As retailers and grocers continue to build out their Retail Media Networks, they should consider investing in self-service features. If not, they risk losing their share of budgets from advertisers and agencies that require the additional transparency and control that direct, hands-on-keyboard access provides.
Outside of Amazon Advertising, Retail Media Networks are still largely managed services businesses with providers carrying the load for setting up campaigns, optimizing placements, pulling reports, etc. However, there is a growing desire on the buyside for these networks to offer self-serve options to give brands and advertisers more transparency and control over their media investment. To address this, retailers must have a platform in place that allows brands and/or agencies to log into a UI and directly buy onsite ad placements, set up campaigns for programmatically targeting audiences off site, deploy digital promotions and more.
By enabling clients to self-determine audience segmentation, manage ad placement frequency, acquire price transparency, gain real-time access to sales data, etc. retailers operating Retail Media Networks with these self-serve capabilities will benefit in two ways. First, they will gain access to the budgets of those marketers seeking greater transparency into, and control over, their marketing via self-service and advertising investments and, second, they will enjoy a low-touch sales channel that makes their solution very sticky.
Retailers with high performing Retail Media Networks understand this buyside want for transparency and control and have already invested in self-serve features, or are on a path to add them. Those retailers currently developing their own media networks must fully explore strategies for including self-serve functionality if they want to deliver the client service that will ensure their competitiveness.