The RIW newsletter provides the essential weekly inspiration for every changemaker driving innovation in retail and along the customer experience journey. This week we're sharing ideas around making more money while shoppers shop with retail media networks, best ingredients for digital dining at VSRs, and getting cheap by retailing to the value driven.
Plus, a pulse check on the consumer with stats, stats, stats – and don't miss a special offer from our friends at Loop.tv!
Driving In-Store Revenue With Retail-as-Media
Advertising and shopping have both seen a huge shift towards digital domination, and the pandemic only served to accelerate that. Yet only recently did the two disciplines begin to merge in very interesting ways. Armed with robust troves of first-party data, retailers have begun to leverage their customer audiences and establish their own media networks. New research from PSFK shows that not only do these emerging retailer media networks give brands more control over content, but they also provide richer, more tangible insights about whether or not advertising has been successful, as well as deepen customer relationships through enhanced targeting and messaging.
Target's Circle Program provides rich back-end for media strategy
Using loyalty-focused insights to supercharge in-house media solutions and drive greater personalization at scale for brands like LEGO, Starbucks, Hasbro, PepsiCo, and more by selling smarter to its own repeat shoppers is just one way Target is creating mutually beneficial solutions for both its customers and business partners. Target in-house media solutions
Marriott becomes first hospitality brand to launch a media network
Marriott, which operates over 30 brands internationally, is taking advantage of its unique positioning and scale to debut the hospitality industry’s first global omnichannel media network. The new solution will offer curated content to travelers and guests throughout every touchpoint of their Marriott-property travel journey, including in-room screens and televisions. Marriott omnichannel media network
Home Depot turns ecosystem touch points into vendor media platform
Retail Media+ from the Home Depot is a full-service advertising and media network solution to help the brand’s third-party vendors, like Behr paint, Scott's Miracle-Gro, Boise Cascade, and more drive sales and promote products both online and in-store that are beneficial to Home Depot and its shoppers. Home Depot Retail Media+
Read More: PSFK's Guide to Making $$$ with Retail Media
Discover 5 strategies for utilizing retailer media networks, or creating your own, to deliver against better loyalty, advertising and consumer experience programs. Driving Revenue With Retail Media
A Summer Of Content Is In-Store!
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Finding Value By Flipping The Cheap
As consumers cope with soaring inflation, rising rates, and other recent economic turbulence, the circular and repair-focused initiatives brands have been promoting over the past few years are now having their moment. Shoppers and families are trading down to cheaper items, and looking for value in repurposed goods as they try to weather this particular storm, which may just change the way we think about consumption.
Shoppers are changing behavior due to rising cost of living
The average basket size of Tesco shoppers at checkout is shrinking, and those shopping baskets are filled with fewer name-brand products and more private label offerings. Staples which have seen large price increases, like pasta, bread, and more, represent the largest shift-down to own-brand. RG
Flipped furniture finds “second life” on social media marketplaces
The NY Times covers how, fueled by social media, furniture flipping has found new life as a way for people to both make a little money on the side and attractively decorate their homes while on a budget. Furniture listings on Facebook Marketplace have gone up by more than 40% this year, and refurbished furniture videos on TikTok are increasingly popular, racking up millions and millions of views. NY Times
Vodafone brings old phones back to life with one for one program
The new initiative, in partnership with Closing The Loop (CTL) aims to bring up to 1 million old cell phones back into circulation. For every new phone that Vodafone sells in Germany, CTL will recycle an old device in an emerging market country. CTL
Reseat gives old office furniture a new lease on life
Reseat, which launched in 2020, isn’t in the business of making new furniture. Instead, the digital marketplace provides companies, designers, and furniture dealers a place to buy and sell secondhand office furniture by top manufacturers for more than 50% off the list price. Reseat’s clients include Oracle, LinkedIn, Rivian, Yelp, and more. Reseat
New: Proprietary Insights from PSFK Quant Surveys
Digital Dining at Virtual Service Restaurants (VSRs)
Tokenization is eating the world, and restaurants and QSR chains are taking advantage. NFT, token & ledger technologies are increasingly being leveraged for customer engagement and strategic advertising & marketing innovation, revealing a surprising depth of utility across experiential activations and loyalty initiatives.
Wendy’s Sunrise City celebrates breakfast on Meta’s Horizon
Wendy’s newest digital world, Sunrise City within the “Wendyverse,” is a breakfast food-themed experiential extravaganza. Visitors get a coupon for a free, real-world breakfast sandwich on their first entry. Sunrise City features a castle in the sky full of bacon bridges, flying biscuits, and digital avatars paragliding on hashbrowns, as well as a themed obstacle course. Wendy’s
Chick’nCone gives NFT holders a stake in new franchise locations
Chick’nCone, a Pennsylvania-based chain, is giving its Chick’nCoin NFT holders an innovative and exciting benefit: a cut of the restaurant group’s royalties and franchising fees. The chain is using its NFT launch to bring in capital without giving up company equity, and token owners are eligible for 50% of the franchising fee for any new store that opens in their area, as well as a 2% royalty on sales at all units within their area for up to six years. Each token represents a specific geographic region in the US. Chick’nCoin
Food hunting app 8it creates an “Edible NFT Food Hunt”
8it, a mobile app for curated food recommendations, pop-ups & limited “drops” in NYC launched a city-wide “eat to earn” NFT food hunt being held through this Sunday June 26th. The event, a part of NFT.NYC 2022, features limited-time specials and exclusive dish collabs from some of the biggest names in NYC, and users earn points, prizes, and NFTs for each dish they eat and log via the app. 8it
The Ohio mom & pop that invented the hamburger is getting into tokens
Menches Bros, a small restaurant with a big claim to food history, is partnering with Metaversal to create a collection of 5,655 Lil Mench NFTs. The tokens will act as a membership program, with about 1/3rd reserved for local customers, who can use them to get a 20% discount for a year when they dine in as well as access to exclusive events. The restaurant is planning a local “mint party” where diners can learn how to buy one, and plans to let customers pay for the NFTs with a credit card. Menches Bros.