1. Thinking of retail media as only sponsored product ads
Due to its launch being heavily search based sponsored product ads, many have not evolved from this initial opportunity. As off-site media opportunities grow and potential to leverage data to target audiences across Programmatic, Social and CTV expands the need for Omnichannel approach.
According to Omnisend, marketers using three or more channels in a campaign earned a 494% higher order rate than those using a single-channel campaign.
2. Not taking advantage of the potential of the data
In the world of digital advertising, the impending “death of the cookie” is a hot topic. With increasing privacy concerns and regulations, tracking users through cookies is becoming less viable. This has made first-party data collected by retailers more valuable than ever.
The future of the retail media industry is leveraging first-party data, both onsite and offsite, backed with attributed reporting and measurement. With the right strategy, first-party data empowers retailers to better understand their customers, enhance personalization, comply with data privacy regulations, and gain a competitive advantage.
Brands must take advantage of first-party data and create data collaboration opportunities when they present themselves to continue to finetune their approach and hyper-target audiences most likely to convert.
3. Not investing in creative strategy
Creative plays a significant role in the success of retail media campaigns. Brands should invest in creative talent capable of producing compelling and effective content.
Retail Media opportunities are driving the need for media and create teams to cross pollinate. Must align unique messaging and creative based on the data being used and tailor messaging to mindset and stage of the funnel the user is in.
