July 19, 2022
Thinking of launching a retail media advertising business in your marketplace? Smart move! It’s a great way to add value for your merchants, open a whole new revenue stream, and most important of all -- help your shoppers discover cool new products they’ll love.
But where to begin?
Introducing an advertising component into your e-commerce is akin to launching a new business unit. It requires a plan, people, new processes, contracts, KPIs and so on. At first blush this sounds pretty intimidating. In fact, there are plenty of plug-and-play tools that enable you to launch a retail media network quickly. It comes down to picking the right one for your unique business needs.
Like preparing a delicious dish, succeeding in retail media comes down to meticulous planning. Do you know what you want to make? Do you know what ingredients you’ll need? Have you sourced them? Will you need a new team? Or do you have people within your ranks who can do food prep or bake bread? And most important of all, do you have metrics to distinguish success from failure?
Moloco is privileged to be helping e-commerce apps and marketplaces launch retail media platforms, and we’ve distilled the key ingredients for success in this guide. Our goal is to provide you with the parameters of a retail media platform, things to think about to get buy-in throughout your organization, and the resources you’ll need.
This guide isn’t prescriptive; we won’t tell you how to accomplish a specific task. Every organization is different, and every marketplace is unique. But it is a toolkit to create a game plan that works for you, your customers, and your merchant partners.
At a glance, here are the six key ingredients essential to a successful retail media business:
1) Clear purpose: Business goals, stakeholder alignment, business plan, internal education
2) Method: Requirements, investments, resources, considerations, and how to pick a partner
3) Your team: Ad strategy and operations, account managers, developers, legal and analytics
4) Advertiser acquisition: Education, pricing, onboarding, and resources
5) Measurement: Key KPIs to track, and why they’re important
6) Contracts: Establishing terms and conditions, staying up-to-date with data security and compliance regulations
Discover how operational machine learning, like that implemented by Amazon, can deliver limitless budgets, high ROAS, and a competitive edge for retailers and marketplaces, unlocking the potential for Amazon-like monetization.
Consumers today demand personalized experiences wherever they shop. At the same time, they’re more and more concerned about privacy. So how can marketplaces provide both personalization and privacy across their platforms? We’ll discuss how retail media innovators can use machine learning to solve this challenge.
Fueled by machine learning, retail media can drive innate e-commerce growth, on top of a new revenue stream.