Adtech company Criteo has announced the launch of its first-to-market, self-service Retail Media platform. The platform offers ad placement on retail and eCommerce websites and apps. Retailers will be able to earn incremental revenue via the ad network. Brands and agencies can use the platform to deliver consent-based, personalised advertising without relying on third-party cookies.
Managing retail media campaigns
Criteo says retailers can now drive revenue by providing tools that make it easy for brands and agencies to manage retail media campaigns, while also maintaining control of the shopper experience. Additionally, retailers and brands using the platform can deliver consent-based, personalised advertising without relying on third-party cookies.
“Criteo has built technology that allows retailers and brands to better partner with one another to deliver relevant shopping experiences. We expect the platform to increase product sales,” said Geoffroy Martin, EVP and General Manager, Growth Portfolio at Criteo.
“We’re thrilled to now offer a transparent-by-design platform, which enables retailers to scale their retail media businesses. The platform makes it easier for brands to buy across retailers using standardised workflows and metrics. This will truly accelerate retail media to the next level of brand investment.”
Retail media – an additional revenue stream
David Hutchinson, VP, Marketplace and Retailer Optimisation, iProspect, added: “Retail media was already growing. But we have seen an increase of dollars flowing to it in the past two months. Brands now more than ever need the right solutions to reach and engage consumers on the websites and apps of their omnichannel retail partners, and to tie media spend to sales outcomes. Criteo’s new platform provides the transparency and control we need to meet client objectives.”
Retail media provides retailers with an additional revenue stream amid an increasingly competitive eCommerce market. Criteo estimates that the total addressable market for retail media is anywhere between $15 billion to $25 billion worldwide. The new platform will enable retailers to power their vendor marketing programmes. It allows them to tap into different types of budgets such as search and national media. It also enables a variety of creative and targeting capabilities for brands. The platform is available in the US and Canada. Criteo plans to expand into EMEA and APAC later this year.
Enterprise Times: What the means for business?
The launch marks Criteo’s execution on its full-funnel vision and continued diversification beyond re-targeting. As Criteo continues to grow its retail media business, the platform provides brands with access to unique inventory, data and measurement capabilities. An unexpected impact of Covid-19 has been the surge in eCommerce as retailers and brands re-calibrate their relationships with consumers. Analysts report there’s a good chance consumer behaviour will likely hold even after we recover from the current pandemic. The theory goes, this makes retailer and eCommerce sites prime real estate for ad inventory.
An opportunity Criteo is aiming to maximise. The fact that Criteo’s platform offers targeted advertising that doesn’t rely on third-party cookies only makes it that much more appealing to brands. Retail media, the placement of brand-sponsored advertising within retailer eCommerce sites and apps, is growing rapidly. As shopper increasingly embrace eCommerce and brands migrate their relationships into a plethora of digital channels.