Retail media continues to boom and is no longer an emerging channel. Retail channels are increasingly attracting more attention and are expected to continue to grow in 2024, with Retail Media being one of the protagonists. As advertisers seek to target consumers, new formats are emerging, particularly in-store, streaming and social media. In fact, as Insider Intelligence predicts, 81.5% of advertising investments in retail media in 2024 will be in face-to-face formats. But what role do these channels play in the retail media ecosystem?
In business
The audience in stores is average 84% larger than digital audience. For example, Walmart has a monthly audience reach of 194.2 million unique in-store visitors and 126.5 million unique online visitors. (the largest retailer measured).
However, advertisers should consider not only viewership, but also configuration. When consumers are in-store, they are in “shopping mode” and some may not make a purchase during that visit, but they use the in-store experience to browse, compare and learn more about products.
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By targeting consumers who are actively surfing, Advertisers are more likely to interact with them and get them to make a purchase. In addition to increasing brand awareness In-store retail media can help answer customer questionshelp them compare prices and even allow them to try a product without having to make a purchase.
Streaming
More than 250 million American consumers will use an OTT video service – any application or website that offers streaming video content over the Internet – this year, representing 73.3% of the population Inside information.
YouTube is positioning itself as the most important OTT providerwith 241.8 million viewers this year, followed by Netflix (173.7 million), Amazon Prime Video (163.6 million), Hulu (130.7 million) and Disney+ (115.8 million).
Regarding time, Netflix takes first placewith viewers spending an hour a day on the platform, followed by Hulu (53 minutes), YouTube (50 minutes), Disney+ (23 minutes) and Prime Video (21 minutes).
In this context, and with the aim of capitalizing on this audience, Many retailers are exploring streaming advertising options. Recently, Walmart announced a deal with NBCUniversal to run interactive shoppable ads on Peacock; and this week we also learned about the deal with Vizio. On your side, Amazon has started showing ads to Prime Video subscribers in the US since January 29th last year, unless they pay an additional $2.99 per month.
Social networks
The social networks They can also be used to increase conversions by adding shoppable ads. In this sense, Brands can use YouTubers and influencers to connect with consumers via social media.
In summary, search and display will continue to be “valuable” retail media formats. However, by combining these on-site formats with off-site formats via streaming and social media to increase brand awareness, in-store retail media can help drive more conversions.