2020 was quite a year on many levels. As the world locked down due to COVID, digital commerce just kept growing. As consumers, we’re reliant on technology, so much so that 53% of consumers discovered at least one new form of online shopping during the pandemic, and they want to continue using it. Given this tremendous digital growth, revenue declined drastically in 2020, forcing businesses to work even harder to make a comeback.
Even though revenue has declined, digital advertising has reached an exciting crossroads. While consumers were spending on digital, the focus on privacy and brand safety also started to make its way into the spotlight. Media platforms and digital publishers are now having to scramble to meet this new expectation for marketers and consumers. Even with this decline, new consumer habits are driving colossal growth of certain advertising tactics.
Here are 5 significant commerce media opportunities that you can try with your clients – all with multiple important benefits:
- Connected TV – It’s no surprise that people are ditching traditional, linear television and moving more to streaming shows and on-demand content. Of course, Netflix is at the top of that list as the most popular service globally, reaching 203 million paid subscribers in Q4 2020, which was up from 167 million in the same quarter of 2019. The addition of Disney + saw 73 million subscribers within a year of its launch. Marketers are starting to look at how they can invest in connected TV advertising.
- Video – Even though it’s possible digital video has peaked, it has also become one of the most critical touchpoints in the customer journey. While it started with unboxing videos and product reviews, it’s grown into people consuming all types of video content with shoppable features. They are purchasing more as they are discovering a brand.
- Retail Media – Retailers are enabling brands to reach their first-party audiences by using retail media advertising. Many consumer product marketers in both the US and EU say the growth of their businesses depends on retail media advertising.
- Store Campaigns – Even before the pandemic, most retail purchases have occurred offline. What marketers need to tap into more is how offline data and sales can help engage in-store shoppers. For every offline transaction, there can be a considerable number of online touchpoints that precede it.
- Contextual Targeting – Peeking out from behind curtains and back into the spotlight, contextual targeting has been around for a long time. However, it’s come back to say hello as a solution for digital advertising without the use of third-party cookies. Marketers should investigate the possibilities of using contextual targeting to engage audiences without cookies.
If you’re in the know, you’re already ahead
With so many items on the docent coming up for change, advertisers must regroup and come together to find solutions from which everyone will benefit. By staying aware of these changes as they happen within the industry, running performance campaigns, and creating solutions free from third-party cookies, it’s entirely possible to personalize ads for your clients.
If you’d like to find out more, please read The 2021 Digital Advertising Manual: Agency Edition, available from Criteo here.