Online Luxury Outlet Debuts Retailer Media Network
Shop Premium Outlets (SPO), mall operator Simon Property Group’s online marketplace and outlet for luxury goods, has thrown its hat in the retail media ring with the launch of its own network.
Created in partnership with retail tech firm Mirakl, which specializes in marketplace platforms, and powered by Mirakl Ads, SPO’s retailer media network (RMN) provides sellers a way to “boost visibility and sales” by delivering personalized, curated advertisements to SPO’s online shoppers, according to a media release.
Retail media was one of the fastest growing U.S. advertising channels in 2022, up 22% year-over-year to $38 billion, according to a report by the Interactive Advertising Bureau (IAB). That number is projected to more than double over the next five years to $107 billion as incremental and reallocated funds are funneled into the ecosystem.
SPO offers a curated assortment of premium and luxury items at discounted prices from more than 300 curated sellers and brands, such as Adidas, Coach Outlet, Hugo Boss and Mulberry. By incorporating Mirakl Ads into its marketplace strategy, SPO leverages proprietary AI to optimize ads for relevance and performance, per the release. SPO suggests sellers begin advertising through the new RMN using Mirakl’s AI-powered sponsored product ads.
“The launch of our new retail media network demonstrates Shop Premium Outlets’ commitment to an exceptional experience, not just for our customers, but for the hundreds of curated brands we partner with on our e-commerce marketplace,” Neel Grover, CEO of SPO, said in the release. “Our retail media solution will empower marketplace sellers to serve advertisements directly to their most relevant audiences, delivering outsized returns on their marketing investments.”
Mirakl Ads was designed for both first-party and marketplace products and offers an “instant” solution to operators and sellers via the Mirakl Marketplace Platform, per the release. Marketplace sellers can choose to automatically fund ad spend using their balance within the platform.
“The launch of this marketplace-ready retail media advertising solution enables Shop Premium Outlets to build on existing customer relationships by serving relevant, personalized advertising to deliver a curated customer experience,” Octavie Gosselin, vice president, Mirakl Ads, added.