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Why Retail Media Networks Need High Quality Identity Data

Today’s retail media landscape is evolving faster than ever. Retail media networks, which exist at the center of retail commerce and media placement, continue to grow at a breakneck pace. CPG brands looking to eliminate wasted media spend are demanding performance driven marketing strategies from their advertising partners. Consumer behavior continues to evolve and they are easily influenced by personalized messaging with discounted pricing. The retailer is looking to improve their bottom line while increasing lifetime value from their customers. The list could go on and on.

Successful retail media networks fulfill the needs of both CPG brands and consumers by collecting vast amounts of first party data on consumer shopping habits, product preferences, and demographic information. They translate that information into targeted marketing campaigns.  By partnering with a high quality data partner, like TrueData, retail media networks can build their own “private identity cloud” which amplifies the power of their first party data, improves addressability, and allows them to retain complete ownership of their data. 

Emerging retail media networks must act with a sense of urgency as they build their technology stack, focusing on data collection, segmentation, and modeling.  Accurately connecting users to their digital devices, using modern ID standards, ensures new retail media networks can deliver impactful results to their brand partners from day one.  There are several use cases retail media networks should consider: 

  • Improved Identity Resolution: A loyal shopper uses their phone number in-store and logs in to the retailer’s website using their email address. TrueData can map those two identifiers together and provide additional attributes on the customer to create a more accurate customer profile.
  • Scale Audiences: A group of logged in users have searched for baked goods on a grocers website. TrueData can scale that audience up to 4x by appending additional identifiers (like HEM, MAID, CTV ID, etc) and use the initial seed audience to create a real-time look-alike model.  
  • Measurement:. A user is served an advertisement from your retail media network on a third party website. That user then logs in to your retail website and completes a purchase. TrueData will connect impressions to actions to report incremental value to CPG partners. 

Prioritizing high value data partnerships will immediately influence the retail media networks revenue generation potential and improve campaign performance. TrueData’s team of experts is here to help. Schedule a meeting with our data strategy team to discuss how high quality identity data can supercharge your retail media network. 

 

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