Firework, creator of the world’s leading video commerce platform, announced the evolution of its longstanding partnership with specialty food retailer, The Fresh Market. The expanded partnership will see The Fresh Market utilize the Firework video commerce platform to launch the U.S.’s first-ever Shoppable Video-Live Commerce (SVLC) retail media network (RMN).
The announcement comes during a period of unprecedented growth for RMNs. Having realized the untapped revenue potential of their owned digital channels (e.g. websites, apps), more and more retailers are launching RMNs. Meanwhile, thanks to the multitude of advantages RMNs confer on advertisers — such as superior ad targeting, increased brand safety, and heightened visibility where and when shoppers are most likely to transact — brands have been quick to redirect their ad dollars toward these novel marketplaces.
“Overall, the combined viewership of our first four Firework-powered livestreams exceeded 2 million views and we saw conversion rates of the special occasion meals featured in the shoppable videos to be over 300% greater than our traditional digital advertising results,” said Kevin Miller, Chief Marketing Officer at The Fresh Market. “Having proven the power of Firework‘s video commerce content in 2022, we’re excited to offer our partners an innovative and differentiated means of storytelling in an entertaining new way. We call it Shoppertainment.”
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Indeed, according to recent market research, retail media represented the fastest-growing digital ad channel in the world in Q3 2022, with total retail media spend increasing by a staggering 45% compared to the year prior. And many forecasters see this as only the beginning, with retail media expected to continue to grow by double-digits through 2024, when it is expected to top $55 billion annually.
While the overwhelming majority of RMNs rely on static display and search, The Fresh Market is leveraging the Firework platform to enable a first-of-its-kind, video-driven RMN experience. The Fresh Market will offer brands the opportunity to run video ads as sponsors across their ongoing livestream series, which features holiday meal prep tutorials and chef-developed recipes that are already enjoying extremely high conversion and engagement rates with Fresh Market customers.
“This newly expanded partnership is a game-changer, not only for The Fresh Market, but also for the entire retail media network landscape,” said Renee Caceres, VP of U.S. Retail Media at Firework. “With Firework’s video commerce platform, The Fresh Market is able to truly differentiate itself in the market by offering brands the opportunity to engage, inspire and convert shoppers in a way that is far more compelling than the traditional search and static display RMN offerings. Together, we’re enabling a fully integrated customer experience — bringing the immersive in-store experience online.”
The Fresh Market and Firework first established their partnership in Q4 2021, when the specialty grocer tapped the video commerce innovator to enable its digital transformation initiative. Since then, The Fresh Market has seen rapid, double-digit growth across a variety of key performance indicators, including increased conversion rates, click-through rates, and more.
SOURCE: PR Newswire