Retail Media Networks (RMNs) are the fastest growing trend in the industry, with seemingly every retailer across all categories launching one. Looking to the future, there are a few key channels and capabilities that all retailers will begin to adopt as they evolve. Understanding this evolution will help suppliers know how to best leverage RMNs.
Data Transparency & Reporting
RMNs are relatively new and are still determining the best ways to serve their partners. Building a strong sense of collaboration is imperative. In order to do this, RMNs need to be more transparent with their suppliers when it comes to data sharing and reporting. By working closely and openly, RMNs can build lasting trust and secure long-term relationships that lead to increased future investment. The components that differentiate a partner when it comes to reporting include:
The ability to provide closed-loop sales attribution
The ability to unlock basket analysis and new buyers
Access to self-serve data that allows partners to skip the 8-10 week wait for results in order to fully measure the impact of investment
Future of Omnichannel Strategy
When retailers and suppliers understand the impact of their multi-channel marketing, they can better leverage a channel mix that will have the greatest impact on their KPIs. The opportunity for RMNs lies in their ability to leverage their 1st party data in offsite environments and loyalty programs while tapping into emerging channels. For example, Digital Out of Home (DOOH) is a channel we will continue to grow and integrate as a key component of our omnichannel strategy. As a result of RMNs making it easier to access inventory, programmatic buying allows real-time purchase of DOOH, and other offsite tactics, with effective data that can be optimized in real-time to better capture the shopper’s attention.
Internal Strategy for Retail Media Networks
Within RMNs, there are benefits to creating tension points with internal teams to drive innovation and keep up with the competition. The future is moving away from static retail playbooks and instead moving towards an environment where RMNs must continually evolve and diversify their offerings. For evolution to happen, it's essential to look at what customers say about retailers. One way for RMNs to differentiate themselves is by understanding they are just one facet of the transaction. They must actively listen to their customers and work to better understand their brand partners' needs as the industry strives for more omnichannel solutions to drive growth.
Improved Customer Experience
It's critical for RMNs to look at potential opportunities through the lens of the customer experience. RMNs are responsible for delivering their shoppers the best experiences, whether through their own network or a tech partner that can drive sales. The key to success is knowing your shopper, providing a unified experience across channels, and finding a partner that gives you control, transparency, and measurement over data. Additionally, shoppers seek to have more experiential engagements with brands as the idea of "Retailtainment" grows in popularity.
This article is part of the Retail Media Summit Trends Report 2022 – download the full report here.