Flightpath March 21, 2024
KPOV
Exploring Retail Media Networks (RMNs) - A Shoptalk Hot Topic
My “KPOV” for the week is about “Retail Media Networks” (RMN), a hot topic at Shoptalk, which concluded yesterday.
Retail Media Networks (RMNs) are revolutionizing digital advertising within retail spaces. Essentially, an RMN involves a retailer allowing brands to advertise on their digital platform, whether online or in-store. This strategic collaboration fosters increased engagement and conversion rates.
For instance, consider Dick’s Sporting Goods featuring video content from Nike in their storefront windows, or Nike leveraging the opportunity to launch new products or showcase exclusive sneaker drops on Dick’s e-Commerce site. Similarly, Veronica Beard may utilize video content from their runway shows to highlight products available on Nordstrom.com.
With RMNs, brands can execute highly targeted marketing campaigns within retail environments, leading to enhanced sales performance and RMN fees. It's a symbiotic relationship benefiting both parties involved.
When considering where to allocate your brand's digital advertising assets, RMNs present an enticing opportunity for maximizing visibility and driving conversions.
TECH TALK
Streamlining Business Operations: The Era of Tech Platform Consolidation
In the realm of business operations, the concept of Tech Platform Consolidation is gaining significant traction among brands and retailers. The objective? To streamline operations by reducing the number of platform providers required to run a business efficiently.
Amidst the myriad of solutions available, it's increasingly evident that a single platform can often cover a substantial portion of business needs, upwards of 80% or more. Not only does this streamline operations, but it also presents a more cost-effective solution.
To embark on this journey of consolidation, it's crucial to conduct a comprehensive inventory of existing tech providers across various operational areas. This evaluation will help identify essential platforms and highlight redundant ones that can be phased out.
When exploring new platforms, consider hosting a Request for Proposal (RFP) with a minimum of three contenders in the respective space. Prioritize proof of concept demonstrations before making any commitments and negotiate short-term agreements whenever possible. Remember, it's often more advantageous to "rent" a platform rather than invest resources in building one from scratch. Renting not only saves time but also ensures access to a superior solution.
Embracing the ethos of Tech Platform Consolidation can lead to enhanced efficiency, reduced costs, and a more streamlined business operation.
FEATURED PARTNER
Narvar provides the best post-purchase experience for those shopping online. The platform enables retailers and brands to effectively communicate with customers providing estimated delivery dates, reduces the need for online support lowering customer queries, automates the return process while providing customers with exchange alternatives, and manages customer expectations on package(s) delivery which may be coming from multiple sources.
THE RETAIL PILOT PODCAST
An article in the Wall Street Journal last week reminded us of Ken’s insightful conversation on The Retail Pilot podcast with Todd Snyder, founder of the men’s fashion brand, Todd Snyder. Read the article HERE, and listen to Ken’s conversation with Todd on your favorite podcast platform linked below.
