Commerce media platform ‘Criteo’ has released a study titled ‘Ultimate Guide to Commerce Media’ which lays emphasis on the rising demand for ‘Commerce Media’ in the age of digital marketing where the consumer is at the centre.
Amid all the talk about privacy and protecting the consumer’s data, marketers and media owners are increasingly asking for commerce marketing solutions says the report.
What is Commerce Media?
As per Criteo, “Commerce media enables both retail and non-retail advertisers (such as Food Delivery and Travel industries) to connect with audiences throughout the buying journey on retailers and publishers across the open internet, leveraging large-scale commerce data to improve experiences and tie ad spend directly to outcomes.”
“Commerce media connects marketers and media owners to first-party data and to each other so that everyone can bring richer experiences to consumers while enabling closed-loop measurement. It brings programmatic advertising and retail media together and widens the field to include non-retail businesses—all on the open internet where the control is in the hands of the marketers and the media owners,” says the report.
As per Criteo, Commerce Media includes a broad network of publishers across the open internet, including retailers. It enables stakeholders to use commerce data and AI to more effectively engage audiences on those publishers and retailers.
It further says four out of 10 brands rely on media to access rich customer insights (e.g., partners’ first-party data) they previously did not have access to and use those insights to deliver more relevant offers and messaging and to improve online and offline sales performance. 73% of media owners seek to optimise media performance as a way to both generate awareness and drive revenue.
The report further states that Commerce Media and data are not only important for digital marketing and e-commerce but also for physical retail. It says physical stores are still as powerful a draw today as they were in 2019. Consumers are shopping on both at the same time.
“Our research showed that more than half of consumers make purchases on their phone while inside a store – either from that retailer or a competitor’s website. Commerce media puts the audience first, facilitating the omnichannel journey that works for them—and connecting ad spend to results wherever they happen (online or in-person),” it said.
Why is Commerce Media important?
In the current environment, prioritising first-party data strategies is now a must for retailers and publishers. Things like privacy, cookies, addressability, and accountability are keeping the digital ad industry up at night. Commerce media is a solution for these big changes upending the industry because it’s rooted in first-party data, says the report.
The report says that marketers are focused on gathering and growing first-party data. Publishers preparing for declining CPMs from the loss of third-party cookies are expanding their first-party data strategies. Retailers are also exploring more ways to monetize their valuable first-party assets. Connecting marketers with these media owners is a win-win for all parties.
“The opportunity for us in the post-third-party cookie ecosystem is that we are the owners of our data. We are the only ones who know and understand our users, who have a repeat relationship based on the first-party cookie,” says Stephanie Layser, Vice President of Advertising Technology and Operations at News Corp.
According to the report, 6 out of 10 marketers and retailers say the top benefits of taking a commerce media approach are improved by 63%.
Taranjeet Singh, Managing Director, SEA & India at Criteo added, “It’s an exciting time to be in digital advertising as so much of the landscape is being disrupted right now. But with great change often comes great outcomes. We’re excited to be at the forefront of this positive shift to commerce media as it gives marketers, media owners and consumers what they want – a safe, personalized, and growth-centric approach to advertising.”