Retail media has confirmed to be a strategic funding for savvy manufacturers as a result of it delivers on essential key efficiency indicators. As a part of The Drum’s Retail Deep Dive, we discover out from FairPrice Group how manufacturers can achieve a rise in return on funding or return on advertising spend attributable to retail media.At FairPrice Group’s unmanned Cheers comfort retail retailer positioned at Our Tampines Hub, the shop makes use of know-how to supply hassle-free comfort, the place customers want solely to stroll in, decide up what they need and go away.
Through using synthetic intelligence and image-recognition know-how, the sensible system registers what they took and processes cost mechanically. This frees customers as much as be extra receptive towards in-store engagement, with content material advertising and marketing for this retailer producing 2m impressions.This is only one instance of the advertising and marketing transformation of the group’s comfort retail and retail enterprise, which is led by Vivek Kumar, director for strategic advertising and marketing and omnichannel monetization at FairPrice Group, who took on the portfolio in October 2020.“One of our first steps final 12 months was to conduct in-depth shopper analysis to know the fast-evolving wants of our clients. This allowed us to adapt and higher cater to the various segments of shoppers that we serve,” explains Kumar.“In response to the Covid-19 pandemic, we recognized key consumption events reminiscent of a rushed breakfast, treats for youths after home-based studying or snacks for a cozy film evening with family members. Working with our product companions, Cheers and FairPrice Xpress supplied 100 on a regular basis merchandise at particular costs to convey some cheerful moments to our clients. We additionally partnered with Mediacorp to convey it to nationwide TV, with a particular supply supply on Grab.”Community engagement is additionally key to FairPrice Group, and the retailer has been working actively to interact its clients in-store. Customers who visited Cheers shops in July had been introduced a #cheerfulmoments card, designed with a enjoyable message to convey a smile to their faces. It additionally partnered with Foodpanda to create Cheers Supper Club to assist its clients get midnight snacks and drinks to unwind in the consolation of their houses.“Similarly, we created distinctive content material round Father’s Day and Mother’s Day. Our trendjacking on social media, from #sadlovestories to #marinabaysands in Tennessee, is cherished by our social media followers. As such, we’ve seen regular development in our social media engagement price.”FairPrice Group’s monetization techniqueIn early 2021, FairPrice Group launched FairPrice Group Media and partnered with transport firm SMRT’s Stellar Ace to supply omnichannel media stock to advertisers.This initiative permits the retail group to supply a linked ecosystem spanning 1000’s of digital screens throughout practice stations and bus interchanges to coffeeshops, meals courts and supermarkets, each offline and on-line.Aside from the advantage of shifting nearer to the buyer, Kumar argues there is a lot for manufacturers to love about retail media, mentioning advertising in retail is a brand-safe environment with first-party knowledge, bringing entrepreneurs ever nearer to an precise shopper buy event.“We are one of many uncommon retail media networks that additionally covers eating places. Our manufacturers reminiscent of FairPrice supermarkets and Kopitiam are favourite locations of Singaporeans. We see our supermarkets and F&B places as group hubs, drawing folks collectively on a social and useful degree in fulfilling their every day wants.“We additionally supply an unmatched community of 550 digital screens throughout our retail and comfort shops and eating places. In truth, we’ve opened up lots of our meals areas the place the group gathers for the primary time to model advertisers. No different retailer can supply such a extensive and various community of engagement factors.“With NTUC Link as a part of the FairPrice Group, we convey over 10 years of first-party knowledge and distinctive buyer segmentation and concentrating on alternatives to manufacturers. We additionally attain over 90% of Singapore households as we’re the one participant right here who can convey a distinctive 360° attribution mannequin to advertisers. Lastly, we’ve a fast-growing on-line e-commerce platform, making us a robust contender in the web grocery retail area.”Trading OOH and DOOH stock programmaticallyAs the important thing focus for advertisers is accountability for his or her advert buys, the retailer now affords omnichannel impressions stories for each media purchase with FairPrice Group Media. This permits model entrepreneurs to evaluate the effectiveness of their omnichannel campaigns with FairPrice Group.In addition, FairPrice Group additionally affords digital offsite media buys the place advertisers can faucet into one in every of Singapore’s largest and most certified audiences to succeed in consumers matching their wants on Google, Facebook or YouTube.For instance, one in every of FairPrice Group’s advertisers approached the retailer intending to extend gross sales and publicity of a main beverage provider’s merchandise in key on-line search positioning.The total objective was to extend gross sales uplift throughout the model, with heavy gross sales development for promoted merchandise, and enhance on-line positioning. Promoted merchandise made $12.6m in gross sales in the 145-day interval. This was an 8.7% improve on the earlier interval, equating to $1.02m in new gross sales. As such, the ROAS was 2,462%, whereas the advert conversion price was 70.8% with 1.4m advert impressions.Kumar says: “We supply two kinds of offsite advertising options. The first is self-service, the place advertisers can deploy their robust digital capabilities to run their very own paid adverts whereas committing to a important price range or minimal anticipated site visitors to FairPrice Online. The second is managed service, the place advertisers can make investments a minimal price range of $25k in our in-house paid adverts that faucet into our offline audiences, whereas optimizing for on-line and in-store conversions.“We can do that as a result of we’re the one grocery participant in Singapore with the capabilities to measure on-line and in-store attribution. Being a true omnichannel retailer, we’ve constructed a 360° attribution mannequin, with capabilities to run wide-ranging pilot checks with our giant viewers base of 2m+ clients.”He believes the long run is omnichannel and data-led, which is why FairPrice Group Media is combining its channels and first-party knowledge to create a distinctive benefit for model companions in reaching development in gross sales income and model KPIs. He notes in market conversations, advertisers have highlighted their want for artistic experimentation to allow them to obtain larger model consciousness. FairPrice Group is eager to associate with manufacturers to create distinctive, artistic executions which are on model and on technique, and that add pleasure to the client journey.“We have began experimenting with artistic buys. An excellent instance of this is a latest execution in our Kopitiam meals courts. It was a first-ever for us, the place we partnered with a model to create life-sized and extremely seen property with related messages to interact our diners. The execution was appreciated by our diners and the outcomes had been very optimistic for the model.“It is in each our and the model’s curiosity to make the purchasing or eating expertise at FairPrice Group higher for our clients. We look ahead to creating extra such win-win-win partnerships. Ultimately, the key sauce is all the time in having the ability to pull collectively our first-party knowledge to search out insights that may assist consumers make the best choice. Creativity in how we leverage our knowledge to unlock such income alternatives for our companions might be a large aggressive benefit for them.”For extra on the reinvention of retail, try The Drum’s Retail hub, the place we discover every thing from livestreaming e-commerce to AR purchasing and aware consumerism.