Navigating the world of retail media

Abstract

Since its inception in e-commerce, the growth of retail media advertising — a concept originating in point-of-sales advertising in brick-and-mortar commerce — has been explosive. The rise of retail media presents a multilayered challenge for brands as they determine how to navigate what sites might present optimal combinations of visibility, ready-to-buy consumers, brand awareness boost and other related factors. This paper will briefly describe the essential components of successful implementation of retail media and discuss the concepts behind each. Research indicates that driving revenue through retail media advertising requires a strong focus on a full-funnel strategy that addresses all components of a consumer’s buying journey and incorporating that strategy into data-informed decisions that invest in specific areas pertinent to those most likely to buy a brand or product. This paper presents some results of research conducted by ChannelAdvisor to identify where consumers have been beginning their buying journeys and where they are conducting research about the products in which they are interested. Further discussion includes techniques to identify and convert new audiences, increase consumer engagement and foster loyalty through effective retail media and related digital marketing strategies.