From Retail Leader, Sept. 15:
The partnership will enable brands that are available on the Target-owned Shipt marketplace to launch natively served in-grid display ads and sponsored-product advertising on the platform.
The partnership comes on the heels of Shipt’s biggest expansion in three years. The company added more than 2 million households to its service area, along with more than 1,000 store locations from companies including CVS Health, Bed, Bath & Beyond and GNC.
CitrusAd works with some of the biggest retailers, including Petco, Wakefern Food Corp., Target’s Roundel and GoPuff. The company was acquired by Publicis Groupe earlier this year. Retail media has exploded in popularity over the past few years, with major brands expanding their digital presences on top retailers’ platforms. Advertising in retail media is expected to double over the next five years from the $30 billion being spent in the space today.
CitrusAd boasts strong returns for brands who advertise on its retail media platforms, with average conversions rates at 60% to 70% and an average return-on-ad-spend across all categories between 200% and 400%, the company said.
Brands will be able to launch ads on Shipt’s retail media platform beginning in October.
“As we continue to grow our retail partnerships and expand the categories we serve, our team works hand-in-hand with brands to meet their unique needs and effectively reach customers,” said David Young, vice president of consumer packaged goods at Shipt, in a new media release. “We know many of our partner brands already leverage CitrusAd’s technology, and we’re thrilled this integration will make it easy for them to optimize campaigns.”