Retail Media3 min
Retail Media: Why you should have an omnichannel approach
By Kyra Petticrew on October 25, 2021
With eCommerce scaling at a projected 66% this year and retail giants like Walmart and Target joining the eCommerce game, it’s no longer enough to simply be advertising just on Amazon. Brands need to have an omnichannel approach to their retail media strategy.
If your products are being sold at multiple retailers, advertising across all of these marketplaces is critical to reaching your consumers where they are shopping. And with the digital shelf constantly growing (Walmart alone boasts over 80 million products), not advertising on these sites leaves an opportunity for your competition to conquest those shoppers.
Why should brands have a retail media strategy?
Over 2/3 of online product searches start on retailer sites making eCommerce marketplaces the perfect place for brands to ensure they are reaching consumers at every step of the shopper journey from the top of the funnel through to purchase. Additionally, advertising across multiple marketplaces allows brands and sellers to:
Access unified data
Maximize visibility to reach shoppers where they shop
With eCommerce sites seeing accelerated growth of their digital shelf, it's become near impossible for products to organically appear to shoppers without a little advertising help. Boosting visibility on these marketplaces and retailer sites with sponsored product ads, display ads and more, allows brands to ensure their products are dominating top of search placements, and engaging with shoppers at high intent points in the shopper journey.
Not to mention, advertising across multiple marketplaces ensures brands are reaching consumers where they shop, whether that's on Amazon, Walmart, Target, Instacart, Best Buy, Kroger, etc. With consumers having access to all of these online marketplaces, you don't want to proverbially "put all of your eggs in one basket" and risk losing customers to the competition because they didn't see your product.
Drive marketshare and increase your LTV
Competition within categories can be fierce, and advertising is a great way to offset this and help drive marketshare. To drive new-to-brand customers, brands can employ competitor conquesting or brand awareness strategies increasing organic rank, repeat purchase rates and ultimately your lifetime value (LTV).
Brands like OWYN leveraged early mover adoption of new platforms like Target to dominate category share in the fiercely competitive protein shake space, driving a 46% increase in sales and 150% increase in organic rank.
Access unified data for better personalization
Marketplaces and retailers collect first-party data on buyer behaviour, and in a post-cookie world, this data is crucial. Tools like the Amazon Marketing Cloud that track the impact of ads across the entire funnel with multi-touch attribution and overlap data can help brands target and customize ads for maximum impact. Perpetua’s intelligence and reporting dashboards can provide visibility across multiple marketplaces and allow brands to more easily visualize where their shoppers are, how they are interacting with their products and where to invest their spend.
To learn more about how you can unlock omnichannel advertising with Perpetua, email us at email@example.com