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Retail Business Review | Tuesday, March 29, 2022
Retail marketing platforms facilitate collaborative, cross-team commercial planning, streamlining processes, and enhancing communication.
FREMONT, CA: To begin, there were aggregated advertising networks. Then came the emergence of retail media networks (RMNs), which eventually reached a tipping point. Today, those RMNs are maturing into the next phase of retail marketing—Retail Marketing Platforms. They take everything retail businesses love about RMNs—such as higher revenue and the ability to engage shoppers with relevant messages when and where it matters—and amplify it. Additionally, they enable previously unattainable features, allowing businesses to consolidate segmentation, marketing, and attribution across all channels for the first time.
Some significant advantages of the Retail Marketing Platform are as follows:
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A seamless combination of marketing and merchandising: When RMNs initially emerged, marketing and merchandising were inextricably linked. Marketing and merchandising have been inextricably linked through a Retail Marketing Platform.
The shopper's focus has been honed: Today's Retail Marketing Platforms are powered by customer data, and everything they do is centered on satisfying genuine shopper demands and responding to recognized consumer habits.
Enhanced individualization: Today's buyers have grown accustomed to receiving personalized communications and offers based on their chosen brands, goods, and lifestyles. Retailers can communicate with shoppers in a far more authentic and individualized manner thanks to the data-driven nature of Retail Marketing Platforms.
Attribution across channels simplified: A Retail Marketing Platform combines and unifies all touchpoints along the customer journey, reducing the complexity of attribution reporting. Retailers can now demonstrate to CPGs that their promotional expenditures are efficiently utilized, strengthening the relationship.
Scalable and adaptable: The Retail Marketing Platform is modular. This enables retailers to employ numerous suppliers to support their network or augment their current stack with additional providers while retaining connectivity across channels.
Why should retailer businesses consider upgrading?
Portfolio of marketing services consolidated: Compared to RMNs, Retail Marketing Platforms provide brands and advertisers with a comprehensive marketing portfolio that spans loyalty, promotions, and media—both in-store and online.
Unique customer profiles: Because Retail Marketing Platforms manage first-party data at the customer level, they can aggregate consumer behaviors into unique, single-customer profiles, enabling them to retain a consistent view of each customer across all channels. This enables brands to communicate with a single customer across multiple touchpoints.
Reporting and optimization enhancements: If retail businesses are unaware of how their promotions and media function across all channels, they will lack the necessary data to adjust messaging and strategies. Retail marketing platforms provide retail businesses with critical insights from the shopper journey.
Collaboration and teamwork improved: Siloed marketing and merchandising are obsolete. Retail marketing platforms foster collaborative, cross-team commercial planning, streamlining procedures, strengthening communication, and unifying key performance indicators.
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