Retail media advertising is on a global trajectory virtually unparalleled compared to just about every marketing channel in the history of advertising.
In 2018, brands spent just $41 billion globally on the emerging channel. By the end of 2023, it will have tripled to $125 billion. In the first era of retail media, early adopters lauded the incredible targeting and ROI. In the second era — fueled by the rapid ecommerce penetration brought on by the pandemic — just about every product brand now includes retail media as a major line item in their annual media plans.
We are entering the third era of this channel’s growth, where early best practices are outdated, and the oversaturation of the auctions and marketer interest requires a new approach; retail marketers need to up their games and sophistication level in order to remain efficient and continue generating impressive returns.
How will they do that, you may ask?
The same thing that makes all marketing work to its maximum levels: data.
Today, retail marketers are doubling down — or even tripling down — on the amount and data formats, including the partners, expertise, and tools required to mine it and make it actionable. But often, this data is scattered across multiple tools. The key here is the connectivity between data and activation.
In this post, learn how Skai’s innovative approach to data unification bridges the gap between retail data + media data and action to propel your retail media program to new heights.
Retail data + media data as the main ingredient to success
As critical as every marketer knows data to be in their operations, most will tell you that siloed data still often anchors them down. A 2021 report by Forrester found that 73% of retailers believe that data fragmentation is a major challenge to their business., hindering them from delivering personalized customer journeys. Solving this immense challenge brings massive benefits. A 2020 study by Harvard Business Review found that companies that have integrated their data silos see an average increase in revenue of 8% and a decrease in costs of 10%.
For this reason, Skai has invested heavily in solutions to help bring marketers all the retail media data they need in one place.
Skai’s omnichannel platform is focused on unifying your advertising performance, retail intelligence, and first-party data.
These retail data + media datasets are foundational needs to powering modern marketing:
Advertising Metrics are the core Key Performance Indicators (KPIs) that steer ad performance. They act as the rudder, guiding advertising campaigns towards the desired outcomes while ensuring optimal use of budget resources.
Retail Intelligence provides digital shelf data to inform decisions, acting as the charts for unchartered waters. It uncovers market trends, consumer behaviors, and competitor insights so that brands can position themselves strategically in the retail media landscape.
First-Party Data is the proprietary map for custom insights. It’s the treasure chest of information that brands own, harboring invaluable insights into consumer interactions and preferences, thereby empowering personalized and impactful engagements.
Marketers need their technology partners to solve critical needs. Data siloing has been a big problem for decades, so by centralizing retail data + media data, Skai doesn’t merely solve the puzzle of data fragmentation—it offers actionable insights that fuel personalized customer engagements, informed decision-making, and optimized ad performance.
In Skai’s approach, data goes beyond merely being informative; it serves as a tool for enhancing the retail media landscape, opening up better possibilities for data-informed success.
Not just raw signals — Skai’s powerful capabilities support data activation use cases
Unifying retail data + media data is a solid step, yet Skai takes it further by offering marketing activation on these data points. This enables our customers to seamlessly transition from insights to action within the same platform across a broader range of data. This approach ensures that the process of data consolidation serves as a pathway to addressing the real-world challenges that marketers encounter.
The following data-powered capabilities highlighted are just a few examples of how this approach translates into practical solutions for retail media marketers.
- Keyword and Competitor Insights provide a glimpse into market dynamics, enabling brands to understand their market share, identify opportunities for competitive conquesting, and gain a competitive edge.
- Digital Shelf Intelligence helps optimize marketing campaigns by providing insights on reviews, ratings, buy box status, and more to drive online sales.
- Customer Journey Data aids in crafting personalized ads by unlocking multi-touch attribution to better understand the customer journey to enhance engagement and conversion rates.
Benefits of Skai’s retail data + media data approach
Embracing the data unification and capabilities offered by Skai paves the way for a multitude of benefits within your retail media program, transforming raw data into actionable insights that propel your marketing efforts forward — all from one platform.
Harness the potential of non-advertising data to enrich your advertising analysis with a broader context, allowing for a robust understanding of advertising impact. This enriched perspective facilitates a multi-dimensional view, which is essential for fine-tuning advertising strategies.
Boost efficiency across your retail media program by adopting smarter, streamlined strategies, leading to optimized resources and enhanced ROI. By minimizing resource drain, you create room for focused innovation and strategy refinement.
Explore fresh pathways to increase sales and elevate your retail media program to a heightened standard of excellence, fostering a culture of continuous improvement. This proactive approach positions your brand for sustained growth and competitive advantage.
Integrate non-advertising data into your advertising strategy to cultivate a deeper comprehension of your market and audience, resulting in well-informed decisions. With a richer understanding powered by retail data + media data, your marketing strategies become more targeted and effective.
Utilize Skai’s unified platform to simplify your workflow, seamlessly adapting to ever-changing consumer expectations and market dynamics, ensuring agility in a competitive retail landscape. The adaptive nature of Skai’s platform empowers your brand to stay ahead of market trends and consumer preferences.
Retail media is about to evolve again — are you ready? Skai can help!
As the retail media landscape continues to evolve, staying ahead of the curve is essential. Skai’s revolutionary approach to unifying retail data + media data empowers you to not only meet but exceed customer expectations.
By seamlessly integrating advertising performance metrics, retail intelligence, and first-party data, Skai unlocks new opportunities for efficiency, growth, and success in your retail media program. It’s time to embrace the future of retail media with Skai.
For more information on Skai’s innovative approach to retail media data as well as omnichannel performance media, please schedule a brief demo to see our cutting-edge capabilities for yourself.