More people are browsing and buying online than ever before, creating an influx of demand and data for retailers. This shift in consumer behavior has in turn created a unique opportunity for retailers to deepen their relationships with brand partners, grow new revenue streams, and improve shopper experiences by developing a retail media business.
Built on an integrated system of technology, with features ranging from ad management to closed loop measurement, retail media turns site traffic into insights that retailers can use to better understand what their customers want and need. Using these insights and their first-party data, retailers can develop customized advertising offerings for brands that help shoppers find what they are looking for faster, which often leads to more sales.
Today we are publishing a new guide called Building a Retail Media Business with Google, where we take a deeper look at the benefits and technology needed to develop a retail media business that will flex and scale to your goals. Read on for a high-level overview of what you’ll learn in the guide.
An opportunity for retailers and their brand partners
As e-commerce continues to grow, brands are looking to spend more of their marketing dollars with retailers online, and looking to partner with those who can offer integrated insights and a holistic view of the customer experience. By establishing a retail media business, retailers can access these brands’ budgets while helping them connect with customers more frequently, and with more personalized promotions.
For example, Best Buy recently ran a multi-channel advertising campaign for a prominent smart home electronics brand using their first-party data to reach shoppers on Bestbuy.com and across the web. Through their technology implementation, Best Buy was able to unify the measurement and optimization of their ads, boost conversion rates by as much as 45% and generate a 10x return on ad spend for their partner brand.
Building an end-to-end retail media solution
For businesses ready to maximize the impact of their first-party data, Google provides technology and guidance to help build a retail media business. Our privacy-centric solutions can be customized for your organization, and are built to scale. As your business grows, you can integrate other tools in ways that work for you, keeping your retail media business flexible and customized to meet your goals.
Using Google technology to stand up your retail media business can help you unlock actionable insights, and closed-loop measurement across channels. Though you may already be familiar with Google's solutions individually, integrations between platforms like Google Ad Manager, Display & Video 360, Search Ads 360, Campaign Manager 360 and Analytics 360 can offer new views and insights into your business’s performance. Additionally, our solutions can integrate with third-party technology or your proprietary technology, meaning you can build your retail media business across an even broader set of solutions.
By bringing together the power of ad serving capabilities, holistic measurement and end-to-end campaign management, retailers can improve their offering to advertisers and get more value from their first-party insights.
Taking the first step
For retailers looking to get started, our new guide will provide you with insights and direction on how to build your retail media business. Learn how Google can help your business drive greater sales through technology and expertise, and add value to your brand partnerships along the way. Read through our best practices on preparing for recommended organizational changes and the benefits of cross-platform reporting, while diving into details on select tools. Lastly, explore the ways in which retailers like you have invested in retail media, and opened up channels for greater sales, stronger brand relationships and improved customer experiences.
by Samantha KahnGoogle Ad Manager via The Keyword
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