Gamification: How to Win at Retail Media by Leveraging Playable Marketing
by Erika Naud
The digital advertising landscape is rapidly evolving, and retail media is emerging as a powerful channel for marketers to connect with their target audiences. According to ecommerceDB, a partner of Statista, global revenues from ads on digital retail media networks are projected to reach an impressive $128bn in 2023, reflecting solid growth compared to previous years.
As retail marketers navigate this dynamic landscape, it is essential to understand the significance of retail media and explore innovative solutions to address its inherent challenges. Enter gamification. With platforms such as Playable, gamification offers a unique approach to optimize retail media campaigns and overcome pain points commonly associated with this advertising channel.
What is retail media?
Retail media refers to the advertising opportunities provided by retailers through their digital channels, such as websites and apps, allowing third-party brands to reach their target audiences effectively. By leveraging the vast reach and customer insights offered by retail media networks, brands can strategically position their ads at critical touch points during the consumer’s purchasing journey, capturing their attention and driving conversions. It is essentially a “digital shelf” where brands can stand out and engage with shoppers in a relevant and impactful manner.
“The reason retail media works so well is that shoppers are more receptive to ads when shopping than when they’re carrying out other non-shopping related activities,” says Neil Patel.
Why is retail media important in 2023?
In today’s digital age, retail media has become increasingly important for marketers for several reasons. Firstly, the exponential growth of e-commerce has shifted consumer behavior, making online shopping a preferred method for many. As consumers spend more time on retail platforms, advertising on retail media networks allows brands to reach customers when they are already engaged and ready to make a purchase. This targeted approach improves the chances of conversions and enhances overall marketing effectiveness.
Secondly, retail media networks provide brands with invaluable first-party data and audience insights. By leveraging these data-driven insights, marketers can gain a deep understanding of their target audience’s shopping patterns, preferences, and behaviors. However, retail media networks often have limitations when it comes to data sharing, hindering marketers’ ability to access comprehensive consumer insights. This is where gamification (such as Playable’s innovative gamification platform) comes into play.
Addressing retail media pain points with playable marketing
While we’re not suggesting that playable marketing can single-handedly solve all the pain points associated with retail media, it can however significantly alleviate three major challenges that marketers often face in this space. Let’s delve into these pain points and explore how playable marketing can drive results.