A significant uptick in advertisers using retail data is approaching, according to new survey-based research by The Trade Desk. In its latest survey on the use of retail data in the U.K., the global advertising technology company finds that more than three quarters (79 per cent) of marketers are currently using retail data, whilst 87 per cent state their organisation plans to use this data resource in the next two years.
Advertisers are seeing the potential of retail data as a way to help unlock how their campaigns are driving sales, meaning the data can help them optimise and measure in ways that aren’t possible within the walled gardens.
“The appetite for retail data will only continue to accelerate as more advertisers look for ways to close the loop between advertising and sales,”said Phil Duffield, VP, UK, The Trade Desk. “As we move closer towards the deprecation of third-party cookies, retail data can offer marketers authenticated information about purchase activity to help drive better performance and measurement, which is stark contrast to the walled gardens.”
With over three quarters (76 per cent) of respondents saying they expect to increase or maintain their investment in retail data, most marketers surveyed say they are prepared to embrace it in the coming years. However, at present, only 13 per cent of digital marketing budgets are reportedly allocated to retail data, suggesting marketers are only scratching the surface of the benefits this authenticated data brings.
Preparations are already underway for this impending increase in investment, as marketers are set to direct their spend in retail data towards better digital strategies (67 per cent), eCommerce (63 per cent) and shopper marketing (44 per cent).
Those already using retail data are doing so to drive sales (53 per cent) and increase awareness of a brand or product (50 per cent), while the same number report leveraging retail data to measure across channels to help determine the success of marketing campaigns.
“With more retailers realising the opportunities for growth that data brings, the rapid expansion of retail data is imminent. This is a cause for optimism, as it can bring both new opportunities for retailers and marketers to deliver better targeted and higher quality campaigns that make the open internet even more accessible and beneficial for advertisers,” said Duffield.
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