The Fresh Market has launched a retail media network that allows users to interact with shoppable ads while watching videos, as an extension of its existing partnership with Firework, a video commerce platform creator.
"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, CMO at The Fresh Market, in a statement. "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."
Retail media represented the fastest-growing digital ad channel in Q3 2022, with total retail media spend increasing by a 45 percent compared to the year prior, according to marketing researcher Skai. Retail media is expected to continue growing by double-digits through 2024, eventually reaching $55 billion annually.
The Fresh Market will offer brands the opportunity to run video ads as sponsors across its ongoing livestream series, which features holiday meal prep tutorials and chef-developed recipes.
"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, VP of U.S. retail nedia at Firework, in a statement. "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."
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.
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