4 Benefits of In-Store Media Networks in Digital Grocery
At a Glance
- Surge in Retail Media Networks occurred during pandemic with a sudden shift to online channels
- The retail media sector is witnessing steady growth post-pandemic
- 63% of grocery retailers actively evaluating or implementing building an in-house media monetization platform
- Physical stores can greatly benefit from retail media networks by leveraging shopper behavior insight
- This article brings you some of the key benefits of incorporating in-store media networks
Retail media networks have existed for a while now. However, its usage witnessed a surge during the pandemic. This rampage in retail media networks occurred as many consumers found themselves stuck at home, which resulted in a sudden shift to online channels. Retail media networks essentially refer to digital channels owned by grocery retailers and offered for advertising purposes to third-party businesses.
The retail media sector is witnessing steady growth post-pandemic, with 63% of grocery retailers actively evaluating or implementing building an in-house media monetization platform. While most of the retail media network happens online, the majority of grocery customers are in-store shoppers. Grocers must figure out how to effectively incorporate their retail media network strategy within the brick-and-mortar model.
Physical stores can greatly benefit from retail media networks by leveraging shopper behavior insight to command advertising dollars accordingly. Here, we bring you some of the key benefits of incorporating in-store media networks:
While an ad placement during a shopper's online purchase journey can effectively improve customer experience, a personalized in-store interaction can be even more powerful. Grocery retailers can create a customized experience by anticipating and satisfying shopper needs in person, at the point of decision. Creating a personalized experience in an in-store setting can be relatively easier since customers are more conducive to discovering new products. Hence, they can be more receptive to newer product options present within the context.
Access to In-Depth Data
Since most in-store sales are through the grocer’s own platforms, they gain access to large amounts of first-hand shopper data. The collected data, be it in-store or digital, can also vary significantly. However, accessing data first-hand can allow grocery retailers to understand their own data requirements and collect data points accordingly. This control on the data collection process empowers grocers to learn more in-depth and insightful information about their shoppers. These actionable insights can enable retailers to target and personalize the in-store media networks in a way that maximizes the impact.
Enhanced Conversion and Sales
Access to shopper behavior can help grocers reach out to customers who are already ready to purchase. Since these customers actively seek information about a particular product or category, in-store media networks empower brands to influence their decision-making process. Such efforts are more fruitful, resulting in improved conversion as well as sales.
Growth Opportunity for Brands
Interactive displays within stores allow brands to reach their target audience at scale. This enables consumers to gain awareness of the brands and their products first-hand. Consumers can get a touch-and-feel product experience and then purchase at the checkout counter. This can give both established and newer brands the ability to double down on the immediate gratification that a consumer feels when buying a product immediately after discovering it.