Independent retail media platform Zitcha has announced its launch. Zitcha aims to empower retailers to become publishers by monetising their entire owned and external media ecosystem.
The software platform connects the media assets of a retail brand including email, apps, digital in-store screens, web and social media. It then automates the purchasing of media across these channels, allowing retail suppliers to connect directly with consumers.
CEO of Zitcha Troy Townsend said, “First-party data is fast becoming the most important driver of digital advertising. Many organisations have a wealth of data available but are yet to realise its potential. This is especially true for retailers that are also sitting on a gold mine of advertising inventory which creates an unmissable opportunity to monetise owned assets while adding value for suppliers.”
With the Australian retail media market forecast to be worth $1 billion by 2025, and Boston Consulting Group projecting spend on retail owned channels to grow at a rate of 22 per cent year on year with profit margins of 70 to 90 per cent, Zitcha says they realised this opportunity for retailers of all sizes.
The platform began as a tool for retailers to facilitate supplier advertising across social media and search channels and has evolved through incubation to include the entire extended media ecosystem. During the development phase, retailers have been utilising the technology including New Zealand’s largest retail group, The Warehouse Group, which includes The Warehouse, Warehouse Stationery, Noel Leeming and TheMarket.
Additionally, more than 200 supplier brands including Panasonic, LG and Nespresso have come on board as well as the Liquor Marketing Group with its brands Thirsty Camel, Bottlemart, Sipnsave and Harry Brown.
Townsend said, “Many retailers sell catalogue placement or in-store display but do so manually which is time-consuming, difficult to scale and misses out on the opportunity of the wider ecosystem. By opening up all assets and automating that process, the sky is the limit meaning all of a retailer’s suppliers can benefit, not just the top 10 per cent that currently does.
We can turn any retailer into a publisher in 4-to-6 weeks. They don’t have to build the infrastructure, so income generated is pure bottom-line profit. This also decreases profit margins.”
In addition to increased visibility, Zitcha gives brands selling through retailers access to rich first-party data which improves customer targeting and conversion rates.
Zitcha co-founder Jack Byrne added, “Brands, media agencies and retailers have a shared ambition: to get as close to the customer as possible. Until now, there has been a lack of options to deliver advertising campaigns across the entire media ecosystem including retailers & owned assets. This gap presented a golden opportunity and hence Zitcha was born.”
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Top image: Jack Byrne and Troy Townsend