Retail media networks are no longer optional for savvy retailers \u2014 they\u2019ve become absolutely necessary, says Gil Phipps, senior vice president of global customer solutions at Advantage Solutions.<\/p>\n
In a contributed opinion piece published today in Total Retail<\/em> magazine, Phipps sets the stage by explaining how the advertising landscape has dramatically changed for brands. No longer do consumer packaged goods companies rely on print and television ads to reach consumers. Retailers have the more expansive reach these days, Phipps says, and some of the largest store chains have tens of millions of transactions daily.<\/p>\n Gil Phipps has worked in grocery retail, consumer packaged goods and private brands for more than 30 years.<\/p>\n Though approaches vary, the idea of a retail media network is simple enough: CPG companies pay retailers to promote their products directly to shoppers in their stores, leveraging information that they have from past purchases.<\/p>\n There\u2019s plenty of upside for shoppers, who get deals on products they know and love, and receive promotions on items that they\u2019ve never before tried. That\u2019s a win-win, according to Phipps.<\/p>\n Phipps proceeds to demystify retail media networks and why they matter. He also offers a thoughtful caveat at the end \u2014 retail media networks alone are not enough.<\/p>\n