Unlock in-store retail media without Capital Expenditure. Here’s how.

Investing in in-store retail media can be daunting for retailers. Why? Because digital channels can be easily managed and in-store requires a deeper understanding and control of your physical estate. But, the reality is that the return heavily outweighs the initial investment, and even that can be much smaller than most imagine. This blog post looks at how unlocking in-store retail media, and maximising its potential, doesn’t need to be a complicated process, and almost everything you need is already at your fingertips.

So, how do you drive revenues from in-store retail media without capital expenditure?

1. You already own all your in-store assets: repurpose & utilise them

From fixtures and fittings to displays, screens and specific in-store spaces, you already have everything you need in your stores for your retail media inventory. Your current infrastructure and existing display spaces can quickly and easily be repurposed for retail media content. You may well be managing retail media on some scale in your stores, but using your stores to their retail media capacity is key to driving the most revenues. In order to do this, you need to understand exactly what each store has to offer in terms of advertising potential.

2. New in-store tech isn’t essential: it doesn’t have to be digital

Installing hundreds of screens, digital shelves, self-scan devices, self-checkouts and other tech specifically for retail media purposes is hugely expensive and not essential from the get-go. While all of those things can be incredible for your in-store retail media proposition, brands value your in-store audience over anything. 

Brilliant printed point-of-sale and POP displays, “aisle take-overs”, brand-led in-store events, tastings, store radio and other in-store marketing opportunities are all highly effective and achieve advertisers getting in front of your customers when they are most likely to make a purchase. Investing in specific in-store retail media technology can wait until you have utilised all other areas in your stores and are able to sell and manage them effectively and at full capacity.

3. Harness sponsored content, in-store retail media initiatives and events

Not only do you already have the spaces for additional brand advertising within your stores, you can also partner with brands to co-fund or sponsor in-store media initiatives and events. This saves you money on creating interesting marketing in your stores and provides more engaging in-store experiences for your customers. Brands are looking to invest in in-store advertising to enhance product visibility and sales. In return for optimal in-store media placement, they can cover costs and provide the content. 

Research shows brands are particularly interested in utilising in-store as part of an omnichannel retail media approach. In fact, this recent report by Turbyne found that nearly three-quarters (74%) of brands consider in-store media “effective” or “very effective”. And, 70% said they would increase their investment in retail media if in-store tactics were combined with digital.

4. Cut costs on improving store navigation for customers & maintain competitive pricing

While some investment will need to be made in managing your in-store retail media, from the selling process to execution in store, money can also be saved in improving wayfinding and navigation around your stores with the help of retail media. Great brand content can help guide shoppers through your stores and make them instantly aware of certain products, promotions and services. Retail media can help to ‘bring your stores to life’ and help shoppers engage with, discover and compare brands they may have not otherwise seen or interacted with. 

And that’s not all, the extra revenues generated from retail media can help your organisation cover rising overhead costs and inflation and allow you to maintain competitive pricing for your customers.

5. Use your existing customer and sales data

It’s a misconception that in-store retail media requires instant data feedback. You can use your existing sales and customer data to inform your retail media offerings. And, to gauge which locations (both in-store and across your estate) are most effective in increasing conversions for particular products or brands. Closely monitor this information to understand your best performing shelf spaces or locations and use that data to prove in-store marketing effectiveness to brands and allow you to sell those spots at higher prices.

Managing retail media in the real world can be simple

Managing physical retail media assets over, or alongside, digital can be daunting for retailers, but with the right tools, the process can be relatively simple. Firstly, you’ll need a detailed understanding and documentation of your in-store inventory. Then, you’ll need to be able to control and manage that inventory across your own campaigns and the media advertisers have purchased. And, when each of those spaces or locations are booked or available. Finally, you’ll need to be able to ensure precise execution of retail media in stores and carefully monitor its performance.

By leveraging your existing infrastructure, utilising its capacity and using cost-effective solutions, you can take control of your in-store retail media in-house and unlock its potential without significant CapEx. Maximising your in-store retail media opportunities can drive new revenue streams, improve relationships and partnerships with brands, increase sales, and enhance the customer experience in a cost-efficient manner.

Learn more about managing your retail media inventory here or get in touch to see how Colateral can help your organisation maximise its in-store retail media potential.