Hand-in-hand with Firework, The Fresh Market is running full speed toward retail evolution. This comes as the pair announced they will be expanding their partnership to launch a first-ever Shoppable Video-Live Commerce (SVLC) retail media network (RMN) on the grocer’s platform.
“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 percent 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.”
The expanded partnership will see The Fresh Market utilize the Firework video commerce platform to launch SVLC. As many shoppers spend the majority of their day on social media, the RMN platform will reach more eyes with superior ad targeting, increased brand safety, and heightened visibility where and when shoppers are most likely to transact. According to the release, brands have been quick to redirect their ad dollars toward these novel marketplaces.
“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, Vice President 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.
Many forecasters see this as only the beginning, noted the release, with retail media expected to continue to grow by double-digits through 2024, when it is expected to top $55 billion annually. The Fresh Market stands out from the competition as it 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.
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