Brands on a journey to harness the power of online retail media

As audiences increasingly shift towards digital channels, brands are proactively ensuring their presence aligns with customer preferences, to be able to share compelling narratives with the customers and establish a more profound connection with them. The recently concluded Myntra Ads Ramp-Talk witnessed a convergence of some of the most sought-after D2C and legacy brands spanning the realms of fashion, beauty, and lifestyle.

In a panel moderated by Sunder Balasubramanian, CMO - Myntra, Vaishali Gupta, Co-founder of mCaffeine; Siddharth Dungarwal, Founder of Snitch; Shaan Shah, Co-founder and CMO of Freakins; Udita Bansal, Founder of Truebrowns; Ishendra Agarwal, Founder of GIVA; and Meghna Khandelwal, AVP-Marketing at ABFRL, unraveled the intricacies of brand-building. A common thread among these diverse stories was the acknowledgement of having a robust digital strategy, with a strong emphasis on platforms like online retail media, to forge deeper connections with the customers.

Brands at various stages of their digital journey

Digital journeys vary across different brands. Marketing strategies are in a constant state of evolution as brands strive to be present on platforms where consumers engage and to establish communication forms that remain relevant to their target audience. “Beauty needs education and engagement, so for us, any platform that doesn't solve engagement as a purpose would be least in our priority, because we won’t be able to make a difference for the customers,” Gupta said during the panel. 

Data continues to rule when it comes to analysing the investment on digital platforms. Talking about the importance of metrics and tracking data, Bansal asserted its significance while sharing that getting the right insights is an equal measure of success for the brands. “It’s extremely important to have harmony in the way communication is made across different platforms to be able to get investment’s worth for the brands,” she added.

Building brands on retail media

The paradigm shift from only a singular focus on metrics like ROI, RoaS, and conversion rates to prioritizing engagement and impression marks a pivotal moment in the branding trajectory. This transition underscores the growing importance of brand building, as brands recognize the need to establish a lasting connection with their audience, along with the traditional measure of ROI and conversion continuing to hold value. Online retail media marketing emerges as a key facilitator in this transformative journey.

“We have always been an ROI focused brand. We have seen a lot of organic sales and word of mouth kicking in, because of the good content we have been displaying across all platforms that are shareable because of their relevance,” Dungarwal said. For legacy brands, the shift has been even steeper, as traditionally, digital marketing had occupied a smaller pie of their overall marketing budget. However this is slowly changing. “Every medium, every channel serves a purpose for us. From top of the funnel to the bottom, it’s imperative to harness the power of path to purchase and customize messages that work for this medium,” Khandelwal, said. Retail media is going to evolve however we need to learn about this medium better to fully appreciate the medium,” she added.

Harnessing online retail media marketing to unlock greater value for brands
In the quest to unlock greater value for brands, what will drive brands to truly harness the power of online retail media marketing. The convergence of engagement and ROI becomes an intriguing factor for brands seeking a holistic approach. While ROI continues to be a significant metric,  Vaishali emphasized the necessity of experimentation and expansion within the realm of retail media. She highlighted the critical role it plays in capturing consumer mind share, emphasizing higher engagement through customized content.

For Agarwal, it is about the role that online retail media will play in making customers understand the brand proposition. “To help give the last nudge for the customers, along with the discovery of the products,” he added. ““Today the retail media spend for us lies in customer acquisition cost (CAC), metrics need to move to growth in organic searches,” shared Gupta while sharing her one success metric from the online retail media. 

For Shah, the key lies in cracking 'relatability' in online media marketing, while Meghna emphasized the importance of experimentation, not only in content but also in media formats. Recognizing the presence of Gen-Z on platforms like Myntra, she stressed the significance of exploring strategies to harness growth from this demographic.

As per industry article, research by The Trade Desk has demonstrated that 74% of brands now have dedicated budgets for retail media networks, and IAB Europe data indicates that 92% of advertisers are actively partnering with retailers to reach consumers through retail media. The platform holds potential in a way that it enables brands to connect with its target consumers. As the landscape continues to evolve, a nuanced comprehension of retail media is imperative for brands seeking to maximize its potential impact on their marketing endeavors.