Lowe’s One Roof Media Network offers brands omnichannel advertising opportunities.
Lowe’s joins the ranks of other major retailers that have added their own retail media networks, as many recognize the growing revenue opportunities in the space. The plethora of networks could create some challenges for brands looking to optimize their advertising strategies, with too many options available.
Major retailers with their own retail media platforms include Kroger, Walmart, Target, Petco, Gopuff, Walgreens and Dollar Tree. Lowe’s partnered with CitrusAd and Criteo, two of the most popular service providers in the retail media space, to launch its network.
Lowe’s jump into the space brings together data-driven insights, foresight into consumer behaviors and home category trends, and customized advertising products in one network for brands to advertise. More than 100 partner brands, including Samsung, Kohler and GE Lighting, participated in Lowe’s beta testing for its network.
The test revealed significant returns, with one kitchen and bath partner achieving a 700% return on ad spend, and several vendors in the pilot seeing returns over 1,000%. Next, Lowe’s plans to scale its onsite inventory, select offsite activation partners and ramp sales demand as brands plan for 2022.
"There's been a real shift in consumer behavior and sentiment toward home, and we know our partners are continually looking for new ways to command attention, drive relevance and overall sales," Marisa Thalberg, Lowe's executive vice president and chief brand and marketing officer, said in a statement. "Leveraging Lowe's deep understanding of the home lifestyle customer and real-time trends, Lowe's One Roof Media Network will serve as an extension of our partners' marketing teams, helping them develop custom, comprehensive approaches designed to deliver on their business goals.
The network has or will have a number of capabilities by 2022, including:
Ad placement on high-traffic Lowes.com pages and in the Lowe's mobile app;
Digital and social media extensions to help brands better reach their target customers;
Sponsored home editorial content on Lowe's social channels and Lowes.com;
Custom research and thought leadership on future shopping behaviors, trends and shifts; and
In-depth measurement and closed-loop reporting including consultation for growth opportunities.