TL;DR
Independent retailers have a lot to gain by utilizing retail media strategies to engage with shoppers. By creating their own media network and collaborating with companies like Evidnt, independent retailers can leverage digital promotion and targeting to reach their target audience effectively.
The retail media landscape holds immense potential for independent retailers who are keen on connecting with their customers through targeted advertising and engaging content. In an interview with Progressive Grocer, Kristi Argyilan, SVP of Retail Media at Albertsons Cos., shares valuable insights that independent retailers can learn from to drive their businesses forward.
One key advantage that independent retailers have is their frequent interaction with customers. Shopping for groceries encompasses a significant portion of people’s lives, and independent retailers can capitalize on this by using retail media to engage with shoppers on a regular basis. By leveraging retail media, independent retailers can gain deeper insights into their customers’ shopping behaviors, enabling them to tailor their offerings to meet their customers’ needs effectively.
The pandemic has accelerated changes in consumer shopping behaviors, pushing people towards digital solutions and convenience-driven approaches. Independent retailers can adopt these changes to expand their reach and adapt to evolving customer preferences. Digital tools enable retailers to offer different shopping options, such as pre-shopping, pick-up, and delivery services, providing customers with the convenience they desire.
In a rapidly changing retail landscape, independent retailers have the potential to rival traditional media outlets. Their deep understanding of customers, coupled with their first-party data, allows them to bring unique insights to the advertising industry. Independent retailers can tap into their extensive customer base and leverage their data to offer brands targeted advertising opportunities, enabling them to gain a competitive edge.
Collaboration with strategic partners is another avenue independent retailers can explore. By working with companies like Evidnt, independent retailers can establish their own media network and receive support for digital promotion and targeting. This partnership empowers independent retailers to optimize their retail media strategies, enhance their customer experiences, and drive sales growth.
To facilitate the growth of retail media, standardization is crucial. The lack of standardized metrics and practices creates complexity and confusion for advertisers. Based on insights from clients and industry experts, Albertsons developed a standardization framework to create more uniformity within the retail media space. The framework aims to establish common industry standards and foster transparency, providing brands with a clear understanding of what to expect from retail media networks.
As the retail media space continues to expand, independent retailers must adapt and scale their in-store digital experiences. Exploring innovative solutions like digital shelf-edge displays can enhance customer interactions and deliver targeted messaging at the right moments. While scalability might currently be a challenge due to limited options, independent retailers should keep an eye out for emerging technologies that can address this need.
In conclusion, independent retailers have a unique opportunity to harness the power of retail media to engage with their customers effectively. By creating their own media network and collaborating with solution providers like Evidnt, independent retailers can leverage digital promotion and targeting to support their brands and drive business growth. The standardization of metrics and practices within the industry is key to building trust and enabling brands to make informed decisions when investing in retail media.
