Despite the boom in online shopping over the last few years, 88% of retailers still see physical retail space as vital to their business. But how can retailers ensure the profitability of their physical estates and keep customers visiting when orders can be made from the cosy comfort of a sofa? This is where in-store retail media can help.
Turn passive shoppers into paying customers
Picture this: a customer is strolling through your store, casually browsing or searching for items on their shopping list. Amidst the hustle and bustle, targeted digital messages catch their eye, helping them to discover new brands and products or to get to what they need faster. This is the essence of digital in-store retail media solutions – strategically delivering brand content right at the point of purchase, captivating your customer’s attention when they're in buying mode. Dynamic, relevant campaigns are an essential tool to increase revenue, acting like a magnet to draw in foot traffic and enrich the experience once customers are through the door.
Research has found that 54% of shoppers use their mobile phones in-store to compare costs or research deals - but instead of allowing their eyes to stray online and get distracted by competitor offers, in-store retail media can keep your customer’s attention on the products and displays that are right in front of them. Provide customers with useful information about the products they're browsing, run targeted ads or provide them with entertaining activations such as interactive games or competitions. Not only does it keep shoppers in the buying headspace with relevant information, it can also enhance the value perception they have about your brand.
The most important aspect of retail media? All of this content and presence in-store can be monetised. It provides a significant and largely new income stream for retailer estates, that’s becoming even more highly valued since the advent of increasingly stringent online privacy and security standards. Retailers know their customers and their buying habits really well and it’s this knowledge, coupled with the ability to target by time of day, location, weather conditions and real-time audience data that makes retail media a major attraction.
How is it implemented?
There’s a wide range of digital display formats to suit your retail needs, including floor-standing D6 units, Digital Goal Posts, Gondola-ends, Shelf Strips and Aisle-fins, to name just a few. All of our digital media solutions can be integrated with programmatic algorithms and demand-side platforms and tailored with sensors for proximity detection and GDPR-compliant audience age and gender recognition. Proof of play reports can be ready in the snap of a finger, too.
As technology continues to advance, we can expect more innovative applications to emerge. Think augmented reality, or leveraging AI to provide even more personalised digital experiences … the future of in-store retail media is looking bright as a tool to deliver targeted promotions, better connect with customers and ultimately enhance the in-store customer experience.
Still not convinced that digital media is right for your store? Check out even more benefits here, or better yet, get in touch with one of our retail media experts.