Although e-commerce grew significantly during the pandemic, more than 85% of retail sales across the United States are held at brick-and-mortar locations. It makes sense, then, that retailers take advantage of this opportunity to drive sales growth.
As the Internet gradually eliminates third-party cookies and other digital identifiers, more and more brands are looking for new ways to reach consumers. One approach involves first-party data, which can enable retail media networks to offer different types of digital advertising opportunities that are more relevant to shoppers’ interests and more privacy-aware.
However, as inflation affects profits at both ends of the supply chain and people become more price sensitive due to the resulting cost increases, it is important to recognize how retail media can act as a necessary lifeline for retailers.
Here are three of the most important ways in-store media can increase sales for your brand:
1. Connect with uncommitted customers
Being able to connect with unengaged customers is imperative. These are people who may have visited your store in the past but haven’t made a purchase or really engaged with your brand. By leveraging in-store retail media, you can attract them and increase sales.
Omni-channel experiences have become a popular means of achieving this goal. “The big trend we’re seeing among leading retailers is their desire to make in-store retail media a cohesive omnichannel experience,” says Garrett Dodge, co-founder and CEO of Rockbot, a multi-product media platform that delivers enhanced customer experiences on site. “They want to deliver messaging, promotions and advertising to shoppers in an immersive, 360-degree way – leveraging audio, video and digital signage throughout the shopping journey.”
This can help attract otherwise apathetic customers and increase the likelihood of catching their attention and interest in your brand. Touch screens, interactive displays, and even kiosks can work great for this purpose. These methods actively engage potential customers with product information, capture their attention, and create lasting impressions.
2. Provide targeted brand promotions to customers
Using these methods to tailor ads to specific customer demographics, purchase histories or preferences allows you to deliver content that is much more relevant to your audience. One of the most effective methods for this is to use personalized mobile marketing campaigns, which leverage data on various customers to determine their preferences based on their purchase history.
This enables retailers to send messages that are personalized to phones to increase customer interest. As a result, customers can become more aware of exclusive offers and you can create a sense of urgency that encourages them to take advantage of these offers.
For example, retailers can use in-store digital signage packed with eye-catching graphics and relevant messaging to showcase real-time promotions and special offers to ensure customers are aware of them.
3. Improve customer experience and engagement
Retail media plays a vital role in enhancing the customer experience and fostering loyalty. Using in-store advertising allows retailers to create more personalized shopping journeys for each of their customers. This can be achieved through recommendations, targeted promotions and interactive displays that engage shoppers at much deeper levels. This not only provides value to the customer directly, but also increases their satisfaction with their overall shopping experiences.
Improving the customer experience is crucial when it comes to building loyalty in brick and mortar stores. Delivering these targeted promotions and creating interactive experiences allows you to collect valuable customer feedback, which can be useful when trying to cultivate long-term relationships with your audience.
It’s more important than ever for retailers to use every tool at their disposal to reach and engage with shoppers. Retail media offers a unique opportunity to do just that, giving them the means to deliver targeted messages directly to consumers during critical in-store shopping moments. By understanding metrics around retail media campaigns, retailers can gain valuable insights into what resonates with their audience and make data-driven decisions about future advertising and marketing strategies.
As technology continues to evolve and shape the retail industry, it will be extremely critical to leverage retail media. There’s never been a better time to invest in these improvements to boost current and future sales.