Expansion of retail media in Europe: Strategies for brands to boost market share through cross-retailer advertising campaigns
In the ever-evolving landscape of eCommerce, Europe is witnessing a significant expansion in its retail media landscape. This growth presents a unique challenge for European retailers, as they strive to compete with their American counterparts in cross-retailer media. However, this expansion also presents a golden opportunity for brands to implement a multi-retailer advertising strategy.
To succeed in this environment, brands must adopt a holistic, data-driven, and customer-focused approach. This strategy leverages advanced technology, precise audience segmentation, and cooperation with multiple retail media networks.
Leveraging Unified Technology Stacks
Brands can activate campaigns based on granular data and behavioural analysis by using unified technology stacks. These stacks combine onsite and offsite capabilities, allowing the delivery of relevant ad formats across retailer platforms.
Utilising First-Party Data and Advanced Data Clean Rooms
Understanding and targeting customer segments precisely is crucial. Brands can achieve this by utilising first-party data and advanced data clean rooms provided by retailers. This enhances the buyer journey from awareness to conversion.
Integrating Campaigns Across Multiple Retail Media Networks
Capturing broader market reach is possible by integrating campaigns across multiple retail media networks. This optimises media spend with real-time data and sales targets, delivering measurable results.
Aligning Advertising Efforts with the Entire Customer Journey
Addressing target groups more precisely throughout the customer journey increases emotional and situational impact, from first impulse to final purchase.
Collaborating Closely with Retailers
Collaboration with retailers is essential. By tailoring campaigns for endemic and non-endemic brand needs, brands can redirect traffic to retailer sites or brand-owned digital properties, depending on objectives like engagement or conversion.
Participating in Industry Forums and Summits
Staying informed on evolving best practices is crucial. Participating in industry forums and summits, such as the Retail Media Impact Summit, helps brands stay ahead of the curve on incrementality measurement, retail media standards, and emerging cross-channel opportunities like CTV.
The Role of Pacvue
Pacvue offers a first-of-its-kind solution that provides data and insights across the entire commerce operation. Pacvue's tools, such as Sonar, help brands capture missed opportunities with cross-retailer keyword sharing. Pacvue's SOV Insights help brands respond to keyword competition shifts that matter most to their business.
Moreover, Pacvue's sales forecaster tracks Share of sales in a category, while Pacvue Commerce tracks Bottom-of-funnel revenue growth via Amazon Marketing Cloud. Pacvue also offers seamless integrations with Criteo and Citrus Ads to supercharge retailer reach throughout the region.
The Future of Retail Media in Europe
The rise of retail media in Europe faces unique obstacles, but the benefits are evident. Consumer spend is limited, making it essential for brands to capture market share wherever their consumers are. This can be achieved by advertising on multiple retailers.
Retail media ad spending in Europe is projected to increase by 2.4% in 2023. Smaller marketplaces like bol.com are launching their own retail media projects. Larger retail groups in Europe, including Morrisons, Tesco, Sainsbury's, and ASDA, are adding their own retail media offerings.
In summary, effective implementation requires advanced data use, multi-channel coordination, retailer collaboration, and customer journey focus, supported by flexible, technology-enabled advertising strategies tailored to the European retail market environment in 2023. Brands should prioritise a multi-retailer advertising strategy in 2023 due to the expansion of retail media in Europe.
- To stay ahead in the rapidly evolving eCommerce landscape, brands should consider adopting unified technology stacks that combine onsite and offsite capabilities, enabling delivery of relevant ad formats across multiple retailer platforms.
- By utilizing first-party data and advanced data clean rooms, brands can precisely understand and target their customer segments, enhancing the buyer journey from awareness to conversion.
- Collaboration with retailers is paramount as brands can tailor campaigns to align with endemic and non-endemic brand needs, allowing optimized media spend and measurable results across various retail media networks.
- As retail media in Europe continues to expand, brands should prioritize a multi-retailer advertising strategy in 2023, focusing on advanced data use, multi-channel coordination, retailer collaboration, and customer journey focus, supported by technology-enabled advertising solutions like Pacvue's Sonar and SOV Insights.
