Firework, a leading creator of video commerce platforms, has expanded its partnership with US grocery retailer The Fresh Market to launch what it claims is the country’s first-ever Shoppable Video-Live Commerce (SVLC) retail media network (RMN).
While the majority of RMNs rely on static display and search, The Fresh Market is leveraging the Firework platform to enable a “first-of-its-kind” video-driven RMN experience. The supermarket will offer brands the opportunity to run video ads as sponsors across its ongoing livestream series, which feature meal prep tutorials and chef-developed recipes.
“Overall, the combined viewership of our first four Firework-powered livestreams exceeded 2 million views and we saw conversion rates of the special occasion meals featured in the shoppable videos to be over 300% greater than our traditional digital advertising results,” said Kevin Miller, Chief Marketing Officer at The Fresh Market.
“Having proven the power of Firework’s video commerce content in 2022, we’re excited to offer our partners an innovative and differentiated means of storytelling in an entertaining new way. We call it Shoppertainment.”
Renee Caceres, VP of US Retail Media at Firework, added: “This newly expanded partnership is a game-changer, not only for The Fresh Market, but also for the entire retail media network landscape.
“With Firework’s video commerce platform, The Fresh Market is able to truly differentiate itself in the market by offering brands the opportunity to engage, inspire and convert shoppers in a way that is far more compelling than the traditional search and static display RMN offerings. Together, we’re enabling a fully integrated customer experience – bringing the immersive in-store experience online.”
The move comes during a period of unprecedented growth for RMNs. Having realised the untapped revenue potential of their stores and owned digital channels (e.g. websites, apps), retailers around the world, including Tesco and Morrisons in the UK, are launching RMNs. Meanwhile, thanks to the advantages RMNs confer on advertisers – such as better ad targeting and heightened visibility where and when shoppers are most likely to transact – brands have been quick to redirect their ad spending toward these marketplaces.
NAM Implications:
- Given the ability to target ready-to-buy prospects in the aisle…
- …and provide more accurate Return-on-Ad-spend…
- …Retail Media Networks will attract increasing parts of brand budgets.
- The issue is will this be at the expense of traditional media…
- …and how will traditional Media fight back?
