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Top 5 Tools Your Retail Media Network Needs to Succeed

It's not news that the number of people shopping online has exploded in a post-pandemic world. This has caused significant changes in the retail industry. Retailers must alter their marketing strategy and find new ways to engage customers. The answer? Retail Media Networks (RMNs),

Now let's dive in and examine RMNs, why they're significant, their challenges, and the resources you need to succeed with your own RMN.

Don’t have time to read? We’ve got you–check out our quick-read infographic on the same topic.

Understanding Retail Media Networks

Essentially,  RMNs are digital advertising platforms owned and operated by a retailer. They enable retailers to target particular demographics and profit from vast amounts of first-party data. Better still, it's multichannel. You can run your ad campaigns on the retailer's website, their mobile app, or even in stores.

Retail Media Networks can lengthen their reach by teaming up with social media.  By using the data that social platforms have, RMNs can create targeted. personalized marketing strategies that resonate with customers. According to a report by eMarketer, retail media ad spending in the US is projected to reach $52.21 billion by 2024. That should tell you that retailers have figured out that RMN advertising is a bold new frontier--and it's one that anyone can traverse.

When social media insights and retail data work together, brands can improve their campaigns in real time. This means that ads are not only seen but also prompt action, which leads to better ROI and increased sales. This collaboration between social media and retail data allows brands to fine-tune their strategies and make sure they're getting the most out of their advertising.

Importance of Retail Media Networks

The significance of RMNs stems from several key factors.

1. Exponential Growth: The projected exponential growth in retail media ad spend underlines the increasing value that retailers see in exploiting RMVs. If projections that have ad spending run on retail media to US $101.23 billion by 2025 are anything to go by, then exponential growth itself underlines a growing recognition that brands do understand the issues regarding RMNs.

2. Audience Reach: The sheer volumes of first-party data on purchase history, browsing behavior, and demographics place the retailer in a unique position to offer their relevant audiences effective reach, resulting in more capable campaigns and higher conversion efficiencies.

3. Measurable: RMNs measure the performance results of every campaign. Thus, future brands can establish a track record of ROAS and give their campaigns maximum drive. This data-improved approach to advertising allows for continuous improvement or refinement of marketing strategies.

Challenges Faced by Retail Media Networks

A recent study conducted by eMarketer showed that there are many problems RMNs encounter. The study was conducted with respondents discussing their engagement with RMNs. While most were optimistic, a good number felt that specific issues limited wider adoption. The top three challenges stated in the study revolve around costs, streamlining fulfillment, and optimization and reporting issues.

1. Prohibitive Costs: For Double Verify, price was a major problem for RMNs; 30% of the respondents said so. High costs  make it difficult for small- to mid-size retailers looking to get into the space.

2. Automate Order Fulfillment of Ads: Efficient management of ad orders across multiple channels requires automation tools to avoid manual, human-related errors. In this regard, inefficiencies in order fulfillment and management take up resources that could be used to grow revenue and boost advertiser satisfaction.

3. Campaign Optimization and Reporting: Getting campaigns to run effectively and creating insightful reports require specified tools. Without proper support and resources, it's almost impossible for a retailer to get the most bang for the buck from their RMN. Done manually, campaign data analysis is backbreaking work.

Top 5 Must-Have Tools for Retail Media Networks

To overcome these challenges and unlock the full potential of RMNs, retailers require a robust set of tools.

1. Order Management System (OMS): An OMS is the central nervous system of an RMN. It automates and streamlines the entire ad order fulfillment process.  A comprehensive OMS (like Boostr's) ensures streamlined ad order fulfillment, improved data and reporting, and optimized campaigns, which can improve performance and ROI. Boostr's OMS delivers instant inventory and delivery insights, empowering Sales, Rev Ops, and Ad Ops teams to swiftly execute data-powered decisions for media plan development, optimization, and campaign delivery.

2. Data Management Platform (DMP) and LiveRamp: A DMP enables retailers to collect, clean, and segment customer data from various sources, creating audience profiles based on demographics, interests, and purchase behavior. By unifying customer data and enabling targeted advertising, DMPs facilitate improved ad personalization, relevance, and monetization of customer data.  

One warning: our experts think that DMPs may be facing turbulence with the deprecation of third-party cookies. One option to overcome this obstacle is LiveRamp. LiveRamp has significant potential to accelerate retail media networks (RMNs) post-cookie deprecation with identity resolution capabilities. This creates a unified view of customers across channels. By enabling first-party data integration and privacy-safe data collaboration, LiveRamp can help retailers deliver more personalized and effective advertising.

3. Demand-Side Platform (DSP): DSPs are indispensable tools for retail media networks because they facilitate the communication between brands and networks, optimizing connections with onsite and offsite customers. As the retail media landscape expands, DSPs provide essential buying platforms for networks to enhance monetization strategies. To meet the evolving needs of brands in engaging audiences across diverse channels, DSP offerings are increasingly incorporating advanced offsite measurement capabilities, such as closed-loop measurement, to track purchases and analyze customer journeys comprehensively. By focusing on SKU-level measurements and streamlining data aggregation, DSP solutions enable retailers and brands to maximize audience insights while maintaining their competitive edge in the dynamic commerce ecosystem.

4. Publisher Ad Server: A publisher ad server allows retailers to manage ad inventory on their website and mobile app, delivering targeted ads to website visitors and tracking ad impressions, clicks, and conversions. By selling media directly, providing programmatic revenue streams, and providing real-time insights into ad performance, publisher ad servers play a crucial role in maximizing the effectiveness of RMNs.

5. Analytics and Reporting Tools: Comprehensive analytics and reporting tools are essential for evaluating campaign performance, identifying areas for improvement, and making data-driven decisions. By providing actionable insights and facilitating continuous optimization, these tools enable retailers to maximize the ROI of their RMNs and drive sustainable business growth. Boostr offers a suite of tailored reports to monitor your sales, revenue, and ad operations, which allow you to keep tabs on overall health and performance. All you have to do is pick the data and plug it in, and the system does all the heavy lifting.

Wrap It Up, I’ll Take It

Retail Media Networks (RMNs) are powerful marketing solutions for retailers and brands, providing significant chances to reach and engage consumers. RMNs allow brands to reach their target audience precisely through the usage of first-party customer data and ad targeting, driving measurable results.

Retailers can defeat the pain in data management, ad fulfillment, and campaign optimization by using the right set of tools and technologies and drive real results to deliver sustainable business growth. From order management systems to analytics and CRM integration, investing in the top tools for Retail Media Networks is essential for staying competitive.

Have you unleashed the full potential of your RMN? Find out how Boostr can help.

About Boostr: A report by Forrester Consulting found that retail organizations that invest in modern order management systems experience a 16% increase in annual revenue. With Boostr’s platform, retailers fulfill orders faster, optimize inventory, and provide seamless omnichannel experiences, leading to higher sales and customer loyalty. But Boostr’s platform is so much more than that. Boostr offers a unified platform with a built-in OMS, advanced analytics, and integrations for all your RMN needs.

ABOUT BOOSTR

Boostr is the only platform that seamlessly integrates CRM and OMS capabilities to address the unique challenges of media advertising. With boostr, companies gain the unified visibility necessary to effectively manage, maximize and scale omnichannel ad revenue profitability with user-friendly workflows, actionable insights, and accurate forecasting.

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