Title: Unveiling Three Revolutionary Shifts Reshaping In-Store Retail Media
Title: Unveiling Three Revolutionary Shifts Reshaping In-Store Retail Media
Mustafa Khanwala serves as the Founder and CEO of MishiPay Ltd. In today's hyper-competitive retail landscape, retail media has become a top priority for both brands and retailers seeking to capture consumers' attention. Retail media refers to any advertisements by brands within retail environments, including digital ads on websites and apps or promotional displays in brick-and-mortar stores.
According to Capital One research, an impressive 45% of consumers primarily shop in brick-and-mortar stores, with 62% buying groceries, 50% purchasing personal care and beauty products, and 40% shopping for apparel and footwear in-store. As retail media spend in the U.S. approaches almost $130 billion by 2028, it's clear that this is a lucrative opportunity for businesses.
Brands and retailers must bridge the gap between online and offline shopping by integrating in-store retail media into the customer journey. This approach benefits both large and small retailers, with grocery retailers benefiting most from in-store advertising. Here are three key trends that will shape the future of retail media in physical stores:
In-Store Ad Placement Expansion
Advancements in technology, such as high-quality digital screens and increased availability for supply-side and demand-side platforms, have made it easier to display targeted ads in stores and connect them to sales. Walmart, for example, has expanded ad placements within stores, including self-checkout lane screens, radio spots, and television aisles.
Platform Partnerships
While retail giants like Walmart have the resources to develop proprietary retail media networks, smaller retailers may benefit from partnering with comprehensive retail media services platforms. These platforms operate through automated bidding systems or negotiated brand partnerships, with programmatic advertising driving more substantial revenue but requiring more management and optimization.
Tech-Driven Attribution
Connecting in-store advertising to sales has been a long-standing challenge, but computer vision technology is making it simpler to attribute sales to ad interactions. By tracking customer movement and comparing the customer's advertising interactions with their final purchases, retailers can more reliably attribute sales to in-store ads.
Overall, retailers and brands are embracing AI, personalization, omnichannel retailing, niche retail media networks, various media types, influencer campaigns, geo-targeted ads, and data-driven approaches to boost sales and enhance the shopping experience for customers.
With these trends in mind, it's essential to explore ways to incorporate in-store media, even with small investments, such as adding a few screens. By approaching in-store retail media strategically, retailers and brands can effectively engage consumers and drive sales.
Mustafa Khanwala, as the founder and CEO of MishiPay Ltd., is well-positioned to lead the company in integrating innovative retail media solutions into brick-and-mortar stores, leveraging his expertise in the industry. In fact, MishiPay's technology enables contactless checkout and self-scan solutions, which can potentially be integrated with in-store retail media displays, offering a seamless shopping experience for consumers while also providing valuable data for retailers and brands.