Online retailer Ocado Retail has developed a new retail media platform to enable suppliers to develop campaigns through its website.
The new platform, which has been developed as part of an extended agreement with CitrusAd, will enable brands to launch sponsored product campaigns on the Ocado website, measure results more effectively, and deliver personalised ad campaigns to shoppers.
New Supports For Suppliers
Christina Hawley, chief commercial officer at Ocado, described the new platform as a "key moment" in how the business works with and supports its suppliers.
"The platform will allow us to better serve our suppliers, helping them to manage and optimise their media campaigns, leveraging campaign data, such as return on investment," she said.
All Ocado suppliers will be invited to join the platform over the next 12 to 18 months. It will initially serve part of the onsite media inventory, with the retailer planning to transition this to encompass all onsite media inventory by 2022/23.
Dashboards developed by Ocado and CitrusAd will 'offer advertisers full transparency of the performance of their media at a granular level, allowing them to measure the success of campaigns and activate them directly', according to a statement.
Launch Of Ocado Crunch Grocery Insights
The partnership is part of a broader initiative by Ocado Retail and follows on from the online supermarket launching a new shopping data platform, Ocado’s Crunch Grocery Insights. The grocery also recently announced an investment in autonomous vehicle firm Oxbotica.
Kim Ludlow, Head of UK, CitrusAd, said that the platform will enable Ocado Retail to "monetise and personalise its website and deliver more value to its partners. It means any supplier, regardless of size or ad spend, has an opportunity to get in front of shoppers and engage with digital audiences. This provides a huge boost for brands wanting to raise their profile and grow their business.”
In March, Ocado announced a 39.7% increase in quarterly revenue in the first quarter of its financial year.
© 2021 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more Technology news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.
