Our Front Row Seat to the Building of a Retail Media Platform
This latest Noteworthy explores the world of Retail Media. We happen to know something about it since we have been investing in a Retail Media company called SYNQY, for several years. We have had a front row seat watching the company grow, learn, pivot and grow. They are carving out a niche in a crowded market–and we are betting on their success. Below are just a few of the Retail Media platforms being used today.
What is Retail Media and Why is it Popular Now?
Simply put, retail media is advertising within a retailer’s site or marketplace and their apps. The ads can be brands that sell on the site or something unrelated. Since the pandemic, a lot of shopping has shifted online. We can assume that many will head back to brick-and-mortar stores but consumers still research online first. Retail Media advertising impacts a sale regardless if it is purchased online or in-store.
81% of retail shoppers conduct online research before buying. The overwhelming majority of retail consumers start their journey with online research (Source: GE Capital Retail Bank). Jul 19, 2021
33 Statistics Retail Marketers Need to Know in 2021 - Invoca
What Makes SYNQY Stand Out in This Crowd?
The illustrations below show where typical Retail Media ads run. They are the sponsored products and banner ads on marketplaces and retailer sites. These ads can show up on the home page, category, search and product detail pages.
(Show illustration of page with banner ads and product listing)
SYNQY Enhanced Product Listings (EPLs) run on retailer and marketplace sites as well but are placed on top of a product listing and/or on the product detail page. They can also be placed on top of sponsored listings. This allows the retailer to monetize a larger portion of their site.
(Show illustration of play buttons on product listing page and PDP)
Most importantly, the ads show up on a product that a customer is interested in, so they are more likely to engage with the content.
The EPL Content Matters Too
Since the SYNQY EPLs are germane to what the customer is shopping for, the content can be more specific to the SKU. An EPL can be a product video, a coupon, a recipe, or any rich media content that can run in a web browser. Below are some samples.
- Johnny FPV
- Leafly CBD Dosage
- SXM Tour
- TSC Toro
In the End, it’s All About the Data
Brands run ads to increase sales. But both the retailer and the brands benefit from the data they collect from their campaigns. According to this blog on ExchangeWire, Retail Media’s popularity is 3-fold:
- The growth of e-commerce over the past five years and specifically since the pandemic
- The end of the cookie era
- Measuring ROI more effectively
https://www.exchangewire.com/blog/2022/03/07/retail-media-the-what-the-why/ (Need info from MW)
Intrigued? Do you want more information? Reach out to Patty Jensen at firstname.lastname@example.org
Lab Crafters Opens New Doors with CAD Animation
JDA recently worked with Lab Crafters to bring their modular furniture system, called iFlex, to life with a realistic CAD Animation. Lab Crafters is a premier manufacturer of laboratory casework, furniture systems and fume hoods. They provide the most respected and innovative laboratory products in the industry.
Multiple Uses for the Animation
When we first started this project, we didn’t really know how far it would go. It started with just creating a few configurations of the lab bench to, in the end, building out an entire lab. This wasn’t a small investment on their part; however, it also served multiple purposes:
- Link on homepage of Website
- Social Media posts
- Sales Tool
- Internal Corporate Communications
- QR Code Linking to animation
(Image and Link to Animation. Show a screen shot)
Doors Opened with New and Existing Contacts
The Lab Crafters sales team used the animation to have breakthroughs with potential clients who didn’t understand the benefits of the iFlex System. They assumed it was like others on the market. However, once they viewed the animation, they realized the solutions this system offered were very different from anything they had seen before. Lab planners and architects who had never engaged with Lab Crafter before now were booking meetings.
Karen Miller, Director of Marketing at Lab Crafters, said: “It intrigued people enough to be open to sitting down with our sales team (or having a zoom meeting). When people see it, they finally get what we’ve been trying to explain for years. The old adage from Benjamin Franklin: Tell me and I will forget. Teach me and I will remember. Involve me and I will learn. The animation really involved them when they saw it with their own eyes.”