A new report from Zitcha has revealed personalisation in retail media is a strategic imperative, driving greater customer loyalty and exponential revenue growth for retailers and brands.
The study by the retail media platform noted that as retail media continues to boom, marketers and retailers are being urged to move away from a one-size-fits-all approach and embrace data-driven insights to curate bespoke shopping experiences for customers.
A global survey of 800 marketers by Acquia found 54% saw greater engagement with their brands as a result of more personalisation, with a further 48% recording increased sales conversions. A separate study found that 71% of consumers said they preferred tailored ads that match their interests and shopping habits.
With global retail media predicted to hit $160 billion by 2027 and major retailers locally, such as Woolworths’ Cartology and Coles 360, leveraging first-party data for brand advertisers to effectively target specific audience segments at scale, other retailers are being urged to recognise the incremental revenue opportunities retail media across on-site, off-site and in-store, has to offer.
Troy Townsend, CEO, Zitcha, said: “Personalisation is not just a fleeting trend; it’s a strategic imperative for success. By effectively harnessing first-party customer data, brands can significantly enhance their return on investment and foster greater customer loyalty.
“Retailers can open up new revenue streams by offering personalised advertising opportunities, while brands can deliver ads that deeply resonate with their target audience, leading to heightened customer satisfaction and unwavering loyalty, whilst leveraging retail media platforms.
“By tailoring ad messages, harnessing dynamic product recommendations, and customising content based on customer demographics and preferences, brands can seamlessly orchestrate an immersive cross- channel experience.”
Zitcha, an omnichannel retail media platform, has launched its first playbook: ‘Mastering personalisation in retail media: Targeting the right audience at scale’, giving retailers and brands a practical guide on how to maximise personalisation in retail media.
Covering key elements for effective personalisation, including data governance, content strategy, technology and performance metrics, the playbook is available now.
Townsend added: “Brands that wholeheartedly embrace personalisation, proficiently leverage data, and steadfastly uphold customer privacy will position themselves for resounding success in the ever-evolving and rapidly growing retail media ecosystem. We are delighted to launch our first playbook to help achieve their objectives.”
Top image: Troy Townsend