Grocery stores going online has opened the door to one of the fastest growing industries, namely e-grocery. Globally, the e-grocery industry's market size grew to USD 4.3 billion by 2021 from USD 2.9 billion in 2020. Monetizing these platforms can generate additional revenue and positively impact the bottom line. In this blog, we explore actionable ways for grocery retailers to leverage retail media and unleash new possibilities.
The monetization of an application or a website allows advertisers to place their ads in front of high intent shoppers, thus boosting brand awareness, consideration, and eventually conversion. Retail media platforms like Monetize enable advertisers to leverage sponsored product ads and showcase their products at the top of the relevant search results. Also, sponsored display ads can be used to build brand awareness which keeps your customers updated that your brand exists in the marketplace. Online shoppers do not overthink their grocery purchases, most of the customers add top result searches to their shopping cart. Thanks to retail media, shoppers can discover the right product, at the right price at the right time.
Opportunities for retail media to expand: Digital out-of-home (DOOH) advertising
Retail media is the fastest-growing advertising solution, and recently it has expanded into offline stores through digital out-of-home advertising. Engaging and re-engaging with shoppers who still prefer offline stores became a challenge for advertisers, even if the number of online grocery shoppers has increased. Consisting of engaging billboards and signages, digital out-of-home advertising is the key to that. It uses the online display ad that helps in targeting and engaging potential customers, meanwhile, it offers complete immunity from the ad blocker.
Advantages of Digital out-of-home advertising
1. It reaches to a larger audience:
Thanks to the novelty associated with DOOH, the ad solution succeeds in grabbing shoppers’ attention. It works well for advertisers who aim to boost awareness for their brands or newly launched products.
2. DOOH advertising respects the shopper’s privacy:
In recent years, privacy rights groups have expressed concern about the tracking and profiling of users by online advertising firms, social media, and search engines. Rather than invading privacy, digital out-of-home advertising can target specific audiences based on environmental criteria rather than personal ones. To learn more about how the privacy of consumers is protected by retail media, read our blog ‘A forward leap into the new privacy practices’.
3. Helps a shopper connect quickly:
With QR code scanning on the DOOH shoppers can effectively and quickly connect with the seller and can make their purchase. This way shoppers will have a better shopping experience, without any interruptions.
Overall, we can say that retail media's roots are spreading wide to other verticals including groceries. This creates a win-win situation for everyone, as the advertisers receive higher conversions, shoppers get a highly relevant and personalized shopping experience and retailers unlock additional ad revenue.
Want to know more?
Looking for ways to leverage your first-party data and traffic to earn additional revenue? Our AI ML-powered retail media tech, Monetize, helps you enable every advertiser to run ads on your platform to achieve their marketing goals and ensure higher yields for you. To learn more, contact us today.
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