Read the full article at Forbes.com
by Sarah Hofstetter, Contributor @ Forbes
Summary
- In recent years, retailers have become ad publishers
- The valuable first-party data they offer is driving ad investments
- Is this data worth the cost?
- Will this data become more or less accessible in the future?
In the rapidly evolving world of marketing, the article “Retailer Data: Brands’ Panacea or Walled Gardens 2.0?” delves into the significant impact of retail media networks and first-party customer data on the advertising landscape. Retail giants like 7-Eleven, Lord & Taylor, and Walmart are embracing this new revenue stream, with eMarketer predicting that Walmart will account for 1.5% of all digital ad spending by 2024.
As the article highlights, “Solutions like Luminate and Stratum help better home in on the right customers in the right moments. These tools can tell brands what else their customers are buying.” This holistic and omnichannel approach to marketing allows brands to optimize their advertising strategies and better target their desired audience.
While these retailer data solutions are invaluable to brands, there are still limitations, as Todd Hassenfelt, e-commerce director at Colgate-Palmolive, explains: “For as much customer information as retailers are offering to brands, there are still a few limitations. One data feature most brands are screaming for is the ability to connect the impact of all their digital investment online to in-store, so they can measure the full ROI.”
As marketing continues to evolve, the use of retailer data and retail media networks will play a crucial role in shaping advertising strategies, improving performance, and reaching new customers. Don’t miss the chance to explore this fascinating subject further in Retailer Data: Brands’ Panacea or Walled Gardens 2.0?
“Can I get more efficient with my first-party data? How do I optimize it? How do I get value out of it?
Todd Hassenfelt, eCommerce Director at Colgate-Palmolive
Hofstetter, S. (2023, January 4). Retailer data: Brands’ panacea or walled gardens 2.0? Forbes. Retrieved March 20, 2023, from https://www.forbes.com/sites/sarahhofstetter/2023/01/03/retailer-data-brands-panacea-or-walled-gardens-20
