Retail media networks are no longer optional for savvy retailers — they’ve become absolutely necessary, says Gil Phipps, senior vice president of global customer solutions at Advantage Solutions.
In a contributed opinion piece published today in Total Retail magazine, Phipps sets the stage by explaining how the advertising landscape has dramatically changed for brands. No longer do consumer packaged goods companies rely on print and television ads to reach consumers. Retailers have the more expansive reach these days, Phipps says, and some of the largest store chains have tens of millions of transactions daily.
Though approaches vary, the idea of a retail media network is simple enough: CPG companies pay retailers to promote their products directly to shoppers in their stores, leveraging information that they have from past purchases.
There’s plenty of upside for shoppers, who get deals on products they know and love, and receive promotions on items that they’ve never before tried. That’s a win-win, according to Phipps.
Phipps proceeds to demystify retail media networks and why they matter. He also offers a thoughtful caveat at the end — retail media networks alone are not enough.
Interested to learn more? Check out Phipps’ full piece in Total Retail.
