Criteo’s off-site retail media push: Reaching consumers beyond retailers’ website

Retail media refers to the practice of advertising within a retailer's ecosystem, typically involving ads displayed on a retailer's website, app, or even in physical stores. Retailers use their own platforms to allow brands to promote products directly to customers, often leveraging the retailer's first-party data for targeted advertising.

Think of it as shopping online at Amazon or Swiggy. While browsing, one might see sponsored ads for specific products—those are retail media ads. Experts believe that retail media in India is vigorously evolving as a space. Every agency today is aiming to establish a retail media team within their organisations.

Medhavi Singh, country head, India, Criteo, a commerce media and digital advertising company, shares that, as per a Dentsu report, by the end of 2023, e-retail platform advertising commanded a substantial share of nearly Rs 9,150 crore, constituting 22.5% of the overall digital media spends. This retail media segment has grown with a robust CAGR of 25%, making it one of the fastest-growing segments in the digital space.

Singh says, “The strength of Criteo’s retail media lies in its partnerships. Globally, Criteo has around 125 retailer partnerships. For example, in the US, Criteo has partnered with 65% of the top 30 retailers. In the APAC region, we are also expanding our coverage, with Swiggy being a key partner.”

Criteo X Swiggy partnership

On September 18, 2024, Criteo announced a partnership with Swiggy, an on-demand convenience platform, to power its off-site retail media campaigns, enabling endemic and non-endemic brands to engage with high-intent audiences across the open internet and OTT platforms.

The collaboration will use Criteo’s advanced technology to help Swiggy and brands drive full-funnel marketing outcomes outside of the Swiggy website.

Talking about the collaboration, Singh says that Criteo and Swiggy have been strategic partners for many years, particularly in performance solutions, so this collaboration is a natural extension.

She adds that for every significant move Swiggy makes, Criteo asks how it can be included. “This partnership thrives on belief and trust. We knew Criteo could meet Swiggy’s expectations, combining our understanding of personalised communication and smart distribution with its expertise in understanding user behaviour and delivering convenience. Together, we have created a seamless experience for users, ensuring they receive the right message at the right time,” Singh explains.

With the rise of e-commerce and the increasing importance of personalised consumer experiences, retail media has rapidly evolved into a vital component of digital marketing strategies. 

Singh says that retail and commerce media allows the company to accurately map user journeys, which helps both parties understand their users better. This deeper understanding allows brands to serve users in more relevant ways, ultimately benefiting everyone by enhancing the overall customer experience.

Kashish Vasandani, director, growth at Swiggy, adds that it is all about keeping the customer at the centre. The better one understands users, the more they can streamline and personalise their (customers’) journeys, which in turn helps brands serve them better.

Retail media trends

Singh, who has been with Criteo for over seven years, shares her insights on the growing retail media ecosystem and its evolving needs. She says that one of the key trends observed in the retail media ecosystem is off-site retail media.

Off-site retail media refers to advertising that targets potential customers outside of a retailer’s website or app but aims to bring them back to the retailer's platform to make a purchase. This can include ads shown on social media, third-party websites, or even through email campaigns.

“Users now spend less time on retailers’ websites, so it’s crucial to engage them at the right moment and drive them back effectively to digital points of sale,” says Singh.

She also highlights the increasing integration of insights from both retailers and brands to better understand users. These insights allow brands to measure their share of voice and brand affinity, helping them categorise users more effectively.

When asked whether these trends are specific to India, Medhavi says that they are part of a global shift. “Brands everywhere are trying to understand their users better to personalise experiences on a scale. In India, we are still seeing diversification in platform usage, but globally, Criteo is already a unified platform for many brands. I believe this integration of on-site and off-site experiences will catch on in India as well. Retail media provides unmatched measurement capabilities, allowing brands to understand the entire consumer journey and the value of every rupee they spend,” she comments.