What Is a Retail Media Network (RMN)?
In addition to the surge in e-commerce, RMN platforms are extremely effective because they enable brands to target users who are actively engaged in shopping and highly receptive to ads. There’s no better time to get your product in front of a consumer than when they are literally clicks away from conversion.
And unlike traditional ad networks, RMNs offer retailers an additional revenue stream via the monetization of their first-party consumer data. Partnering brands can use this data to optimize their campaigns with personalized ads targeted to different audience segments, measure ROI more accurately, and ultimately boost their bottom line. As third-party cookies are eradicated and the collection of robust first-party data becomes vital to modern marketing success, the essentiality of RMNs for retailers and brands will only continue to grow.
A quarter of retailers reported receiving more than $100 million in revenue from their media networks in 2021. –
Why Automation Is a Must
Things move fast in the media space, and many retailers eager to take advantage of RMNs may find themselves blocked by limited time and resources. Lacking the in-house capabilities necessary to efficiently leverage data, their challenge becomes creating ads quickly and in large enough volumes to be effective for RMNs. To accomplish this, retailers must ditch inefficient and error-prone manual processes in favor of automation — it’s the only way to deliver personalized, relevant messages at scale.
Automating data analytics systems, for example, is imperative. Consumer data streams are growing larger, faster, and more complex by the minute, and the insights they produce may only be accurate for a short time. Establishing a real time data and insights strategy gives brands the ability to identify new trends and make adjustments to in-flight ad campaigns to improve performance and increase the return on ad spend.