The retail industry has been forever changed by the coronavirus pandemic. Retailers are seeing explosive growth in ecommerce, but are also challenged by the increasing costs associated with fulfilling online orders. This transforming landscape has forced many retailers to get creative and source revenue in new and innovative ways. One of the more compelling tactics we’re seeing today is the growth of retail media programs as a way to drive top-line product sales and bottom-line profit. More than ever, retailers are driving high-margin revenue by leveraging previously untapped first-party information, and also providing brands with highly-relevant media closer to the point of purchase.
Google is here to help retailers pivot with:
Retailers work with hundreds, or even thousands, of brands. Uncovering opportunity is no easy task. Retailers can discover where opportunity exists and prioritize the right brands to engage with based on Google Search demand trends.
This powerful data enables retailers to:
From driving awareness for new product launches to increasing sales, brands come to retailers with clear goals in mind. Historically, retailers pushed in-store promotions and traditional media to drive results for brands. Yet the rise of digital has become a critical lever for retailers to drive awareness, consideration, and purchases for brands. Google partners with retailers to deliver full funnel media plans including YouTube, Display, and Search ads that achieve brand objectives at scale.
Retailers are sitting on rich, first-party shopper information that is invaluable in helping brands better understand shoppers. At the same time, shoppers stand to benefit from personalized ads and content experiences as they research and make purchase decisions in digital storefronts. In fact, when experiences are highly personalized, shoppers are more than twice as likely to add items to their shopping cart and 40% more likely to spend more than planned. Tools like Google Marketing Platform connect retailers and brand manufacturers to highly qualified shoppers at scale by leveraging intent and audience signals in a way that drives business impact.
—Sarah Travis, retail industry director, Google