Retail media networks (RMNs) are in-store digital networks that can enhance omnichannel marketing efforts.
RMNs allow retail brands to connect with customers at the point of purchase, drive impulse buys, increase units-per-transaction, and build loyalty. To provide consumers with optimal purchasing experiences, retailers should ensure that their RMN strategy covers both online and offline channels.
The RMN ad revenue is projected to grow 26-75% in 2021, as many big-box retailers like Walmart are investing in the technology. Retailers can leverage RMNs to build an in-store digital marketing network and prolong in-store shopping visits to enhance shopping experiences.
In-store digital marketing networks can further help brands craft tailored messages to reflect real-time conditions like weather, time and more to drive interactions. However, retailers must disregard misconceptions like RMNs are complex and expensive, and use RMNs to enhance in-store digital marketing.
[5 minute read]
