Capitalizing on the Rise of Digital Retail Media – Insights for Ecommerce and Retail Sites

As digital transformation continues to reshape the retail industry, a new era of 'digital retail media' is quickly emerging – reshaping the advertising landscape with the power of data. This burgeoning sector has many likening its function among fast-moving consumer goods (FMCG) advertisers to "paid search on steroids". With projections pointing towards a UK market value of £4-5 billion by 2025, businesses across the retail spectrum are looking to tap into its full potential. But how can this be accomplished?

Renowned industry pundit, Sam Tomlinson, recently shared his insights in The Media Leader, detailing three strategic approaches that retailers, advertisers, and media owners can adopt to maximise their stake in the growing digital retail media space.

At DukaBrain, we've taken a closer look at Tomlinson's article and drawn parallels between his insights and the ways our platform, a customer data and lead gen platform, empowers businesses in the realm of digital retail media. Here's our take.

Mirror and Match: Embracing the Power of Data

In the face of competition from digital retail media, Tomlinson recommends the mirror and match strategy for traditional media owners. This strategy involves forming strategic relationships that accentuate strengths in high-quality contextual advertising environments.

Here at DukaBrain, we support this approach by steadfastly advocating for businesses to leverage their customer data effectively to deliver personalised advertising that truly resonates. Our platform not only integrates multiple sales channels — including social media, but it also utilizes real-time data to create personalised customer interactions such as birthday wishes, product recommendations, and tailored offers.

Media-Like Retailers: Collaboration Over Competition

Tomlinson underlines the need for retailers to adopt characteristics akin to media owners, emphasizing the need for collaboration over competition.

As an advocate for effective collaboration, DukaBrain facilitates the merger of sales, marketing, and data operations, bringing together multiple stakeholders for harmonized execution. Our platform enables consistent advertising formats and shared performance metrics – helping businesses establish a unified approach to their marketing efforts.

Leverage Retail Media: Establish Robust Governance Frameworks

For advertisers, the key lies in establishing robust governance frameworks that can clearly differentiate between costs and revenue streams.

In line with this perspective, DukaBrain's platform offers transparent reporting metrics. We respect the need for clear differentiation between marketing costs and revenues to safeguard marketing investments. Further, we help businesses boost their overall profitability by optimizing Facebook and Google advertising performance by up to 200%, and increasing revenue per customer by up to 10x.

In summary,

• The growth of digital retail media presents significant opportunities for businesses to leverage first-party customer data, and accrue high-ROI advertising metrics.
• It's vital for businesses to adapt, forge strategic alliances, and advocate for collaboration to fully capitalize on the potential of the growing digital retail media market.
• Businesses can effortlessly integrate these strategies using DukaBrain, enhancing their advertising reach, engaging customers in real-time, and maximizing their return on investment.

Clearly, strategic collaborations backed by effective use of customer data and lead gen platforms like DukaBrain, hold the potential to revolutionize the future of digital advertising in the retail industry.

If you're a retailer, an established SME, or a larger organization seeking to boost your digital advertising performance, reach out for a chat. Let's take the journey into the future of retail media, together.