Retail Media is one of the trends that has been attracting the most attention in the field of advertising in recent years. It is, basically, a type of advertising that allows brands to reach shoppers with relevant ads close to the point of sale through the media inventory owned by retailers (either in stores or on their digital platforms) and on external marketplace websites and applications.
With the growing interest of retailers, brands and agencies in Retail Media, there is also a need for all parties involved to acquire greater technical knowledge, as well as the terminology used in this sector. dunhumby has drawn up the Retail Media Glossary, a guide that contains some of the main terms and acronyms currently used in the industry. In this article we show you seven terms that you should know.
What would happen if you communicated to an audience not based on their characteristics, such as age or income, but based on their actual actions? This is the principle on which transactional audiences are based, which substitute demographic data for insights behavioral In food retail, these audiences are often thought of in terms of their purchasing behavior. Here the key indicators are: what items they have bought before, if they have stopped buying them and if they have started buying another brand. These types of audiences are very useful to help brands and agencies to achieve specific marketing objectives.
Digital offsite media
One of the great advantages that Retail Media offers over other forms of advertising are the insights that determines the behavior of customers and that allow brands to segment audiences with great precision. the orffsite media offers platforms and placements on websites other than those of the retailer itselfcombining their own or first-source data with that of third parties, creating a truly comprehensive opportunity for advertising brands.
Digital on-site media
This is the Retail Media channel that uses the platforms and locations owned by the retailer, typically its website or its app. Onsite media offers great versatilitysince it can range from a banner ad to generate awareness to promotions or other types of personalized content.
This is any information that comes directly from a retailer, usually their loyalty program data. Modern retail relies heavily on this data and as we move into a post-cookie world, which means the loss of a large amount of third-party data, its importance continues to grow.
We talk about the In-store media as a channel that offers platforms and placements within a retailer’s physical store, which can include everything from banners, ads in cars to digital screens. Despite the fact that it is a channel that has been used for many years, thanks to advances in data science and technology, it is now possible to segment and measure to reach different audiences and achieve specific marketing objectives.
Omnichannel/multichannel media campaigns
Today there is a wide variety of Retail Media channels, covering both the physical and digital spheres. In this context, omnichannel campaigns offer a seamless customer experience, using a combination of online and offline media channels. On their side, the omnichannel media campaigns allow a consistency of messaging and creativity regardless of where you are buyingso they usually generate a better response from consumers.
What is the risk that a buyer stops buying your products and switches to a competitor? What is the probability that he will upgrade to a premium version of one of your items? Would a customer be interested in trying a new product and what would motivate them to do so? Just as transactional audiences help retailers and brands find the right shoppers based on their previous actions, predictive audiences do the same by taking your future actions into account. If the data suggests that there is a risk with a group of customers, they can be acted upon by offering a promotion or offer.