A growing number of businesses are finding ways to monetize the visits to their websites by selling advertising. These companies include everything from major retail chains with millions of customers to smaller enterprises that serve niche markets.
“We are continuously getting calls from retailers that are looking to advance their retail media offering,” Sherry Smith, executive managing director of global retail media at ad-tech firm Criteo, said in this interview with Beet.TV. “It’s the postings of Amazon, or even Walmart with their media program, and their efforts that has made retailers take notice.”
Evolution of Retail Media
Retail media is becoming more advanced as commerce sites provide better audience targeting and dynamic ad placements. The latest stage in this evolution, dubbed “Retail Media 3.0,” includes deeper integrations with first-party consumer data and shopper histories collected by retailers.
“That first-party data and the value of being able to personalize that journey, reach that customer from end to end — that’s something that retailers have, but no one else has,” Smith said to Rob Williams, senior editor for Beet.TV. “Everyone is most interested in being able to really make sure they’ve got that quality customer they’re going after in a very brand-safe environment.”
Advice for Brands
Marketers and media buyers that are weighing whether to allocate ad budgets to retail media have more tools to help in their decision-making than they used to. Criteo also has a Retail Media University to help educate advertisers and agencies about the opportunities to reach audiences at different parts of the purchase funnel.
Retail media outlets are “advancing their partnerships with tech data providers. They are evaluating how they work with agencies and advertisers to make it easy and efficient,” Smith said. “It’s important to stay tight and close to the journey — test and learn.”
You are watching “The Road to Cannes 2022 – Commerce: The New Cannes Conversation”, a Beet.TV Preview Series presented by Criteo. For more videos from this series, please visit this page.