Retail media is a strategic investment in well-known brands as it provides critical performance indicators. As part of the “Drum” retail deep dive, we learn from FairPrice Group how brands can recoup their return on investment or advertising costs due to retail media.
At the FairPrice Group wireless retail convenience store in our Tampans Center, the store uses the technology that only consumers need to provide trouble-free comfort, logging in, selecting and leaving.
Using artificial intelligence and image recognition technology, the smart system records what you take and automatically processes payments. With this 2-meter awareness-raising content, this store will let consumers benefit more from in-store engagement.
This is just one example of the group’s successful retail and retail marketing transition, led by Vivk Kumar, Director of Strategic Marketing and Omniquel Revenue for FairPrice Group, who took the portfolio in October 2020.
“One of the first steps we took last year was to conduct in-depth consumer research to understand the needs of our customers’ rapid growth. This allows us to adapt and better serve our diverse customer segments, ”explains Kumar.
“In response to the VV-19 epidemic, we have identified early school consumption lessons such as an early breakfast or a treat for a fun night out with loved ones as a treat. Together with our product partners, Cheers and FairPrice Xpress offer 100 daily products at special prices to bring some exciting times to our customers. We have partnered with Mediacor to bring a special delivery service on Grab to national television.
Community engagement is also key to the FairPrice team, and the retailer is actively working to engage its customers in the store. In July, customers who visited Cher’s stores were given a #happy times card designed with a happy message on their faces. He has also partnered with FoodPanda to create a Cherry Dinner Club to help their customers enjoy snacks and drinks in the comfort of their own home.
“Similarly, we have created a special theme around Father’s Day and Mother’s Day. In Tennessee, our trend from #Salverest to #Marinabas and our trend on social media is loved by our social media followers. As a result, we have seen a steady increase in our level of social media engagement. ”
FairPrice team revenue generation strategy
A.D. In early 2021, FairPrice Group launched FairPrice Group Media in partnership with transportation company SMRT’s Stellar Ace and introduced OmniKel Media Media to advertisers.
This initiative will enable the retail team to provide thousands of digital screens at train stations and bus exchanges to bars, food courts and supermarkets, an offline and offline connection.
In addition to the benefits of being close to the consumer, Kumar argues that there are many products that are appealing to retail media, which is a product-safe environment with one-sided information in retail, which brings traders closer to the right consumer. Purchase Opportunity.
We are one of the few retail media networks that covers restaurants. Our products, such as FairPrice supermarkets and Kopitiam, are Singapore’s favorite destinations. We see our supermarkets and F&B locations as community centers, meeting people on a social and practical level to meet their daily needs.
We also offer 550 digital screens that do not fit in our retail and convenience stores and restaurants. In fact, for the first time, we have advertised many of our community venues for advertisers. No other retailer can offer such a wide range of engagement points.
“With the NTUC link, as part of the FairPrice team, we bring more than 10 years of first-party information and unique customer distribution and opportunities for branding opportunities. We are the only player who can bring a 360 ° profile model to advertisers and we have over 90% of Singapore members. Finally, we have a fast-growing online e-commerce platform that makes us a strong competitor in the online grocery retail space.
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As the key focus of advertisers is on accounting for advertising purchases, the retailer will now provide OMNCLN insights for each media outlet purchased by FairPrice Group Media. This allows product markets to evaluate the effectiveness of omnichannel campaigns with the FairPrice team.
In addition, FairPriz Group Advertisers offers digital outsourced media purchases to one of Singapore’s largest and most competent audiences to reach consumers who meet their needs on Google, Facebook or YouTube.
For example, one of the FairPrice Group advertisers approached the retailer to increase the sales and exposure of major beverage suppliers in a major online search setting.
The overall goal was to improve the quality of sales, improve sales growth on the brand, and improve online positioning for improved products. Improved products earned $ 12.6 million in sales in 145 days. This is an increase of 8.7% compared to $ 1.02 million in new sales. Similarly, ROAS was 2,462%, ad conversion rate was 70.8% with 1.4m ad impressions.
“We offer two types of outdoor advertising solutions,” says Kumar. The first is for self-service, advertisers can deploy their strong digital capabilities to run their own paid ads when they deliver to FairPrice Online at a significant budget or with less expected traffic. The second is a managed service that allows advertisers to invest at least $ 25,000 in in-house paid ads from our offline viewers when they make changes online and in-store.
We can do this because we are the only retailer in Singapore that can measure behavior online and in-store. As a true omnichannel retailer, we have built a 360 ° feature model with the ability to conduct extensive experimental experiments according to our wide audience of 2M + customers.
He believes the future is omnichannel and data-driven, which is why FarPrice Group Media combines its channels and first-party data to create unique benefits for business partners to drive sales revenue and product KPIs growth. It promotes in market discussions, promoting advertisers highlighting their desire for innovation to achieve greater product awareness. FairPrice Group is keen to collaborate with brands to create unique, innovative solutions that are both productive and strategic and add to the excitement of the customer journey.
“We started experimenting with creative purchases. A good example of this is the recent murder in our Coptic Food Court. It was the first time we had partnered with a brand to create live and visual assets with relevant messages to engage our customers. The performance was appreciated by our caterers and the result was very positive for the brand.
“Improving the shopping or dining experience for our customers at FairPrice Group is in the interest of us and the brand. We look forward to creating more such all-purpose partnerships. Finally, the secret soup is always to be able to gather our first party information to get insights that will help buyers make the right decision. Innovations on how we use our information to create such revenue opportunities for our partners can be a great competitive advantage for them.
To find out more about Retail Rehabilitation, check out our Drum Retail Center, where we explore everything from live e-commerce to AR marketing and consumer awareness.