The holiday shopping season is coming — and there’s a lot more to think about than just your assortment. During the Cyber Five alone, how will you stand out in a sea of more than 196 million shoppers? How much will you invest in retail media? What advertising strategies will you use to top last year’s performance?
In our latest webinar, Link Walls, vice president of digital marketing strategy for Rithum, explores the retail media landscape and what you can do to spur growth this holiday season.
Retail Media Has Grown (Again)
Digital advertising has changed yet again. Whereas Google and Meta previously owned the space, Amazon’s digital advertising revenue increase of 22% to $10.7 billion in Q2 2023 demonstrates a shift to a triopoly leading the retail media pack. In fact, most analysts believe Amazon’s ads now drive the majority of its profits.
We believe there are a few reasons retail media has taken off at such an accelerated rate:
1. Privacy changes have made tracking success more difficult.
It’s been about two years since Apple introduced pop-ups restricting activity tracking across other apps without users’ permission. While this is good for privacy, it makes it harder for brands and other apps to track their success across other channels. Google has also announced plans to do away with third-party cookies by 2024, straining tracking even more.
2. Closed loop measurement drives increased investment.
When companies like Apple and Google make it harder to track consumer activity, investment in those avenues naturally decreases. Conversely, closed loop measurement like Amazon Ads makes it easy to see how paid ads lead directly to clicks and consumer purchases.
3. Retail sites have become search engines.
While Google is still a major player in e-commerce search, it’s not the only path shoppers have to take to look for products. Following in Amazon’s footsteps, many retail sites have become search engines themselves, allowing consumers to do more than simply place orders. They can explore and discover new products at the same time.
What’s New for Holiday 2023?
Planning well for the coming shopping season requires taking advantage of all your available resources. This year, multiple marketplaces boast new selling tools to help you break through the noise and boost brand awareness.
- Off-Amazon Sponsored Products. Amazon Sponsored Products are typically best for the lower end of the funnel. But extending these ads outside of Amazon to premium sites like Pinterest or Buzzfeed allows Sponsored Products to function more as a discovery tool.
- More Prime Days. Amazon will host its second “Prime Big Deal Days” this October. Though little is known about the event, it will take place on October 10 and 11 and is expected to be just as big (if not bigger) than July’s Prime Day event just a couple months ago.
- Sponsored Videos on Walmart Connect. Sponsored Videos are now available for all registered brands on Walmart Connect. This highly engaging format appears below the first few search results (for both desktop and mobile) and is perfect for brand storytelling, product discovery and increasing sales.
- eBay Promoted Listings Advanced. eBay Promoted Listings Advanced has been around for a couple of years, but only in beta testing. Now, it’s generally available, adding three premium placement opportunities for a total of seven on search result pages. According to eBay, sellers see 50% more sales, on average, when using Promoted Listings Advanced compared to non-promoted items. Want to stick with the standard offering? Your listings are still seen up to three times more, on average, when using Promoted Listings Standard compared to non-promoted items.
- eBay Offsite Ads (beta). Like Amazon, eBay is experimenting with off-site ads, though the solution is still in beta. Now, you can increase your reach on external channels like Google Shopping, paying only when a buyer clicks your ad.
Be ready for the most important holidays through 2023. Get our e-commerce calendar for the second half of the year so you don’t miss a thing.
Your Holiday Prep Should Be Well Underway
As the holiday hustle approaches, tapping into retail media and new ad options could put your brand front and center. If your holiday e-commerce strategy isn’t already in the works, it’s time to kick it into gear.
We recommend a three-pronged approach that starts with building a strong advertising foundation. Identify your priority assortment for the peak season and fine-tune your digital storefront with multiple inviting product pages. Then, assess the health of your product content and consider Amazon A+ Content for increased conversions.
A full-funnel strategy will also help you keep shoppers focused on your brand no matter where they are in the shopping journey. Product detail page targeting showcases your own ASINs to eliminate competitor real estate. Or, try new Sponsored Brand Video to show off your branded content to newcomers with a welcoming vibe.
Finally, create an agile system that connects your product data to ads. An integrated solution that takes into account the product lifecycle and a focus on both profit and growth can help you maximize conversions and reduce wasted ad dollars.
Not sure how to implement or improve your 2023 holiday strategy? Start by watching the full webinar, Build a Breakthrough Retail Media Strategy for the Holidays, for more detailed explanations and tips. Or, contact our Managed Services team for help from an e-commerce expert.