Retail media has been called Shopper Marketing 2.0. Retail at large is commercializing its retail spaces, both online and in-store. Inside the stores, this means that the advertising is with rapidly increasing pace moving to digital surfaces – mainly to digital signage screens inside the stores. This business is called in-store retail media.
For shopper marketers, this represents both a challenge and a big business opportunity. The challenge consists of many parts. Shopper marketers have not traditionally been heavily involved in digital signage, as it has been mainly used for retailers' own advertising purposes. As digital signage is now being taken over by actors involved in building the new in-store retail media landscape. This new business area also needs its own modern software platforms and shopper marketers lack the know-how in to build and operate them. Finally, the role shopper marketer could have in this new business is to be a media sales partner for their retailers – this requires a brave attitude in adapting to new ways of working rapidly.
The big business opportunity for shopper marketers derives from the fact, that the retail media business is already a major new business area, and it will be huge soon: Boston consulting group estimates that the total market will be 100 billion USD in 2026 and it will constitute 25% of all digital ad spending. In the in-store sphere, shopper marketers have already established working business relationships with the retailer as well as the advertising brands. This creates the opportunity for the most agile and smart shopper marketers not only to survive in midst of the turmoil but also to grow their businesses substantially with a new major revenue stream. In fact, we believe that they can be as successful in in-store retail media as media sales companies have been in the digital out-of-home sphere.
Shopper marketers can act as a mediator between various business model’s in in-store retail media. They can help the retailer produce and distribute their own advertising, serve trade partners in managing their advertising, and sell and manage media sales on behalf of a retailer. As programmatic grows, shopper marketers can help in managing it too.
To grasp this new opportunity, a shopper marketer needs an in-store retail media platform that is able to utilize retailers' vast insight into their in-store audiences, build advertising products that attract brands and other advertisers, and distribute the targeted advertising along the retailers’ screen network.
Doohlabs platform is just that. It consists of: