Debunking in-store retail media myths
Before you rush to think we’re just trying to sell the importance of yet another ad format, here me out. In-store retail media is going through a COMPLETE makeover, offering brands novel opportunities to engage with BOFU consumers in innovative ways. And by innovative, we’re not necessarily hinting towards those virtual fitting rooms or AR-based makeup try-ons, though we’re absolutely here for them, but more towards the impact these screens have on last minute purchase decisioning.
Yet, despite its growing prominence, several misconceptions persist, holding some businesses back from realizing its full potential. In this post, we aim to debunk common myths surrounding in-store retail media and explore how it goes far beyond traditional digital signage—empowering brands, big and small, to reach consumers at pivotal moments in their purchasing journey. Let’s dive into the realities behind these myths and uncover the true power of in-store retail media.
Myth 1: In-store retail media is just digital signage
Reality: While it's easy to dismiss in-store retail media as mere digital signage, this couldn’t be further from the truth. In-store retail media is a dynamic marketing tool that goes beyond simply displaying ads. It integrates advanced targeting capabilities, real-time data analytics, and engaging content to create a more personalized and impactful shopping experience. Think of it as digital signage on steroids—it’s not just about showing an ad, but about delivering the right message to the right person at the right time, often leading to immediate purchase decisions.
Myth 2: It’s only for big brands
Reality: The notion that in-store retail media is exclusive to big brands is outdated. In fact, in-store media is incredibly scalable, making it accessible for small and mid-sized brands. With the rise of TVOOH platforms like VenuEx, even local businesses can tap into the power of in-store media, targeting specific audiences in a hyper-localized manner. By leveraging in-store media, smaller brands can achieve a higher ROI compared to traditional advertising methods, reaching the consumers who matter most—right when they’re ready to buy.
Myth 3: It doesn’t drive online sales
Reality: In-store media complements omnichannel strategies, boosting both online and offline conversions by creating seamless shopping experiences. Far from being a one-trick pony, in-store media can drive significant online sales by encouraging customers to continue their shopping journey online. For example, a customer who sees an ad for a new product in-store might visit the brand’s website later to learn more or make a purchase. In fact, studies have shown that integrated in-store and online campaigns can boost overall conversions by up to 20%. The key is creating a seamless shopping experience that guides the customer from in-store discovery to online purchase.
Myth 4: It’s too expensive
Reality: Cost is often cited as a barrier to entry, but with the advent of revolutionary programmatic OOH solutions such as VenuEx, the access to in-store is easier than ever. At attractive CPMs, considering the one-to-many co-viewing opportunities, VenuEx promises audience + context + venue targeting with impressive ROIs.
Myth 5: It’s ineffective compared to digital ads
In-store media targets shoppers at the point of purchase, often leading to immediate action, making it highly effective for driving conversions compared to other forms of advertising. Plus, with solutions like VenuEx, advertisers can programmatically target audiences based on user + venue + contextual data, a combination hard to come by in in-store retail media screens. Sure the Amazons of the world have a considerable lead in digital audiences, yet the likes of Target, Walmart, Kroger etc boast audiences of a hundred million or more every month while Amazon Fresh barely registers, according to Placer.ai data from December 2022 and Comscore Media Metric Multi-Platform data from January 2023. These physical retailers are sitting on a goldmine of media potential, given their audience scale and while most of them have been slow to adapt to the rising trend of store modernization, there’s been notable recent growth in the space marked by Walmart’s expansion of in-store ads and The Kroger Co.’s planned roll out of digital ads in the cooler aisle.
