Retail Media Networks (RMNs) are proving to be a lucrative opportunity for large companies, accounting for 68% of Amazon’s global profits and 12% of Walmart’s. But it’s not only the big players that can benefit from an RMN – small businesses too can leverage this technology to engage with customers and improve their ad experience.
The Save Mart Companies (TSMC) is an example of a smaller company that successfully utilised RMN technology. With the purchase by a private equity firm and the introduction of a new CEO, Shane Sampson, the organisation began investing in technology to better engage with customers. After partnering with Swiftly, TSMC’s mobile application saw a surge in engagement with their customers. And through the desktop experience, customers could access information and education about products.
Due to the three different retail brands – Save Mart, Lucky and FoodMaxx – TSMC could offer suppliers access to unique audiences. This enabled them to quickly gain traction with suppliers and make their RMN a viable option.
To further extend their RMN, TSMC is now looking to impact shoppers at the point of purchase and decision in-store. The goal is to create an engaging experience without shouting at customers. They are currently on track to complete this by the end of Q1 2024.
So, what size do you need to be for an RMN to make sense? According to Tamara Pattison, Chief Data Officer of TSMC, it’s not about the quantity of customers you serve, it’s about the quality. “If you happen to have 10 stores and you happen to sell a really incredibly unique product and you have a high level of engagement with a community that is of interest you’ve got a retail media network opportunity.”
In conclusion, RMNs are an opportunity that both small and large businesses can capitalise on. Through the right technology and connection with customers, businesses of any size can successfully implement an RMN.
Originally reported by Martech: https://martech.org/how-a-small-chain-is-going-big-with-a-retail-media-network/
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