Meta announces new ad types for retailers: A must-try option for marketers.

Meta announced the testing of its two new ad types, manager partner ads and local inventory ads, during Meta's presentation at ShopTalk 2023.

Manager Partner Ads:

Manager partner ads enable retailers to collaborate with retail media networks through their CPG partners to enhance their ad targeting, opening up new possibilities for ad personalization.

To improve retailers’ ad targeting, the system essentially allows them to use their own CRM data via a media network or partner.

Although Meta has not offered a tonne of information just yet, it might be a significant factor for retailers who stock products from various well-known brands.

Local inventory ads:

Businesses will be able to dynamically target customers who are located closer to their shops with information about product availability and pricing.

It would depend on the tracking settings that users have enabled on their devices, but it could be an additional strategy to target local audiences with highly relevant promotions.

According to research from Meta, 52% of consumers worldwide want to find new brands or products that suit their shopping preferences.

Retailers and e-commerce companies of all sizes are already under increased pressure to personalize both online and in-store shopping experiences. By augmenting its tools with the power of AI and automation, Meta is striving to help marketers do even better personalized ad targeting and maximize their campaign performance.

In this privacy-centric era, with transparency taking centre stage, tracking customer data, and getting insights has become a huge deal. As a result, mapping out the customer journey or personalising ad targeting has become challenging.

Particularly, Apple’s iOS privacy policy changes hit hard on Facebook. As a result, marketers on Facebook find it difficult to conduct precise targeting and track their potential customers’ behaviour.

This way, marketers are already bending over backwards to find viable pathways to move past this obstacle and build an approach for clear-value exchange.

Amid this, the retail media network is one way businesses, particularly CPG brands, lean on to reach customers across a variety of online surfaces.

At this point, Facebook’s new ad types sound promising for retailers in many ways.

Manager Partner Ads:

With manager partner ads, marketers will be able to get accurate insights on the products that have high demand among the audiences. And the insights will be huge for marketers.

It will help them create better personalized ads and optimize their campaigns on Facebook so as to maximize the campaign's performance. Besides helping brands reach relevant buyers, audiences will also be able to easily find products that they are interested in buying.

Altogether, we believe that as social media and retail media networks get to work together, the result will be incredibly advantageous for brands.

Local inventory ads:

Marketers can leverage this ad type to let local shoppers know that their nearby shop has the product they are looking for, and retailers can easily sway their purchase decision.

On the other hand, it gives flexibility to the user to buy products wherever they prefer. This way, using local inventory ads, marketers will be able to provide a seamless shopping experience to potential customers and drive sales.

In addition to driving customers to their physical stores, local inventory ads can be helpful to improve omnichannel revenue growth.

Overall, we believe that Facebook’s new ad types are a way forward for marketers to swim against the increasing difficulty of tracking customer data. These new ad types have the potential to provide more value to retailers in terms of improving campaign performance, optimising ad spends, and driving sales.