The Next Chapter in GoWit’s Journey: Revolutionizing Retail Media Integration

Reflecting on the early days of GoWit, our journey started with a mission to democratize digital advertising, making powerful ad-tech tools accessible for retailers and brands of all sizes. This mission drove our initial success in programmatic advertising and Retail Media. Following our first funding round last year, GoWit established itself as a leading global Retail Media advertising technology provider by securing notable retail clients, including Kingfisher plc 's joint venture Koçtaş , Modanisa , Beymen Group , Turkcell , Teknosa , and toters delivery .

Our goal is to redefine the rules of Retail Media, making it accessible to every retailer, regardless of their size or location. We aim to simplify access and enable retailers to generate ad revenue effortlessly.

The new product feature we will be announcing soon was developed in response to our years of work with retailer and marketplace customers and the Retail Media partnerships we have established with them. Through these partnerships with global retailers and advertisers, we identified a significant market gap: retailers face challenges with the complexity and inefficiency of Retail Media integration. Existing solutions are not only time-consuming but also require extensive technical expertise and substantial financial resources, making them inaccessible to many retailers.

We knew there had to be a better way to support retailers of all sizes in capitalizing on Retail Media opportunities without these burdensome barriers. So, this realization sparked a new focus for GoWit: to simplify and revolutionize Retail Media integration.

Recently, we announced our investment news. GoWit has secured $1.3 million in funding from trusted investors, including Formus Capital , APY Ventures , Mindvest , and our newest partner, Diffusion Capital Partners . This investment will enable us to continue pushing the boundaries of Retail Media integration, furthering our mission to empower retailers of all sizes to seamlessly incorporate Retail Media advertising solutions into their existing systems.

Current Challenges in Retail Media Integration

Retail Media has swiftly become a vital revenue stream for retailers, offering a promising avenue for monetization and customer engagement. However, integrating Retail Media networks (RMNs) into existing systems remains a formidable challenge. The process often involves complex, time-consuming, and costly procedures that can stretch from 3 to 6 months. This extensive integration demands significant coding and financial investment, making it feasible primarily for large, global retailers while leaving smaller, localized retailers at a disadvantage.

The latest insights from IAB Europe ’s Attitudes to Retail Media Report shed light on these challenges, providing a comprehensive overview of the current Retail Media landscape across Europe. Developed with input from the Retail Media Committee, the report reveals several key barriers faced by retailers in integrating and investing in RMNs.

Operational elements: A prominent 54% of retailers identify the operational aspects of setting up a Retail Media Network as a major hurdle. These challenges encompass issues related to measurement, performance evaluation, and the effective use of data. Such operational difficulties can significantly hinder the smooth implementation and ongoing management of RMNs.

Investment and Costs: Financial concerns are another critical barrier, with nearly 39% of respondents highlighting the high costs associated with setting up and maintaining Retail Media platforms. The initial investment and recurring expenses pose substantial obstacles for many retailers, complicating their ability to adopt Retail Media strategies.

Technology and Staffing Requirements: The complexity of technology involved is a challenge for 32% of retailers. Understanding and effectively utilizing the necessary technological components requires advanced skills and knowledge. This underscores the need for better guidance and training to help retailers navigate the technological demands of RMNs. Additionally, 21% of retailers face difficulties with hiring and training staff to manage and optimize Retail Media campaigns. Adequate expertise is crucial for the effective operation of RMNs, highlighting another significant barrier to integration.

In our conversations with retailers across Europe, the Middle East and North Africa (MENA), and beyond, it became evident that the industry is in dire need of transformation. The current solutions are inadequate, leaving retailers to contend with cumbersome and expensive processes. This realization drove us to seek a more efficient approach. We recognized that there must be a better way to streamline the integration of Retail Media ad platforms, providing retailers with faster, more cost-effective solutions.

As the Retail Media landscape continues to evolve, addressing these challenges is crucial for enabling a wider range of retailers to benefit from these opportunities. The industry needs innovative solutions that simplify and accelerate the integration process, making Retail Media accessible to retailers of all sizes.

Our Solution: Streamlining Retail Media Integration

This is where our latest innovation comes in — a game-changing feature that we believe will revolutionize the Retail Media landscape. While I can’t reveal all the details just yet, I can share that this new feature will enable retailers to integrate our Retail Media platform in minutes. Yes, you read that right — Retail Media integration in minutes.

Imagine setting up your entire Retail Media ecosystem with minimal coding, no upfront costs, and no disruption to your existing tech stack. Our new self-service capabilities will empower retailers to start generating revenue from their media platforms almost immediately, with a level of ease and efficiency never before seen in this industry.

What’s Next for GoWit on This Journey?

Our goal is to swiftly reach hundreds of retailers worldwide, eliminating all technical barriers and complex processes associated with integration. This will allow retailers to quickly benefit from Retail Media.

The recent investment we received has been crucial to this mission. With this support, we are excited to transform Retail Media advertising into an accessible ecosystem where anyone can easily create and launch advertising campaigns. We are focusing on delivering Retail Media solutions to a broad range of retailers, marketplaces, grocers, delivery services, and the brands and sellers they work with, particularly in Europe and the MENA region. Our goal is to demonstrate that retailers can generate income from Retail Media advertisements, and the evident market demand drives us forward every day.

We are committed to reaching more global customers. While continuing to offer tailored Retail Media services to our existing clients, we aim to show that our innovative approach allows retailers worldwide to quickly set up advertising campaigns and generate revenue — without additional fees or complex integration processes.

As we prepare for this exciting new chapter, I want to extend my heartfelt thanks to our investors, partners, and the entire GoWit team. Each member of our team has worked tirelessly to bring this groundbreaking innovation to life, and we are thrilled to share it with the world soon. The support and belief of our advocates have brought us to this pivotal moment, and together, we will continue to push the boundaries of what’s possible in Retail Media.

Keep an eye out for our official announcement — it’s going to be a game-changer.

- Emrah Adsan , CEO of GoWit

Sources:

Wakefield, Lauren. “IAB Europe’s Attitudes to Retail Media Report — IAB Europe.” IAB Europe, 23 June 2024, iabeurope.eu/knowledge_hub/iab-europes-attitudes-to-retail-media-report/.