By Delphin Varghese
In the world of marketing change is the only constant and the emergence of commerce media is no exception. This revolutionary approach of commerce media integrates content, commerce and advertising to deliver meaningful, value-oriented shopping experiences that benefit both consumers and brands. At its core, commerce media caters to the evolving user experience by capitalizing on first-party data to get better consumer insights based on demographics, browsing habits, purchase intent, product interactions, etc. Commerce media transcend conventional advertising and facilitates decision-making at every phase of the customer lifecycle by serving personalized and relevant ads that maximize engagement and conversions.
Thriving in the digital marketplace that is swarming with competitors necessitates an innovative and strategic blend of technology, analytics and consumer insights. Commerce media that stands at the intersection of all these, is a powerful solution. Assessing the market fit of a new product entails understanding consumer sentiments associated with it. Garnering consumer feedback for the new product to be introduced, through advertising, can serve as a powerful tool to predict its future success. In a world where customers are inundated with choices, commerce media steps in as a game-changer leveraging precise targeting, personalisation and real-time data to enhance the shopper journey and optimize ad spend.
Commerce media is an extensive ecosystem that comprises of two major components:
- Retail media network: These are advertising platforms wherein retailers can sell their ad space on their digital channels to third-party brands and unlock an additional income avenue. These omnichannel and pure-play retailers provide brands with shopper insights and third-party data for placing highly targeted advertisements that resonate with the users.
- Interactive ad formats: User preferences are changing in the blink of an eye. Therefore, deploying diverse ad formats by utilizing advanced technologies is the key to capture user attention and initiate action. From dynamic display and video ads to sponsored brands and product pages, capitalizing on varied ad formats ensures better engagement and maximizes ROAS.
How does commerce media supercharge product visibility?
- Targeted advertising: Commerce media equips brands with data pertaining to demographics, user preferences, purchase intent, browsing behaviors, etc.This can be utilized to craft highly targeted ad campaigns which boost engagement. The chances of product discovery increases tenfold when the ads are shown to high-value prospects.
- Hyper-personalisation at scale: The data collected on these platforms provide significant insights into consumer intent and help deliver ads tailored to their needs and preferences. The shopping experience becomes more engaging and relevant when users see ads of products that align with their preferences and will consequently, be more likely to engage with the same.
- Real-time consumer insights: Brands can tweak their strategies based on real-time data gathered from analyzing consumer behavior. This will ensure minimal ad waste and promote products in the most effective way possible, across multiple channels.
- Influencer and affiliate marketing: Word-of-mouth advertising fostered by influencers and affiliates are extremely helpful in generating trust within their audiences and boosting product visibility. According to Oberlo, influencer recommendations drive 49% of consumer decision-making. Hence, this facet is integral to product discoverability.
The author is co-founder and chief revenue officer, AdCounty Media
(Views expressed are the author’s own and not necessarily those of financialexpress.com)