A question of trust at the heart of retail’s ‘content to commerce’ strategy
Dom Burch weighs in on the big friction at the center of retail’s media evolution–consumer trust.
In retail, trust is the foundation upon which relationships are built.
Historically, this has been cultivated through consistent product quality, reliable customer service, and the dependable stewardship of brands. However, as retailers venture even further into the digital age, the mechanisms for building and sustaining trust are undergoing a profound transformation, mainly through the lens of retail media networks.
Retailers stepping into the space traditionally occupied by publishers represent a seismic shift in the marketing landscape. They are no longer purveyors of products but creators of content that informs, entertains, and, crucially, sells.
“Retailers are now in the unique position to act as trusted advisors, not just through the products they sell but the stories they tell,” notes Drew Cashmore, a luminary in the future-of-commerce space and the former head of omnichannel strategy and operations at Walmart Connect.
The allure of the “content to commerce” strategy is undeniable. It promises a seamless journey from engaging content directly to transaction, the holy grail in the digital marketing domain.
However, this strategy is fraught with complexities.
You need a highly engaged audience, a profound understanding of the customer, a product that can stand alone, and a meticulously crafted promotion strategy.
At the heart of these challenges lies the question of trust.
Can retailers extend the trust established in their core operations into expanded offerings like branded content or social commerce? It’s a big if.
In addition, as more and more retailers embrace the publisher model, is there a risk of diluting this hard-earned trust with their core customers?
Cashmore argues, “There’s a delicate balance to be maintained. Retailers have built their reputation on being reliable sources for products. As they transition into content creators, they must ensure that the authenticity and value underpinning their original consumer trust are not compromised.”
Indeed, the transition from retailer to content creator and back to retailer is nuanced. While content can significantly enhance the shopping experience, it should not overshadow the intrinsic value of the products or the brand’s heritage. The danger lies in content that feels forced or inauthentic, which can erode trust rather than build it.
It also throws up the inevitable tension within the retailer, who owns the customer, who owns the relationship with vendors – who are both product suppliers and hungry advertisers, and ultimately, where and when does the money hit the bottom line?
The face another big challenge: the proliferation of platforms where content can live and be consumed. From social networks to connected TV (CTV), the opportunities to reach consumers through content are vast and ever-expanding.
Does moving further away from the traditional retail space jeopardize consumer trust?
“Retail media works because it’s grounded in what retailers know best – their products and customers,” Cashmore explains. “The challenge and opportunity lie in translating this understanding into content that resonates across different platforms without losing the essence of the brand experience.”
This brings us to a pivotal question.
Can retail media drive an evolution of trust in marketing?
The potential is certainly there.
Retail media networks utilize data, personalization, and strategic content to foster a new level of engagement and connection with consumers. They are not just selling products; they are curating experiences and building communities around their brands. Real-time targeting and precise curation based on merchandise based on historical shopping behavior can be a powerful mix.
For publishers, CTV platforms, and other media ventures aiming to build trust at the level of traditional retailers, the path forward involves transparency, leveraging user-generated content, and creating value beyond mere transactions.
These platforms must become spaces where consumers feel seen, heard, and valued, much like they do in their favorite retail environments.
“The future of retail media is not just about selling more; it’s about building deeper, more meaningful relationships with consumers,” says Cashmore. “Trust is the cornerstone of these relationships. As we look ahead, it will be the brands that understand and innovate around this principle that will lead the way.”
As marketers brace themselves for the full impact of third-party cookies vanishing, it becomes clear that the journey is as much about looking back as it is about moving forward. The principles that have underpinned consumer trust in retail for generations – authenticity, consistency, and value – remain as relevant as ever.
However, the digital age demands that these principles are reimagined and applied in new, innovative ways. Retail media represents a fascinating convergence of retail and media, grounded in the timeless currency of trust.
As this space evolves, the challenge for retailers and media alike will be to navigate the complex interplay between content and commerce, ensuring that the pursuit of innovation always remains anchored in the trust that consumers have come to expect. In this new era, trust is not just the foundation of retail; it is the future of marketing itself.