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As retail media grows rapidly, advertisers are uncertain where to spend - DigiDay

As retail media grows rapidly, advertisers are uncertain where to spend - DigiDay | The Marteq Alert | Scoop.it
Typically retail media networks pitch advertisers on access to first-party data (usually through a loyalty program) as well as the ability to close the loop on measurement and attribution if an ad converted to a sale. Aside from ads on the retailers’ digital properties, there’s also usually the ability to advertise in the retailers’ email or on its social channels. That the newer retail media networks’ offerings are so similar, it can be difficult for advertisers to figure out which retail media network to prioritize.

“How do you decide how much money to give to Walgreens or CVS [or the other retail media networks]?” said Elizabeth Marsten, senior director of marketplace strategic services at marketing agency Tinuti. “Everyone is asking brands for money. Who gets it and how much? In the end, how do I look at it all? That’s the question brands are asking. Nobody knows the answer right now. Whoever sells it first is the winner.”  

As retail media has become more crowded, the business-to-business marketing from retailers pitching advertisers on retail media networks has become more aggressive and that’s “increased client inquiries” for those networks, noted Barnes. At the same time, the brands interested in retail media have expanded beyond the CPG bread and butter as the “pool of brands that can’t ignore retail media is rapidly circling out further and further.” 
CYDigital/marteq.ios insight:

The easiest path for the CPG is to leverage their existing consumer database by providing them with complete control over their data, and access that data and direct message based on that data in exchange for digital rewards. It locks out the retailer.

 

marteq.io is preparing a FREE pilot program for its Marteq application. Contact joe@marteq.io for more information and to see if you qualify. #martech #marketing

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Personalization In Retail Is Here To Stay—But What Does It Mean? - Forbes

Personalization In Retail Is Here To Stay—But What Does It Mean? - Forbes | The Marteq Alert | Scoop.it
In general, the definition of personalization fell into two buckets: marketing and promotion. On the marketing side, personalization means offering customers something that speaks to them on a human level.

When discussing personalization from the promotional standpoint, subjects had an even more diverse range of opinions. While many saw opportunity in personalized promotions, others expressed concern over a “race to the bottom” mentality when it came to discounting.

Those that saw opportunity in personalized promotion tended to view the strategy through the lens of loyalty. If consumers can be siloed off by their purchasing habits, they can be given special promotional pricing not offered to other customers. And, by that reward system, they build brand loyalty while simultaneously boosting sales. This strategy also presented the issue of “cannibalizing” profit; giving loyal customers deals when they would be buying the same product at full price. By tailoring the offering, however, retailers can find value where perhaps it didn’t exist before.
CYDigital/marteq.ios insight:

Personalization of offers, of those items that are timely and priced correctly to incent the sale where there may not have been one.

 

That's what we do: delivering a JIT delivery of customized offers based on the consumer's specific and communicated desires, stemming from extended zero party data.

 

See how extended zero-party data is your greatest marketing resource...tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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Retail adopts smarter technology as industry relearns operations - CIO Dive

Retail adopts smarter technology as industry relearns operations - CIO Dive | The Marteq Alert | Scoop.it
The shift to online shopping, as well as the use of associated AI technologies that support personalization, will persist in the post-pandemic era, according to Arun Sundararajan, Harold Price Professor of Entrepreneurship and Technology at New York University's Stern School of Business. 

AI was already spreading its reach in the technology stack that powers retail, by way of personalization engines and predictive analytics that suggest to shoppers what they may need next. The pandemic will solidify these tools as the default as the retail industry relearns operations.

"The entire business model has changed in a way that requires humans less and is reliant more on simple AI technologies like recommendation systems," said Sundararajan. "I think what the pandemic has done is dramatically accelerate the shift online."
CYDigital/marteq.ios insight:

Note that the fuel for those personalization engines need to improve dramatically so that predictive analytics can operate at a higher level. Alternatively, you can just collect the data you need from your consumers.

 

See how extended zero-party data is your greatest marketing resource...and you can tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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