Retail media is a rapidly growing industry as retailers look for ways to diversify their revenue streams and brands look for closed-loop measurement for their advertising programs. Microsoft acquired PromoteIQ in 2019
and it has since grown to become a retail media industry leader working with some of the world’s top retailers. The PromoteIQ technology platform and business services empower global enterprise retailers in Grocery, Apparel, Home Improvement, Consumer Electronics, and other industries to offer premium marketing opportunities across the retail ecosystem.
The daily volume of shopper interactions on US online retail sites can easily top hundreds of millions. This vast amount of data can make predicting accurate ad signals at large scale challenging for retail media programs, so, today, we’re excited to announce that PromoteIQ is adopting Microsoft’s world-class artificial intelligence (AI) to drive innovation in retail media by leveraging machine learning (ML) technologies across the PromoteIQ algorithms. PromoteIQ is integrating Microsoft’s scaled ML to enhance our retail media algorithms to drive clarity and value for retailers, brands, and shoppers.
How Microsoft AI will improve PromoteIQ retail media programs for retailers, brands, and shoppers
1. Enhanced ad relevance and revenue for retailers
PromoteIQ will continue improving monetisation for retail clients by leveraging Microsoft’s ML expertise. Retailers could see improved performance of their retail media programs through faster delivery of more relevant ads: Shoppers are more likely to click on more relevant ads, which could result in measurable increases in program performance.
2. Better campaign performance for brands
Advertisers, benefitting from AI-enhanced algorithms, could see higher engagement rates as shoppers interact with more relevant ads. Higher shopper engagement can lead to increased sales and bigger cart sizes.
3. Better shopper experiences from more relevant ads
Algorithm improvements will lead to more relevant ads for shoppers and a better shopping experience. Better shopping experiences create positive brand and retailer perceptions with consumers, which can lead to increased customer lifetime value.
4. Continuous program improvement
The benefit of ML is that it analyses new information along with historical data, continuously learning and further amplifying improvements over time. This continuous iteration, including key metrics such as cost per click (CPC) and click-through rate (CTR), results in ongoing program improvements that benefit retailers, advertisers, and shoppers.
Combining Microsoft’s AI expertise and its leading PromoteIQ retail media platform will deliver more value to retailers and brands, and a better experience for shoppers, and this is just the beginning! PromoteIQ will leverage these resources to bring advanced AI to its products and drive continued improvements to retail media technology consistently over time. We’re committed to innovating across ad personalisation, automation, measurement, and data analytics, with the goal of delivering best-in-class solutions for our customers.
To find out more about PromoteIQ or to inquire about our solutions, please visit the PromoteIQ website
. You can read more about Microsoft’s investments and solutions in artificial intelligence at the Microsoft AI website
Sign up for the weekly Microsoft Advertising Insider newsletter
to keep up with the latest insights, product news, tips and tricks, thought leadership, customer success stories, and resources.