Fashion platform The Iconic is further tackling the retail media space after expanding its partnership with a local retail media and in-package advertising firm.
The retail media market is projected to be worth more than $1 billion in Australia according to reports from PwC.
Under the new agreement, Source Partnerships will oversee The Iconic’s in-package advertising strategy – including product samples, promotional inserts and integration with its retail media assets. This will allow endemic and non-endemic brands to advertise on The Iconic’s website.
Through in-package advertising, brands can now place marketing materials directly into the hands of The Iconic’s customers at the peak moment of interaction – when they receive and unbox their orders.
The two companies have been in partnership together since 2022, which included the development and production of The Iconic’s beauty boxes.
“The Iconic is committed to continuously enhancing the shopping experience for our customers while providing new ways for brands to connect with them,” GM of marketing partnerships and lifestyle categories Joshua Nunan said.
“Through this expanded partnership with Source Partnerships, we’re excited to introduce more innovative advertising solutions that add value to both our customers and our brand partners.”
Source Partnerships founder Andy Mulrenan said the new deal deepens its relationship with the fashion platform.
“Having collaborated on The Iconic’s beauty boxes, we’ve seen firsthand the power of The Iconic brand and its rich first party data,” Mulrenan said. “This next phase of our partnership will allow brands to tap into even more strategic, high-value marketing channels.”
Grand View Research claims the global retail media market was estimated to be at US$16.20 billion (A$26.5 billion) in 2023, and is anticipated to grow at a CAGR of 8.4 per cent from 2024 to 2030.
David Jones is another Australian fashion retailer known to have scaled a retail media arm.