In the constantly evolving world of retail, staying ahead of emerging trends is crucial for brands and advertisers to remain competitive and ahead of the game. As we enter the second half of 2023, the realm of retail media is undergoing a significant transformation driven by changing consumer expectations, technological advancements, and a shifting advertising paradigm. From seamless shopping experiences to the rise of sustainability, BackLite has identified key market-altering trends that are reshaping the future of commerce media:
- Retail Media Investment Will Attract SMEs: Retailers, who previously focused on big and well-known brands, are expected to explore alternative sources of revenue by paying attention to smaller companies in 2022. While fully managed retail media solutions may not be suitable for smaller brands, programmatic capabilities will help attract these often-overlooked companies with limited resources and optimise budgets. With more than 350 screens available to buy programmatically with BackLite Media, retailers will have a more diverse set of revenue sources encompassing a spectrum of brands they collaborate with.
- Retail Media Strategies Will Emphasise Diversification: In a similar vein, an increase in retail media partnerships will enable retailers to diversify their revenue sources across multiple networks, platforms, and solutions. Instead of relying on a single supply-side platform (SSP), retailers are likely to establish and maintain partnerships with multiple providers simultaneously. This diversification allows companies to avoid overreliance on a single source and instead distribute their efforts across various ad formats, audience segments, and target markets, depending on each provider’s expertise.
- Video & Experiential Will Dominate Retail Media Ad Placements: As more companies develop their own retail media platforms, conventional ad placements like sponsored product and sponsored search have become standard. To stand out, advertisers need to utilise more engaging formats like rich media, video ads and brand activations to further enhance experiences. The dynamic nature of these formals allows advertisers to include various touchpoints across the sales funnel, maximising the potential impact of a single ad unit. Regardless of the ad formats employed, advertisers need to tie their retail media spending to critical metrics such as positive return on investment (ROI).
- First-Party Data is Highly Valued: In a world without cookies, brands are becoming less reliant on third-party data. First-party data has emerged as a valuable tool for advertisers to provide personalised and relevant experiences to consumers that drive results. By partnering with retail media networks, BackLite Media has access to significant amounts of first-party data on customers’ behaviours, reasons to visit the mall, demographic information, and purchasing power of mall visitors. Using these insights, we collaborate with brands and retailers to design and optimise retail media ad campaigns that enhancethe effectiveness of their media investments.
BackLite Media takes pride in its extensive retail media networks, which encompass key malls in Dubai and Abu Dhabi, such as Dubai Festival City and The Galleria Al Maryah Island. Our networks have consistently attracted brands from a wide range of industries, including luxury, e–commerce, and automotive. With a thriving consumer culture in the UAE and world-class shopping destinations, this marketing approach holds significant prominence. Leveraging our retail media network in malls in Dubai and Abu Dhabi can greatly enhance brand visibility, increase consumer engagement, and influence purchase decisions near point of sale. Brands must seize dynamic opportunities to capture their target audience’s attention and thrive in this ever-evolving competitive retail landscape. At BackLite, we are committed to delivering leading mall advertising solutions, ensuring maximum reach and impact for your brand in the region.