PYMNTS MonitorEdge May 2024

Saks Launches Retail Media Network Targeting Luxury Shoppers

Saks Fifth Avenue, retail, luxury

Saks is now offering digital advertising to connect brands with luxury shoppers on its platform.

The new Saks Media Network delivers sponsored product ads and display banners on the luxury eCommerce platform, Saks.com, the retailer said in a Tuesday (April 23) press release.

“Our view of the full shopping journey across the Saks Fifth Avenue digital and physical ecosystem enables meaningful, personalized customer engagement and product discovery, and the Saks Media Network is the next step in leveraging our data-driven insights and industry expertise to enhance the customer experience,” Kristin Maa, senior vice president, growth at Saks, said in the release. 

This new retail media network leverages the Saks brand, its first-party customer data and its 435 million annual visits to help brands reach customers when and where they are looking to make a purchase, according to the release. 

With these resources, the Saks Media Network can display products that align with customers’ interests, the release said.

The company’s in-house media team can help brand partners drive business and can deliver comprehensive reporting and insights, per the release.

Ramy Brook Sharp, founder and creative director of contemporary womenswear brand Ramy Brook, said in the release that the Saks Media Network provides a new opportunity to engage with Saks customers.

“Saks Media Network presented an exciting new avenue to achieve our business goals by increasing our brand’s visibility and driving improvements in both traffic and revenue for Ramy Brook on Saks’ eCommerce platform,” Sharp said.

eCommerce merchants are seizing on an opportunity to open up new revenue streams by launching retail media networks at a time when brands are seeing that their ad spending across traditional digital media channels doesn’t go as far as it once did, PYMNTS reported April 15.

Retailers, third-party marketplaces, on-demand delivery companies and even banks are making forays into the retail media space and monetizing their consumer data.

For example, banking giant Chase is reportedly getting deeper into the world of retail media by launching a Chase Media Solutions unit that will let advertisers target the bank’s customers with discounts and deals related to their spending history.