Retail media landscape pushes brands to innovate
9 nov 2022
In today’s landscape there truly is a retail media opportunity for everyone, whether you’re a retailer or a brand."
This is one of the key observations of the newly released Merkle Retail Media Research Report 2022. The report is now in its third year. Given the pandemic and now the cost-of-living crisis, much has changed during that short time. Nevertheless, opportunities abound for both retailers and brands.
Innovation, innovation, innovation
Retailers and brands need to innovate, according to the report. In some cases, it is to differentiate themselves; in others it is to maintain parity with the market. What is clear, however, is that there is no room for standing still when it comes to retail media.
Several factors are driving this push for innovation. First, there is the need to keep up with the competition. New monetisation opportunities are popping up as new tech emerges. Evolving customer touch points in digital and omnichannel retail are also opening up new possibilities. At the same time, media is innovating. This is furthering both the opportunities available to retailers and the potential for innovation.
When it comes to planning ahead for retail media, brands also need to focus carefully on innovation. In the grocery retail sector, that means planning media campaigns well in advance of seasonal events to match the right messaging and products with the right touch points at the right time.
"It can be tricky to take advantage of the latest media innovations when you have to plan your campaigns so far ahead," explains Northfork CEO and Co-founder Erik Wallin. "Retailers with a strategic mindset are balancing this need to plan ahead with other, real-time initiatives. Giving exposure to particular recipes and brands within the online shopping experience is an example of this. Retailers can, with the right shoppable recipe solution, enjoy outstanding customisability when it comes to the recipes they serve, both on their own site and through third-party partnerships. This supports innovation across multiple campaigns and timescales. This is particularly important given both the competitive grocery retail environment and the need to support consumers as the cost-of-living rises.