What’s More In-Store for Retail Media with Stratacache’s Ben Reynolds
Dec 16, 2023
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Ben Reynolds, VP of Business Development for STRATACACHE, discusses the future of in-store retail measurement. Topics include personalized in-store traffic assessment, linking in-store behavior to individual purchase, differences with Walkbase approach, granular analytics, best applications, and the future of in-store retail media.
Implementing solutions like Walkbase allows retailers to gain insights into customer behavior, optimize store layouts, and create targeted advertising experiences.
The Walkbase solution enables retailers to measure in-store behavior accurately, link it to transactional history, and optimize their retail media strategies.
Deep dives
Opportunity for Retailers to Harness In-Store Data
Retailers have the opportunity to harness the power of in-store data to enhance their retail media and merchandising strategies. By implementing solutions like Walkbase, retailers can gain insights into customer behavior, such as their journey through the store, dwell times, and conversion rates. This data allows retailers to optimize their store layouts, identify high-value real estate, and make informed decisions regarding merchandising and operations. Furthermore, retailers can leverage this data for retail media purposes, such as measuring impressions, A/B testing content, and creating more targeted and relevant advertising experiences. By integrating in-store data with their customer data platforms, retailers can enhance their understanding of customer behavior and personalize their marketing efforts.
Benefits of Implementing Walkbase Solution
Implementing the Walkbase solution offers several benefits for retailers. Firstly, it allows retailers to measure and analyze in-store behavior as accurately as online behavior, providing valuable insights for merchandising and operations optimization. Secondly, the data collected can be linked to transactional history through loyalty cards, providing retailers with a comprehensive view of customer journeys and enabling them to personalize marketing efforts. Additionally, the Walkbase solution allows retailers to test and optimize their retail media strategies by measuring impressions, analyzing content effectiveness, and understanding the impact on customer behavior. Overall, the implementation of Walkbase can drive operational efficiency, improve customer experiences, and enhance the effectiveness of retail media strategies.
Challenges and Opportunities in Bridging Media and Operations Teams
While there is immense potential in connecting retail media and operations teams using solutions like Walkbase, there are still challenges to overcome. Merchandising and operations teams may not have a background in digital media and may require education on the capabilities and benefits of integrating in-store data into their strategies. On the other hand, retail media teams may understand the potential but struggle with operationalizing the process. Efficient collaboration between these teams is essential to fully leverage the power of in-store data. By conducting pilots and learning from data-driven insights, retailers can gradually bridge the gap between media and operations, enabling a more holistic and effective approach to in-store marketing and optimization.
Future Outlook: App Adoption and Integration
Looking ahead, app adoption and integration are key areas for retailers to focus on. While app adoption in retail is still relatively low, integrating app usage with in-store data can unlock new opportunities for personalized marketing and customer engagement. By understanding the customer journey both inside and outside the store, retailers can curate and deliver targeted content on screens and devices, providing a seamless and personalized shopping experience. Technology advancements that facilitate better interactions with big screens and enable one-on-one interactions with customers in the store will play a crucial role in the future of in-store retail media and enhancing customer experiences.
The CPGGUYS are joined in this episode by Ben Reynolds, VP of Business Development for STRATACACHE, to discuss the future of in-store retail measurement.
You've been involved in retail media since it's inception with PRN at Walmart - what's most exciting about the opportunity you have with the Walkbase solution at STRATACACHE today?
Talk a little bit about how Walkbase measures and assesses in-store traffic and what the implications are for a retailer looking to promise true metrics on in-store retail media?
How does Walkbase personalize this information - can it link in-store behavior to individual purchase? How?
What are some of the differences with the Walkbase approach vs. other providers within the context of retailer cap-ex requirements and changing privacy rules?
What are the implications for retailers and brands to be able to translate in-store behavior into granular, clickstream style analytics?
What are some of the best in-class applications you see your client partners undertaking?
What's next for the world of in-store retail media?
Also, we discussed STRATACACHE'S upcoming event (partnering with NRF before their big show) on January 13, 2024 in New York City called "What's In Store For Retail Media"...for more information click below!
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CPGGUYS LLC expressly disclaims any and all liability or responsibility for any direct, indirect, incidental, special, consequential or other damages arising out of any individual’s use of, reference to, or inability to use this podcast or the information we presented in this podcast.
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