Retail data science company dunnhumby has developed a new platform designed to enable retailers to easily launch and manage their own media networks. dunnhumby Sphere, an all-in-one retail media solution, is already being used by Tesco (which owns dunnhumby) in the UK to power several components of its recently launched Tesco Media and Insight division.
These media networks are becoming an increasingly popular vehicle for large retailers to capitalize on their vast wealth of first-party consumer data and create new incremental revenue streams by creating advertising opportunities online and in stores. U.S. grocers Kroger and Albertsons already operate their own media networks, and a growing number of retailers in other verticals have done the same, including Walmart, Target, AutoZone and Lowe’s.
dunnhumby Sphere offers retailers an end-to-end platform from which they can unify audience targeting, handle media booking and billing, create forecasts and measure campaign performance across a range of retail media channels. The modular solution integrates with the broader ad ecosystem, allowing retailers to more easily incorporate their existing retail media technologies. Advertising partners will be able to use the platform to plan, book, measure and pay for campaigns across both online and in-store channels.
“Retailers are finding out that building their own retail media business is complex,” said Julie Jeancolas, Head of Media and Customer Engagement Products at dunnhumby in a statement. “Brands need a single point of access for all their measurement reporting to compare the relative performance of each channel, while retailers need a way to validate the long-term impact of retail media on the customer experience and sales. dunnhumby Sphere allows retailers to efficiently manage a complex ecosystem, unlocking the value of their data by making on-demand, AI-based audiences easily accessible to CPGs, whilst still allowing the retailer to measure the true impact of media on their core business.”
dunnhumby Sphere will launch in several stages, with modules including digital, store media, digital onsite and sponsored products set to debut throughout 2022.
For a breakdown of the how and why behind the growth of retail media networks, check out this on-demand session from the 2021 Retail Innovation Conference, and mark your calendar for the 2022 Retail Innovation Conference & Expo — taking place in Chicago May 10-12 — where retail media will be one of the many topics covered by industry experts.