In-store digital advertising platform Vibenomics has announced a collaboration with location intelligence leader Placer.ai. In short, the latter’s location data will empower and elevate the former’s in-store audio and display advertising. This includes Placer.ai’s strengths in visitation data and audience insights.
For example, using Placer.ai’s advanced location analytics and foot-traffic insights, Vibenomics can optimize the delivery of its in-store media and ensure more targeted and effective placements. Analytics from both companies can help retailers attribute in-store marketing investments to first-party sales data.
“Retailers are harnessing Placer.ai’s advanced market intelligence and location insights to inform critical decisions,” Placer.ai VP of Channel Partnerships Dan Hight told Localogy Insider, “such as optimal store placement, product assortment, and targeted marketing initiatives.”
Commercial Context
Backing up, all the above falls into the emerging category of retail media networks. As shown by prominent early adopters such as Lowes’ One Roof Network, these utilize high-traffic ad inventory in and around retail locations to deliver targeted messaging and narratives about relevant products.
One of the advantages of this approach is user intent. Shoppers in a retail store are inherently in a commercial context, and therefore more receptive to product marketing. The other advantage is proximity: marketing subjects are closer to a physical point of sale than any other marketing medium.
Yet another advantage is first-party data. Retailers hold a great deal valuable data such as sales figures and other audience profiles of their shoppers. These data, when combined with location intelligence from companies like Placer.ai can unlock new dimensions of insights that can inform retail strategies.
For retailers like Lowes, this can also unlock secondary revenue streams from brand marketing. It can also boost their own sales by increasing conversions for the products they carry. And their direct relationships with various brands position them well from a business development standpoint.
Holistic Picture
Beyond retailers’ own first-party retail media networks, innovators like Vibenomics can supplement efforts through embedded technology. For example, Vibenomics specializes in audio content, filling in-store sound waves with targeted messaging from brands as well as retailer house ads.
The other asset brought to the table by tech partners is analytics. And that’s where both Vibenomics and Placer.ai add value. For example, Placer.AI’s location intelligence and shopper behavioral insights can supplement the data from both Vibenomics and – again – retailers’ own first-party data.
Altogether it forms a more holistic picture that can drive retail decisions. That includes everything from product placement to decisions about which products to carry on an ongoing basis. These are the types of decisions that, when applied at scale, can move the needle for retailers’ revenue growth.
“These capabilities extend to bolstering the efficacy of retail media networks with physical stores,” said Hight, “enabling more precise impression measurement, audience composition analysis, and help inform which content or promotional messaging to use on a location-by-location basis.”
