Retail Media Networks and You

Retailers are expanding their sphere of influence, diversifying revenue streams, and transforming the ability to reach new and valuable audiences. This means that their input is becoming more valuable than ever and creating a retail media network could benefit both businesses involved. According to recent research released by Statista, e-commerce ad spending increased by nearly 50% over 2020, with another increase of about 28% in 2021. All of this only stands to benefit any business within their network.

But first we should explain what a retail media network (RMN) is. A retail media network is when retailers set up an advertising platform on their website, app, or other digital platforms within their network. This allows the store, and other brands, to advertise to customers on websites that aren’t their own (i.e. banner ads on a news site). It’s a form of in-store advertising in a digital format. Banding together and using each other’s reach to advertise to those who may not yet have heard or been aware of them.

Of course this benefits both small and large businesses alike. The modern media network goes beyond the traditional co-op mindset, and instead relies on the value of scale in a digital setting. This helps to create new opportunities to connect with consumers, making it much easier to move within the funnel. Creating this relationship not only means that you have access to their digital consumers, but their physical customers as well.

Advertising on other sites within your RMN will create new site traffic and reach new decision makers faster. Not to mention the fact that retailers and brands can reach existing customers at the prime decision making point, while they are shopping. Additionally, retailers within these networks can help brands find and connect with new customers. Targeted off-site advertising helps identify and reach new potential customers, ultimately providing more touch points and conversions.

E-Commerce is only continuing to grow according to recent sales trends from the US Department of Commerce*. Becoming a part of a RMN can help your business become a part of this growth. Working together with other businesses and sharing information that will help each other is a symbiotic relationship. Each side is effectively doubling the amount of data they have. But with extra data, you may need an extra pair of hands to sort this all out.  Partnering with a solution like AccessB2B can help you organize your data, segment it, and find the right audiences for yourOmnichannel marketing campaigns.

*https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf