Even in the middle of economic uncertainty, retail media programs continue to thrive. eMarketer predicts that retail media spend will hit $61.15 billion in 2024 in the United States alone, which is nearly 20% of total digital ad spend. As we lean into our mission to empower every person and every organization on the planet to do more, our vision is to create the industry’s most complete omnichannel retail media stack, and we’re well on our way.
Microsoft PromoteIQ is a holistic retail media platform for retailers and brands of varying sizes and budgets who are looking to expand into new monetization avenues, informed by clear insights into shopper intent and behavior. The platform allows retailers to help their brand partners connect with shoppers at every stage of the customer journey, as they move from awareness through to conversion. With Microsoft PromoteIQ, brands are already experiencing on average 3x the marketing return on investment (MROI) in their onsite retail media campaigns, as compared to the industry average.
At the National Retail Federation (NRF) conference in New York City this year, we shared our plans to help retailers and brands accelerate business growth and transformation with the power of retail media through multiple channels, all through one central platform.
Introducing PromoteIQ Offsite
To date, retail media programs have primarily operated onsite—meaning that brands interact with shoppers through a retailer’s own digital properties (such as their websites and apps). Offsite advertising has more recently become a critical tool for retailers, allowing them to activate their rich first-party customer data to help their brand partners reach shoppers using third-party inventory across the open web, social, and even Connected TV (offsite). This capability allows brands to target shoppers at the awareness and consideration stages of the sales funnel, expanding the opportunity for sales to valuable, new, and relevant audiences.
With PromoteIQ Offsite, retailers will be able to partner with brand advertisers using the broader Microsoft Advertising platform and ecosystem. This translates into significant opportunities for retailers to monetize more of their onsite inventory, as PromoteIQ Offsite leverages the power of the Microsoft Marketing Platform (MMP), an established platform with plenty of robust tech, to drive shopper traffic to participating retailer websites.
Now, with Microsoft PromoteIQ, advertisers will not only be able to engage with shoppers wherever they are online—whether they’re searching for products on the open web, scrolling through a social media feed, or binge-watching their favorite show—but will also be able to gain actionable insights from those offsite engagements. PromoteIQ Offsite will enable retailers to leverage their own first-party data as well as Microsoft and (initially) Meta audiences for maximum campaign effectiveness.
BJ’s Wholesale Club, a leading operator of membership warehouse clubs, recently announced the use of PromoteIQ Onsite and Offsite solutions to power BJ’s Media Edge™, a comprehensive portfolio of retail media solutions for their brand partners.
Omnichannel marketing is the future of retail media
With Microsoft PromoteIQ, retailers and their advertisers have a powerful competitive edge. As our vision continues to materialize into our product capabilities, retailers will be able to fully enable their brand partners to connect with audiences through onsite, offsite, and in-store activations. Combining solutions on a unified retail media platform creates an efficient and scalable experience for both retailers and brands, enabling them to unlock sales and performance metrics in real time, to inform their strategy for a successful retail media program.
An omnichannel platform empowers retailers to meet their shoppers where they are, while helping their brand partners reach consumers at all stages in the shopping journey—all while delivering measurable return on marketing investment through a holistic platform experience. For more on the benefits of a unified retail media platform, download our free whitepaper here.
And if you’re ready to take your retail media program to the next level and would like to learn more about PromoteIQ, visit our website, or inquire about our solutions.
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