How digital network can add business to retailers
By Retail4Growth Team | July 01, 2021
Vivek Kumar Director, Strategic Marketing - Cheers & FairPrice Xpress, Singapre shared some insights on the business benefits of using dynamic digital networks in a retail space at the session ‘The Business Model Powering The Next Billion Outernet Digital Screens’ as part of the Quividi India Conference held on June 29 on a virtual platform.
The role of digital signage network in a retail environment and how it can contribute to the retail business was among the topics discussed at the session ‘The Business Model Powering The Next Billion Outernet Digital Screens’ as part of the Quividi Conference, ‘India, the next DOOH giant?’ held pn June 29 on a virtual platform.Srikanth Ramachandran, Founder and Group CEO - Moving Walls Holding, moderated the session, with Paul Leo Versley, Co-Founder, Lantern Media, and Vivek Kumar Director, Strategic Marketing - Cheers & FairPrice Xpress.
Speaking about the digital retail media network’s strong footing in the retail sector, Vivek Kumar shared some insights on its influence over retail businesses. “The retail media network adds a lot more business to our retail clients. They experience an estimated return of $11 on every dollar spent on the retail DOOH network,” he said.
Vivek shared the experience of using digital network at FairPrice and emphasized the role of data in adding value to retailers. FairPrice is Singapore’s largest retailer comprising 230 outlets, including FairPrice supermarkets, FairPrice Finest, FairPrice Xtra, FairPrice Xpress and Cheers convenience stores.
The session concluded by addressing the pricing factor of digital signage solutions, particularly in the digital out of home (DOOH) advertising segment that includes malls and retail outlets. Paul addressed this by saying, “CPM (cost per thousand impressions) model of pricing is here to stay because the clients of DOOH are used to it through their digital marketing campaigns. It could be beneficial to facilitate CPM than to introduce a newer pricing model.”
At the same time, DOOH CPM rates cannot compete with the rates of digital marketing CPM, he added. Paul felt that DOOH CPM must be impact adjusted since the ads on DOOH are far more impactful than the ones that are displayed on the phones. The DOOH impression is more valuable and as a result, the higher costs are justified, Vivek said, adding, “The effectiveness of the media must be looked into when determining the CPM model of pricing.”