But first, what exactly is retail media?
Put simply, retail media is advertising placed across every customer touchpoint in the purchase journey – whether they’re shopping online, in-store, scrolling their social feeds or otherwise.
While retail media is not exactly a new concept, being able to reach customers at this scale is.
Traditionally, marketers would advertise in and around shops via signage, shelf talkers, magazines, etc. But as consumer spending increasingly shifts online, retail media has adapted to meet the new needs of shoppers.
Another driving factor behind the retail media revolution is the urgent need for creative advertising solutions that don’t rely on third-party data now that it's set to be completely phased out over the coming months.
On track to be a $100 billion global market by 2026, retail media is one of the fastest-growing segments in the digital era.
Understanding Retail Media Networks
Retailers are realising they’re already sitting on a gold mine of customer data and are monetising it by building an RMN.
An RMN is essentially a retailer’s advertising platform where they can sell ad space across all of their digital assets (such as their website, apps, social channels, etc.) to brands and give them access to their valuable first-party customer data.
The biggest example of an RMN is Amazon, which accounted for 50% of all retail media ad spending in the January-May period this year, closely followed by Walmart.
The most significant benefit of establishing an RMN is that it puts the power back in the hands of the retailer and brand advertiser, enabling them to leverage first-party data to collaborate on campaigns and deliver accurate and relevant ads to their mutual customers – resulting in a better customer experience, stronger partnerships and a new, high-margin revenue stream that’s 100% cookie-free.
And if that wasn’t enticing enough already, here are another five reasons why retailers are racing to establish their RMN. (And why you should, too.)
How Zitcha helps retailers build profitable retail media businesses
By partnering with Zitcha, retailers can establish an RMN in market within weeks with no tech lift.
The first step to establishing a rock-solid retail media strategy is defining what success looks like for you. It may be one of the reasons we touched on already or something entirely different.
But lucky for you, that’s what Zitcha is here for.
Your Zitcha Customer Success Manager (CSM) will work closely with you to determine the best approach for your retail media, review your organisation’s current assets and capabilities to assess areas of opportunity, and provide you with a media rate card to support brand advertiser sales.
From there, it’s all about setting you up for long-term success.
How we’ll get you there:
- Assessment: we’ll kick things off with a valuation of your organisation, providing structural recommendations and demand generation services to ensure strong platform adoption and long-term success.
- Targeting: our data team will work with you to ensure customer targeting is built into the platform using your contact rules and optimised to suit your goals.
- Support: your CSM can be placed in-house to support change management, platform adoption and ensure you have everything you need to scale.
- Training: we’ll identify your top brand advertisers and support them and your team with 1:1 training hosted by your CSM.
- Development: we’ll roadmap your future to ensure the platform meets your needs and that there’s strategic alignment.
But that’s not all.
Once your retail media business is established, it's yours. No ifs or buts, only absolutes. Aka, revenue, scalability and success – that’s the Zitcha difference.