By Viv Craske, E-commerce Consultant at Grace & Co.
Even Google gets it wrong. And a lot of retailers get a limited view of Retail Media too when they want to explore it. And that means there is millions of pounds left on the table waiting to be picked up.
They assume that Retail Media is mostly Sponsored Products.
They assume they can bring in an adtech partner and retail media will be almost like passive income. It will all be self-serve.
After multiple consultancy projects with marketing consultancy Grace & Co, we’ve gotten used to discussing the much more exciting reality of retail media.
Retail Media is all media channels: Online, Offsite digital, CRM, in-store POS and screens, DOOH, programmatic, connected TV and paid insights reporting – some of this takes work to build out.
The potential size of the prize in Retail Media is huge. How much you bring in though depends on:
- How well your trade and RM team work together
- The breadth and quality of your inventory
- The quality and use of 1st party data in various channels
- Your willingness to act like an agency and help generate insights that drive media planning
You can have a goal of self-serve (like Amazon), but your biggest suppliers will need account management and media planning and measurement to help them re-invest at the biggest possible levels.
No, Google, retail media, is not digital media. It’s retailers becoming mini advertising agencies with a captive audience and deep understanding of how to drive sales.
