What are Retail Media Networks?
Retail media, put simply, is a tool through which one can market to consumers at the point of purchase. Including everything from product samples to digital displays, it is intended to increase the likelihood and quantity of customers buying.
A retail media network is an advertising system that is used to manage and deliver media opportunities. Launched by a retailer, it enables advertising on websites, apps, in-store digital signage and other mediums. Retailers can increase their conversion rates and third party advertisers/ brands can also encourage their target audience to take action in exchange for a fee to the retailer.
The different types of digital displays found in a Retail Media Network
There are a few types of digital display that can be found in retail media networks but are not limited to the following:
Point of Sale(POS)/Point of Purchase Digital Signage
Both Point of Sale and Point of Purchase digital signage fall under the broader category of place-based media, out of home media that targets contextually relevant customers. While Point of Purchase digital signage will target those who are considering a purchase, Point of Sale goes after customers at the point where goods are actually paid for. Point of Purchase advertising has been shown to significantly influence consumer buying decisions while Point of Sale displays can increase upsell success through spontaneous, last minute purchases.
Interactive Digital Signage Kiosks
Also known as an interactive or electronic kiosk, an interactive digital signage kiosk is a computer that is placed strategically in a public place and works as a self-service device. There are a number of actions these kiosks can perform from finding information about a location to performing self-checkouts. Through artificial-intelligence-driven software (such as that provided by Sightcorp) the kiosks can display targeted content and layouts based on the user’s interactions and demographics.
Screens At Aisle End Caps
End caps are the product displays you see at the end of a store aisle. By placing a digital screen on here, you are able to access a lot of traffic and catch the customer’s eye. Typically associated with bargains, aisle end caps are a great place to advertise and sell overstocked items, products that are finishing or new promotional items.
Video walls are groups of HD displays that are positioned next to eachother in order to form a large digital display. Being large and bright, they are incredibly eye-catching and create engaging experiences for customers.
Digital Menu Boards
Digital menu boards are usually LCD screens that are placed above hot food counters or in-store delis in order to showcase new menu offerings in clear view for customers. They are great for providing exposure on daily menu items and can speed up decisions and queue times for customers.
The types of content displayed in a Retail Media Network
On any in-store display, it makes sense that contextual in-house content would be displayed. This can include special offers and promotions, product information and wayfinding and custom QR codes that consumers can scan for extra information.
Retail Supplier Ads
Retailers can also use the displays to advertise their products at the most opportune moments. Using AI software (such as that provided by Sightcorp) and a camera, the audience can be scanned and different content can be played depending on the demographics of the people present. Using this technology, which anonymously scans a face in order to determine mood and head pose, you can also measure engagement with the ads.
Third Party Advertisers Using Programmatic Advertising
As mentioned earlier, ad space can also be sold on a retailers media network to third party advertisers who want to reach their target audiences. Using the software mentioned in the last paragraph, retailers can obtain consumer data (such as the demographics of their in-store customers) and prove to third parties that they are meeting their target audiences. They can also demonstrate the number of impressions each screen gets in order to prove that the inventory is worthwhile investing in.
How audience analytics technology can help in building a strong Retail Media Network
Audience analytics technology is powered by deep learning in order to provide insights on audience demographics, engagement and more. It can be used to measure all digital campaigns on any digital signage, provided there is a camera also in use. This makes retrofitting existing signage easy and gives retailers an AI upgrade that will boost their retail media networks ROI without much implementation cost.
As well as those mentioned previously in the article, the benefits of integrating audience analytics technology into a retail media network are as follows:
By being able to distinguish between groups in their audience, retailers and advertisers can more accurately target them through their media networks. Audience analytics technology provides demographic insights that make this easy. By indicating age and gender insights based on anonymous analysis of facial landmarks, in-store ad content can be changed in real-time so as to get optimal results.
For example, if a group of young women were looking at a display, a certain type of product aimed at their demographic and perceived preferences could be presented in order to get more conversions. If head pose insights revealed that the women were looking at this certain advertisement for a longer period of time, this would indicate ad interest and success. Further success could then also be measured by matching ad viewing data with POS data to confirm if the customers took action in purchasing the goods advertised.
Personalization is becoming increasingly important to marketing efforts both online and offline and a great way to do this is by personalizing the in-store experience. Through a retail media network and Sightcorp’s software, people can be analyzed and different content can be played to them in real-time based on their demographic and historical purchase data. Playing into consumer preferences is a great way to boost brand loyalty and is necessary to retain customers.
Audience analytics technology can also assist with COVID-19 messaging to help customers feel safe in-store via their retail media networks. With real time “wait” and “enter” signs and face mask reminders based on face mask detection, customers are left assured that safety is the retailer’s first priority.
Optimizing retail marketing
Optimizing retail marketing is easy with AI-backed solutions.
Easy to implement and equally easy to use, audience analytics technology can boost revenue massively across retail media networks and the retail industry as a whole. Whether it’s through more converting upsells or improved user experience, the return on investment is high. Digital content can be displayed and changed in real time on media networks accross every store location in order to optimize advertising for all parties and the same software and hardware can be used time and time again.