4 Tools Retailers Need to Win at Commerce Media This Holiday Season
The retail world is buzzing. The market will now become even more competitive, thanks to looming mergers that may create another retail giant with the budget and resources to dominate the omnichannel media game. Add to that the growing preference for a tech-centric customer experience, and there’s a lot of action needed to help regional retailers to compete this holiday season, into 2023 and beyond.
However, while the reach of these retail giants will be broad, there are still many opportunities for retailers of every size to get their share of the market — and dollars.
To grasp these opportunities, regional retailers will need to step up to keep up, particularly when it comes to boosting their digital presence within this deeply competitive market. While investing in a retail media network is an obvious (and necessary) solution, it’s only one piece of the puzzle. Today’s retailers must think outside the box and consider a broader, more holistic approach. In many ways, independent grocers have a competitive advantage, thanks to their ability to be nimbler, which accelerates their speed to market and ultimately lets them outmaneuver their larger counterparts. All they need are the right solutions.
Enter commerce media and the innovative technology partners that can help you leverage all of its benefits. At first glance, the path may seem daunting, but the rewards are worth the leap. The first step? Find a technology partner that can accelerate your speed to market while providing the following four solutions with little or no cost to you. Sound too good to be true? Read on.
1. Ownership of Your On-Platform Digital Properties
The days of relying on third parties to manage your customer relationships — and handing over your valuable first-party data — are over. When you take ownership of your digital properties, you’re giving yourself so much more than control. You’re laying the groundwork for omnichannel success that can influence every aspect of your business.
An owned-and-operated platform that’s modeled for an omnichannel world combines your customer-facing digital properties, like your mobile app and loyalty program, with the tools you need to execute a high-margin retail media program, build brand relationships and measure success on every associated touchpoint.
Once the platform is implemented, you’ll have what you need to scale appropriately, with profitability at the core of your strategy.
2. The Convenience of Off-Platform Managed Service Offerings
Off-platform exposure is a necessary solution for retailers that want to drive interest and customers to their stores. Your website and app offer a finite number of opportunities to speak to your customers, so leveraging off-platform opportunities is the quickest way to engage qualified buyers. By touching them everywhere they consume media, this exposure enables your audience to grow enormously, along with your bottom line.
With seemingly endless supply to meet the demand, this avenue also offers brands the opportunity to advertise within your network, strengthening those relationships and bringing bigger budgets, potential partners and more revenue to the table.
While many regional retailers don’t have the team or resources to allocate to these aspects of their digital strategy, they can engage tech partners — like Swiftly — to work with brands on their behalf.
3. The Flexibility of Off-Platform Self-Service Capabilities
For retailers that have the resources, a self-service platform offers infinite opportunities to engage new customers while adding value to their existing customer relationships. Self-service off-platform tools let you — and your brand partners — easily control the content that drives qualified business through your doors. When executed correctly, this approach will help you grow revenue while identifying the best properties and brand partnerships for your investment.
4. Tools That Provide Real-Time Data and Analytics Measurement
Knowing what’s working and what’s not is the most important piece of the commerce media puzzle. Choose solutions that can attribute every sale — whether it’s online or in-store — to a specific campaign, ad or other piece of content with real-time, relevant first-party data. Then, use that information to inform your off-platform strategy and on-platform communication with your customers.
When it comes to your owned digital properties, the first-party data you’ll get from mobile app interaction, loyalty program participation and purchase tracking can be used to influence your customers’ behavior and impact their savings.
On the off-platform side, access to accurate analytics and attribution will be pivotal in the success of your retail media program, which directly impacts your brand relationships and campaign planning. When all used together, these numbers will become your secret weapon for long-term success and profitability.
Helping Your Customers Win
Today’s retail technology is really about connection. The success of your business will ultimately be measured by the satisfaction of your customers. By acknowledging the trends that will keep you competitive and adopting the solutions that will give customers what they want, you’re keeping the relationship arm of your business strong … and when that happens, everybody wins.