FairPrice Group (FPG) has partnered with The Trade Desk to offer brands on the latter's platform with insights on the impact of their digital advertising campaigns across offline and online sales channels. Additionally, the brands will also be able to reach FairPrice's customers beyond the group's owned media platforms.
The partnership was unveiled at a panel discussion today at MARKETING-INTERACTIVE's Digital Marketing Asia 2022 conference and marks the first time that FairPrice Group’s pseudonymised sales conversion data will be available within a programmatic media buying platform. According to The Trade Desk, this partnership is also an industry-first.
FairPrice Group has more than 570 touchpoints and reaches over 90% of households in Singapore. The new partnership allows brands to reach an engaged customer base of more than two million NTUC Union and Link Members, including over 700,000 FairPrice app users.
Brands and media agencies will be able to directly measure how digital ad campaigns are driving both in-store and online sales within FairPrice stores. Through these measurement insights, brands can make near real-time enhancements to their ad campaigns that can be optimised in a way that was not previously possible. Furthermore, the partnership makes it easier for brands to reach and engage with relevant FairPrice consumers across the open Internet across channels such as OTT, music streaming, mobile apps, gaming, and websites.
Alvin Neo, chief customer and marketing officer, FairPrice Group said that through this partnership, FairPrice Group aims to help brands unlock meaningful opportunities to better connect with its customers. "As we enter the era of consent-based marketing, we look forward to working with The Trade Desk to harness the power of retail data to gain better insights to reach and serve consumers in relevant and beneficial ways," Neo added.
This latest collaboration is an example of retail media, which essentially means an ad placed on a retailer's website or app by another brand or the retailer itself. An omnichannel strategy is important in marketing today and retail media allows brands to close the loop between consumers' online and in-store behaviour.
At the same time, retail media is on the rise right now driven by eCommerce, and there is a huge opportunity in APAC's retail eCommerce scene. According to eMarketer, APAC is the largest market for retail eCommerce with digital sales amounting to nearly US$2.9 trillion last year. China is the number one eCommerce market, accounting for 52.1% of all retail eCommerce sales worldwide and outpacing the US's 19.0%.
Singaporeans' appetite for online shopping and accelerated during the pandemic and as markets eventually opened up, there was also a renewed appreciation for in-store experiences. While FairPrice’s online transaction value surged by four times that of offline transactions in the last 12 months, 67% of FairPrice’s online customers are shopping offline as well, underscoring consumers’ omnichannel path to purchase behaviour.
Aside from closing the loop in measurement, retail media is also helpful in an era where consumer privacy takes centre stage along with the deprecation of third-party cookies. Due to this, brands and media agencies continue to look for ways to prove the ROI of their ad campaigns and search for new data sources. A partnership with a retail media network allows brands to understand more about their audience through insights from access to the retailer's first-party data.
Retail data obtained via retail media is essentially authenticated data from consumers who have opted to receive relevant ads and news from the retailers, Mitch Waters, SVP, Australia, New Zealand, Southeast Asia and India, The Trade Desk explained.
"If we look at all the digital channels we have today, retail data probably has the most authenticated logged-in data sets. As we move into an opt-in Internet where consumers are selecting what they want to follow or how they want to engage with brands and retailers, retail data is a very powerful proposition," he added.
Waters also said that given the complexity of the modern consumer, brands will need to take an omnichannel approach that supports a true shopping experience and navigates the path to purchase with consumers.
“By integrating FairPrice Group’s retail data available for the first time with The Trade Desk platform, we are helping brands reach FairPrice customers across the open internet, and closing the loop between advertising activity and in-store and online action," he added.
At the same time, Enshe Manto, media and precision director for brands such as Neutrogena, Aveeno and Listerine in APAC, said it is looking for future-proofed, data-driven ways to run impactful campaigns that will create meaningful, personalised content for its consumers.
"This partnership offers a unique opportunity for us to drive better control and decision-making. It allows us to more accurately reach our valued consumers on FairPrice Group’s owned websites and the open internet, while also measuring the impact of our media investment in ways previously unavailable," she explained.
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