ARTICLE 1 FROM VOLUME 6:
THE RISE OF RETAIL MEDIA: TURNING STORES INTO PROFITABLE MEDIA PROPERTIES
Store customers can be micro-audiences, so can stores be better monetized?
According to Census.gov, brick and mortar shopping spend in 2022 has returned to above 85% post-pandemic. This graphic from Smart Insights provides the same information:
Brick-and-mortar retail is usually more profitable than online shopping for most retailers as well. This is due to the ever-rising costs for online customer acquisition and fulfillment costs not paid for by the consumer. With Amazon Prime leading the way with more and more free shipping, customers have grown to expect this more and more.
Getting store traffic back after the pandemic, however, is not that easy for many retailers. Consumers have grown used to the incredible convenience of shopping online. The solutions to create excitement and commitment to brick-and-mortar retail shopping lie in improvements in Experiential Retail. Shopping at stores has historically been part utility and part entertainment, and this is still true in the post-pandemic 21st Century.
The answers lie in digital-first tools to add both utility and entertainment value to the in-store shopping experience, and Retail Media is already an important part of the solution. Many stores now have digital displays to advertise products, reinforce the retail brand, and communicate other important information to their customers:
In the remaining two blog posts of Volume 6, we’ll focus more deeply on local advertising and the exciting Social Retail platform under development by our company. Summarizing the local advertising landscape:
- People still want to shop, and they are eager audiences for advertising and promotion to plan and enjoy local shopping trips
- Direct mail still plays a very large role here – the coupon books, the ad circulars
- Mail order catalogs are still an important way to reach consumers
- What is the next generation of local advertising? What are the digital-first solutions?
Thank you for your interest, and please STAY TUNED for our next blog article in Volume 6: The Rise of Retail Media. To make sure you see new articles, please FOLLOW Brand Media ID on Linked In or visit the Brand Media ID website and sign up for our email newsletter!
FOR IMMEDIATE ASSISTANCE, PLEASE CALL BRYAN CALKINS AT 415-205-3056