Dive Brief:
- Video commerce platform Firework is expanding its longstanding partnership with The Fresh Market to launch what it claims is the first U.S. shoppable video-live commerce retail media network, according to a Thursday press release.
- Brands will be able to run video ads as sponsors across The Fresh Market’s ongoing livestream series, which showcases holiday meal prep tutorials and chef-developed recipes, per the announcement.
- This growing tie-up between Firework and The Fresh Market comes as grocers continue to bolster their retail media businesses.
Dive Insight:
A majority of retail media networks rely on static display and search, according to Firework, but this new endeavor with The Fresh Market enables a video-driven retail media experience that aims to introduce new revenue streams, improve customer experience, extend its online reach and entertain shoppers. The companies are calling it “Shoppertainment.”
“Ninety-six percent of digital consumer transaction doesn’t take place on a social app in Western markets. It takes place on a website or an app of the retailer or the brand,” Firework’s Chief Business Officer Jason Holland said in an interview.
The Fresh Market’s partnership with Firework began in late 2021 when the specialty grocer brought shoppable videos to its e-commerce channels. Shortly after that, The Fresh Market announced last March it would be hosting its first livestream event from a remodeled company store.
Since implementing Firework’s technology, The Fresh Market has seen exponential growth across increased conversation rates, click-through rates and other performance metrics, according to the announcement.
“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 covert shoppers in a way that is far more compelling than the traditional search and static display [retail media network] offerings,” said Renee Caceres, vice president of U.S. retail media at Firework. “Together, we’re enabling a fully integrated customer experience — bringing the immersive in-store experience online.”
Retail media spending worldwide increased by 45% in the third quarter of 2022 compared to the same time period a year ago, according to Insider Intelligence data cited in the announcement. Retail media is becoming increasingly popular and influential across the grocery sector.
Albertsons tapped Firework in September 2021 to create short videos and livestream content designed to draw shoppers into its online platforms and purchase groceries. The video commerce company has also worked with Walmart, as well as other companies such as fashion brand Natori and Unilever.
