How retail media can boost sales during Black Friday
Varun | November 4, 2022
Although we are way past the pandemic phase that engulfed the entire world for more than two years, consumers in MENA will still be more price-sensitive and look for steep discounts even this time around. Therefore, brands must devise a strategy to effectively reach their consumers and give them deals according to their expectations.
But providing great deals will not be enough alone. Brands need to be discovered by consumers when their intent to shop is at an all-time high. We know consumers wait for Black Friday with much anticipation, and most of them save throughout the year to buy when their favorite products are offered at a deep discount. And same is the case with brands who want to use the extended shopping period fully. And that’s why every company will put in extra effort to catch the consumers’ attention, which results in fierce competition.
This is where advertising on retail media networks can significantly boost brands’ success during the Black Friday period, as it massively improves brand discovery, recommendations, and conversions when the shopper’s intent to buy products is at its peak. Retail media or advertisements placed on a retailer’s website to influence the customers buying decision at the point of purchase have seen their adoption going through the roof during the pandemic as in-store interactions have seen a hit in those times, and brands wanted to reach out to their consumers wherever they were. This is an effective mode of advertisement for brands as the shopper is in the purchase mode and the intent to shop is high. Moreover, the advertisements in the retail media can be displayed on the home page, category page, search page, and product detail page, which enables the brands to reach potential shoppers during the various stages of their shopping journey effectively without being intrusive.
Let us look at some benefits for brands to advertise on retail media during the Black Friday shopping season.
Better Access to Customer Data
Retailers with their own retail media networks, like Amazon or Walmart, have unhindered access to millions of consumer data points and know the brand’s customers more than the brand itself. They have access to data on the consumer’s interest, purchase behavior, brand preferences, shopping frequency, and much more, which is a gold mine for the brands trying to tap those customers. And with consumers frantically searching for products and categories they plan to shop from on these websites from a month earlier, these networks have a great understanding of what advertisement the user should see that will influence their purchase decision.
Retail media provides brands with highly personalized targeting capabilities, effective ways to measure the ROI on their ad spending, and flexibility to track down spending to the SKU level, making this channel popular with established and new brands across categories but primarily with the companies operating the CPG domain. And this capability is what makes retail media one of the most potent advertising strategies for brands during this year’s Black Friday and the entire shopping season. Also, the strength of retail media networks lies in their ability to form a relationship with their consumers on the back of high-quality data, which helps them to understand and preempt the consumer’s buying behavior and pattern and support their partners to deliver highly personalized offerings that create maximum business impact.
High-Impact Ad Formats
Brands can reach their potential customers through a barrage of innovative and non-intrusive ad formats and placements on the retailer’s website, capturing the users’ attention at the right time and place during the shopping carnival, which is undoubtedly going to bump up sales. For example, showcasing your ads to the relevant audience through banner ads on the top of the marketplace’s homepage or reaching your audience through sponsored product ads, display ads, and creative video ad placements are sure shot ways to increase conversions and increase customer experience – a much-needed factor during the shopping season.
Many industry experts believe that retail media will disrupt the marketing and advertising landscape and become one of the most impactful digital advertising tools worldwide in some years. Our retail media platform Ritelo is helping clients in the MENA region to build scalable brand-funded media businesses, where they utilize the power of Ritelo’s DSP to generate revenue from offsite outreach across multiple locations and channels. Ritelo also ensures that clients get SKU and category mapping to establish contextual relevance.