The explosion of retail media has arrived! Starting today, the benefits that advertisers like Spectrum Brands have achieved on Amazon and Walmart are now available on all major retail sites including Kroger, Target, Best Buy, Bed Bath & Beyond, Costco, Sam’s Club, Kohl’s, Wayfair and Home Depot. Read all about it here.
Today, more brands are flocking to retail media as a lever to surface products in front of consumers to make sure they appear on the right shelves from the search bar with 63% of online sales attributed to omnichannel growth. Advertising on Amazon is table stakes but with omnichannel advertising the challenge of understanding which sites to invest in and how much is exponentially harder. Unlike brick and mortar, where a dozen or so brands are competing on the physical shelf, in e-commerce there are thousands of brands competing in real time on the digital shelf. Competition continuously emerges, and the real time algorithmic nature of e-commerce compounded with managing different retail channels at the same time gets real complicated, real fast.
Enter CommerceIQ’s new omnichannel advertising capabilities with E-commerce Channel Optimization (ECO) at the core. ECO takes the guesswork out of understanding the optimal mix of ad spend using a powerful AI-based automation engine that ties advertising with sales and supply chain operations. Instead of inadvertently wasting money on retail-unaware advertising and search terms geared towards driving traffic to unprofitable or low inventory SKUs, this approach ensures the majority of ad spend is allocated towards capturing incremental demand rather than cannibalizing sales brands would have obtained organically. Our expanded capabilities help brands track and optimize their digital shelf, activate machine learning based automations and generate integrated cross-channel reporting from a single portal. On average, customers that use CommerceIQ achieve a 20% increase in share of voice, 40% more incremental sales and 20% greater profitability.
Behind everything we do, CommerceIQ focuses on the ultimate business objective of driving revenue growth. Sounds obvious but in practice this gets much harder to implement especially as it relates to omnichannel advertising and measuring SOV, the true indicator of success that captures the consumer at the point of purchase and drives them to a brand’s product page to make a purchase. CommerceIQ tracks thousands of keywords and integrates them into an AI based decision engine to allocate spend in near real time. This comprehensive approach outperforms other methods that only track a handful of keywords or operate in a silo regardless of inventory levels or organic search performance.
Here’s what Leonard Glick, Director of Marketing & Business Intelligence at Spectrum Brands, Inc. had to say about the new capabilities: “CommerceIQ gives us a strategic way to achieve our business outcomes using a retail and competitor aware approach that allows us to set business objectives for each product category. Instead of tactically looking at marketing metrics like return on ad spend, click through rates or ad attributed sales, CommerceIQ focuses on helping us reach our most important goals of increasing share of voice, growing profitability and competitor conquesting.”
If you’re interested in joining brands like Spectrum Brands that have selected CommerceIQ as their solution of choice to win more shoppers across omnichannel retail media, contact us today!