The rise of retail media in marketing strategies
If you work anywhere in marketing or media, you've no doubt heard the hum in your agency corridors: it's time for the Great Rise of Retail Media. Group M anticipates the retail media market will expand by 25% this year and will exceed television revenue within four years.
Retail media involves promoting products or services to people when they're already in a shopping mindset, targeting consumers when they're closest to a purchase decision. Its growing popularity shouldn't come as a major surprise; it makes sense to reach consumers when they're that much closer to a till point or checkout cart.
Online and offline retail media.
Retail media networks (RMN), advertising platforms within a retailer's network, are currently the most-discussed format. But in the DOOH world, retail media encompasses digital screens nearby or within stores that advertise brands available inside. DOOH can also be combined with RMN to great effect.
By using both together, brands can create compelling stories that target consumers at various touchpoints throughout their day. When audiences are primed with DOOH, it increases the effect of other digital advertising channels. Including DOOH in the mix increases paid search by 31%, while DOOH and mobile combined increase average dwell time looking at an ad by 52%.
Location-based media has entered the chat.
There are distinct parallels between retail media and OOH location-based advertising, both take advantage of consumer proximity to a retailer. But location-based media is not limited to retail environments; it includes airports, public transportation, and other outdoor spaces.
"When we achieve the sweet spot of relevant moments and relevant content, we see an average increase of 17% in spontaneous brand awareness and up to a 16% uplift in sales."
Digilites: where retail and place-based media marry.
Digilites benefit both retail and place-based media, making them a true 'action' medium. They offer the ability to target consumers in a purchase mindset, while also engaging with audiences who are open to receiving messages across a wide range of categories, lifestyle, travel, vehicle, insurance, and more.
The added benefit of Digilites is high dwell time (the average time spent in a forecourt is 15 minutes, allowing multiple engagement opportunities) and hyper-local precision targeting. Together with retail media, they create a strategic opportunity to enhance brand visibility, target a specific and captive audience, and drive sales through a powerful omnichannel approach.