As consumers shift more of their shopping online, retail media networks have quickly become a driving force in the next frontier of eCommerce. With cookies on the verge of becoming obsolete and new privacy regulations rendering other forms of digital advertising less effective, it’s no surprise that a larger share of marketing and advertising dollars are now being redirected to retailers like Amazon, Costco, Kroger, Walmart, and of course, eBay.
According to IAB, buyers project that retail media ad spend will increase 28.4 percent year over year in 2023. And still, there’s no guarantee that any foray in eCommerce will yield valuable business results.
The first step toward success lies in finding a true partner network – one that will not only be invested in the growth of your business, but also honest about what it will actually require to ensure that business goals are realized.
As Billy Mills, Director of eBay Ads NA, and leader of our Strategic Partnerships team affirms, the key to a best-in-class partner, above all else, is one that prioritizes “establishing great relationships with brands and sellers that centers around trust, transparency and hitting shared goals.”
At eBay, we pride ourselves on our understanding that growth and success mean something different to everyone. After speaking with our community of brands and sellers, we’re sharing advice on the “do’s and don’ts” of selecting the right ads partner.
Do: Invest in quality data-driven insights
With the industry quickly moving away from cookies, choosing a partner that can offer real intent data is critical for attracting high value consumers. It’s all about having access to the nitty-gritty details. By tracking every purchase made, item viewed and category shopped, you’ll be able to understand each of your shoppers on a deeper level which will enable you to anticipate what their next purchase might be. This not only helps you to meet your customers when and where they’re shopping, but also creates a seamless shopping experience that drives those same customers back when they’re ready to spend more.
Access to first party insights is table stakes for online sellers. With transactional data, sellers can dig into the nuances of every shopping journey and identify behaviors that indicate when target audiences are almost at the point of purchase. These insights make it easier to engage and convert shoppers in real-time and ultimately make marketing dollars work a lot smarter.
Do: Find a partner that’s focused on driving value, not selling product
“It’s important that your partners recommend end-to-end strategies tailored to your goals – one that’s committed to helping you reach customers in a way that’s relevant, instead of simply applying a one-size-fits-all approach. It really comes down to finding a team that positions itself as advisors, not as salespeople. That ensures that they’ll be realistic when setting expectations, forthright if a certain approach isn’t driving results, and committed to building the most optimal solution for your sales objectives.” – Sofia Giussani, Director of Digital Marketing, BHFO, eBay seller since 2007
Don’t: Settle for anything less than a partner committed to your success
It’s all about quality customer service. These days, it’s so easy for people to say that something is “not their job.” Instead, look for an ads partner that feels like an extension of your team, and is equally committed to rolling up their sleeves and doing the work to help you drive meaningful results.
“Look for a team that works to understand your business at every stage. Especially when working with a large marketplace like eBay, a partner who will teach you the tools, capabilities, and dynamic strategies to grow your business separates a good partner from a great one in our eyes.” – Joe Schlomo, owner, Daveluxurywears, eBay seller since 2018