Microsoft on Tuesday shared its vision to create the industry’s most complete omnichannel retail media technology stack supported by its PromoteIQ platform, which the company acquired in late 2019.
The news announced ahead of the National Retail Federation conference, which takes place next week, cements the company’s commitment to retail media.
“It is our vision to create the industry’s most complete omnichannel retail media stack to support retailer evolution through retail media,” Kay Sainbury-Carter, vice president of global partner and retail media at Microsoft Advertising, wrote in a post.
Retail media spend is estimated to reach $61.15 billion in 2024 in the U.S., nearly 20% of total digital ad spend, according to Insider Intelligence.
One of the features, PomoteIQ Onsite, aims to expanded capabilities through the pilot release of the Microsoft Retail Advertising Network designed to help retailers monetize more inventory.
The feature, PromoteIQ Offsite, is scheduled for release in February. It will enable retailers to activate first-party audience data, as well as Microsoft and Meta audiences. Other social data to come.
By leveraging shopper data, retailers also can help brands target and evaluate the impact of their connected TV (CTV) ads.
Retailers will have an option to derive actionable insights through unified reporting and attribution, an incredibly important measure whether in a boom time or in times of economic uncertainty.
Data will become increasingly important with the deprecation of third-party cookies, and it’s Microsoft’s goal to give retailers better targeting and closed loop measurement for digital campaigns.
BJ’s Wholesale Club, a membership warehouse retailer, recently announced the use of PromoteIQ Onsite and Offsite to power BJ’s Media Edge, a portfolio of retail media solutions for brand partners.
Microsoft also announced it completed a proof of concept for PromoteIQ In-Store to support retailers and hardware partners on in-store retail media campaigns. The company plans to release PromoteIQ In-Store in the next 12 months. In-store requires additional physical setup and equipment, including digital signage, so the company is working with partners to create an interoperable platform.