CareCredit - Women's Health April 2024

Chase Will Let Advertisers Offer Customers Targeted Offerings

Chase, SMBs, lending

Chase is reportedly getting deeper into the world of retail media.

The banking giant’s new Chase Media Solutions unit will let advertisers target Chase customers with discounts and deals related to their spending history, The Wall Street Journal (WSJ) reported Wednesday (April 3).

As the report notes, this puts Chase in the company of a range of businesses already selling ad space on their apps, websites, and other spaces, in many cases using shopper data to target messages and drive extra revenue.

But unlike most retail media networks, Chase Media Solutions will only charge merchants a fee when a customer makes a purchase based on the offered deal.

That means businesses will be able to tie results to their spending with Chase, which the bank hopes will help entice marketers, said Rich Muhlstock, Chase’s head of offers and eCommerce.

“We will be part of larger campaigns because there are other things that are obviously always going to be important to building brands and awareness and things like that,” Muhlstock told WSJ. “But this fits in nicely with something that can truly drive sales.”

Chase’s plans come as many retailers are turning to in-store retail media offerings to increase their revenue as shoppers tighten their spending. For example, Walmart announced earlier this week that it was expanding its efforts in the space.

“The shopping journey isn’t linear, making omnichannel connections even more critical to brands,” Rich Lehrfeld, senior vice president and general manager at Walmart Connect, the chain’s retail media business, wrote. “That’s why we continually explore new media experiences that both help marketers solve their needs across the entire funnel and are additive to the customer’s shopping journey.”

As PYMNTS wrote Tuesday (April 2), in-store retail media can play a major role in improving conversion rates — the percentage of visitors who make a purchase. By strategically putting digital displays or interactive kiosks close to relevant products or high-traffic areas, retailers can effectively steer customers through the purchasing journey and encourage them to buy.

“For example, dynamic product demonstrations or customer testimonials displayed on digital screens can help customers visualize the benefits of a product, leading to increased confidence and higher conversion rates,” that report said.

Meanwhile, research by PYMNTS Intelligence and AWS — as seen in the report “Personalized Offers Are Powerful — But Too Often Off-Base ” — shows that 71% of shoppers received personalized offers and are interested in them, while another 12% did not get these offers, though they were interested in them.