Businesses are continuously improving their methods to attract and retain customers for a longer period. Manufacturers, brands and retailers are all experiencing profound changes in how they interact with their target customers. Retail Media is a crucial aspect of these progressive changes when applying approaching methods and advanced technological solutions to help brands connect with customers at the purchase decision stage.
Retail Media is not a new concept in marketing, which refers to retailers using their platforms to offer advertising services for brands. Broadly speaking, Retail Media creates a collaborative ecosystem where brands and retailers leverage each other’s strengths to maximize sales.
Will Retail Media’s power explode in the coming years?
Retail Media has proven its global appeal, estimated to reach $140.04 billion in 2024 and continue growing by 21.6% to $165.94 billion the following year.
In Vietnam, leading businesses in cosmetics, personal care, FMCG (Milk, Diapers, etc.), and FMCG (Food, Beverage) also invest significant budgets in Retail Media campaigns every year. The most common way for brands to implement Retail Media is to set up booths, POSM, TVs, and PG teams in retail stores, where customers are most likely to be in a shopping mood and have the highest spending potential. These setups are used to run sampling campaigns, inviting customers to purchase and receive gifts (trade/promotion campaigns). It is evident that Retail Media in Vietnam is developing rapidly alongside the growth of convenience store chains and cosmetic retail chains.
However, are businesses in the Vietnamese market truly maximizing Retail Media’s potential to achieve their business goals?
In reality, advertising through booths, POSM, and TVs providing brand identity and information of promotion campaigns only offer a one-way experience, bombarding customers visually rather than creating valuable experiences.
Implementing PG teams is also limited to a scale of a few dozen stores due to cost spending and manual operations. Typically, PGs have to manage all aspects of a campaign, from approaching customers, introducing products, inviting customers to participate, checking, recording information, to managing samples and gifts.
Brands do not truly access customer data or understand the specific purchasing journey in retail stores. This makes it difficult to accurately measure the effectiveness of Retail Media campaigns and prevents brands from interacting deeply with consumers.
It’s Time to Enhance Retail Media Concept
The Master Channel team recognized the broader potential of the Retail Media network when combining Retailers with Brands and applying The Master Channel. This is when the concept of Retail Media needs enhancing to provide greater value to both brands and retail chains.
By implementing Retail Media campaigns combined with The Master Channel, the benefits for Brands are clear:
- Campaigns are fully digitized, allowing simultaneous deployment across hundreds of retail stores.
- Reduce costs related to goods management and promotional staff by utilizing retailers’ existing resources.
- Ability to reach customers directly and have post-campaign engagement tools through The Master Channel.
- Amplify Retail Media’s greatest advantage by reaching customers at the peak of their shopping needs, immediately boosting brand sales.
- And most notably, cost is only charged per customer participating in the campaign and following the brand’s OA.
Contact PangoCDP for detailed consultation on implementing Retail Media using The Master Channel for your business!
