance, a home improvement store could feature audio messages promoting weekend DIY workshops or exclusive discounts. Same with a grocery store that may want to promote weekly sale items or featured products from their circular.

 

Retail Media Networks: Integration and Performance

As Retail Media Networks continue to evolve, the key lies in integration and performance. Advertisers should explore collaborations with retailers to create cohesive campaigns that not only blend into the shopping journey but also fit into their overall marketing strategy. Personalization is also important because leveraging data to tailor ads based on individual preferences and purchase behavior will enhance the effectiveness of campaigns. 

 

In conclusion, the in-store audience will be the next point of emphasis for RMNs in 2024 and beyond. There is still plenty of untapped potential within physical stores for Retail Media Networks to expand on. The process of combining these media options, along with a personalized approach backed by data, is the path to greater success for RMNs in advertising. 

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