Melanie Hoptman, COO of APAC at LiveRamp – which helps power advertising for the likes of Woolies, Microsoft and JD.com – says with consumers being pickier, retailers have to be smarter than ever with their advertising strategies to boost revenue this holiday season.
To help, she has put together 5 tips on how retailers can catch the attention of shoppers and boost revenue this holiday season.
Melanie shares her predictions on this holiday season’s spending trends:
- E-commerce is expected become more popular as consumers look for online deals to be savvy with their money
- Consumers will look for personalisation when they shop, rather than whatever is simple and convenient as they spend smarter
- Businesses will put a greater focus on data to guide their advertising strategies, to ensure each dollar spent reaches the right audience
- Retailers will leverage their media networks to offset the reduction in topline sales caused by inflation
- Retail media networks will also play an important role in merchandising, helping retailers to avoid excess inventory post-holiday season
5 ways retailers can boost revenue
- Timing is key
As consumers choose their purchases more carefully this year, it’s more important than ever to develop a strong media strategy. Using clever data to ensure you reach the right audience at the right time will enable you to reach a broader audience and boost sales.
- Collaborate for shared wins
As consumers are stricter with their spending, retailers and their partners need ways to bolster the bottom line. Data collaboration, in the form of retail media networks or data clean rooms, is a highly effective way for retailers and suppliers to gather insights on their target audience, improve measurement and boost revenue. RMNs provide access to new data streams, so whether consumers click, purchase, or anything in between, retailers and brands can better understand their customers and deliver more personalised experiences that resonate.
- Deal or no deal
As people watch their spending, we expect shoppers to look for more deals and discounts this year. Retail media provides a perfect opportunity for companies to test out new offerings and learn about consumer habits this holiday season, which will deliver higher ROI.
- Show your customer you know them
Targeted advertising that feels personal to each and every customer will be key to get people to notice your brand this year. By using data to better understand your audiences and the channels they prefer, you can sharpen your personalisation strategies and optimize campaigns on the fly. Privacy will be a crucial element to ensure personalisation aligns with consumer trust.
- Be flexible
Be ready to pivot your campaign messaging. Make sure to gather and analyse data during your campaign and, if the message is not resonating, alter your messaging to make sure it delivers. For example, through RMNs, retailers and their partners can assess real-time data garnered and pivot campaign messaging.
This year it’s all about being agile and flexible to deliver the best outcomes.
*roymorgan.com/findings/pre-christmas-sales-forecast-to-reach-63-9-billion-up-3-on-last-year