Retailers in Europe are moving too slow toward their next big revenue opportunity. But new solutions are entering the market to help them protect their profits—including Criteo Retail Media.
A new report from teknowlogy | PAC, the European industry analyst firm, affirms that monetising shopper data is the future of profitability for retailers. This Expert View published on the 29th April 2019 and titled “European retailers should get smarter than Amazon about data monetization” was written by Olivier Rafal (@olivierrafal), Vice President of Digital Business Innovations and Nick Mayes (@Nick_Mayes), Research Director.
As the title suggests, the authors believe that retailers have to move faster to leverage what makes them unique—their audiences and their insights into real shopper journeys and transactions. Or they’ll continue to lose brand dollars to the internet’s triple threat: Google, Facebook, and Amazon.
“If retailers do not hold their ground or, better still, innovate to attract brands, they will be wiped out by Google, Amazon, and Facebook, which will capture most of the value, leaving them with nothing but crumbs.”
There are a variety of ways that retailers can use data to increase revenue, but the largest untapped opportunity, according to the authors, is in digital advertising. Retailers have to become data-driven media businesses. By doing so, they offer their brand partners the ability to use first-party shopper data to target digital ads and meet their campaign goals with greater efficiency.
Criteo is cited in the report as one of the first companies to break ground in creating a retail media solution that enables retailers to do this.
Criteo Retail Media provides retailers with the technology and infrastructure they need to be a profitable advertising business. Our solutions allow retailers to have a media offering with a variety of commerce-driven ad formats and placements that engage consumers at key moments in the shopper journey. Retailers can give their brand partners the tools they need to manage their campaigns and attribute their ads to SKU-level product sales.
This is new territory for many retailers, but they must think of it as a survival tactic. Data monetization will ensure that retailers can stay afloat today and be prepared for the disruption of tomorrow.
Click here to download the full PAC report, courtesy of Criteo, for an in-depth discussion on the state of retail and shopper data monetization and get more of PAC’s recommendations.