This month, Lyft introduced in-app ads to personalize its riders’ experiences and generate more revenue from the Lyft Media ecosystem.
The rideshare service partnered with ecommerce technology company Rokt, which uses machine learning intelligence and its network of advertisers to deliver the best ads to the best Lyft customers in-app.
Lyft Media has added a number of digital and out-of-home touchpoints to make the rider experience more engaging and to offer opportunities for advertisers. As a result, Lyft Media’s revenue has quadrupled within the last yr, in keeping with the corporate.
Why we care. As we’ve seen in retail media networks (RMNs), sellers with loyal customers and fascinating experiences can drive more sales for advertisers when the customer journey is managed intelligently. The trick is that each retailer and customer base is different, and latest opportunities arise based on the retailer’s specific strengths.
What it’s. Lyft’s unique journey takes riders from the app to an in-car experience where they’ve the shopper’s complete attention. The ridesharing experience and media ecosphere show how a whole bunch of thousands and thousands of North American customers annually are getting from place to position for travel needs and entertainment. The company has 26% of ridesharing’s U.S. market share, to Uber’s 74%, in keeping with Bloomberg Second Measure. Lyft averaged $87 per transaction in July 2022, up 12% YoY.
Dig deeper: CTV is growing, but not like retail media networks
In-app ads. The latest ad partnership with Rokt went continue to exist August 9. With this partnership, riders can be served ads in-app while viewing their ETA screen, after they match with a driver and through the trip.
Riders check their phones an average of nine times during their Lyft ride.
“Advertisers get 100% share of voice to achieve riders in relevant and contextual ways as they head out to eat, shop, and run errands with ads which might be dynamically rendered to form-fit the app,” said Zach Greenberger, chief business officer for Lyft.
He added, “At launch, a rider will only see one poster ad during each ride. Targeting relies on first-party data such as payment method, ride history, ride area, and lifestyle segments.”
“We’re excited to expand our existing partnership with Lyft as a launch partner on this latest channel,” said Zoe Oz, CMO at Bilt Rewards. “Bilt is all about contextual marketing and meeting people where they already are. So while most of our marketing is in rental buildings via our real estate partnerships, a Lyft ride to and from someone’s house is one other great method to goal relevant messages to customers of their day by day lives.”
Rokt technology. Rokt uses machine learning to optimize one of the best contexts and ad forms to serve customers in-app, drawing from a number of advertisers within the closed Rokt network, including Hulu, AMC Theatres and HelloFresh.
Rokt’s use cases began with ticket-buying services. When customers buy a ticket to an event, Rokt’s technology sends a promotion that matches contextually with that event based on location, interest or other relevant tie-ins.
A passenger might receive an AMC Theatre ad for a movie that’s playing near the rider’s destination. Or the rider might receive a promotional offer from Hulu to subscribe to the streaming service.
Rokt’s intelligence is driven by billions of ecommerce transactions. Businesses partnering with Rokt’s closed marketplace have captured incremental profitability of over $.30 per transaction..
Because Rokt’s machine learning improves over time, the corporate looks for enterprise businesses for future partnerships, or for corporations with a high volume of transactions, said Jon Humphrey, VP of solutions and product marketing for Rokt.
Growing ad network. In addition to this partnership with Rokt, Lyft Media has a growing number of advertisers, including Bilt Rewards, Audible, Universal Pictures and others.
In addition to in-app ads, which can be found nationwide, Lyft Media offers other digital and out-of-home opportunities to advertisers. In-car tablets can be found in 12 markets. Screens on top of Lyft cars can be found in 5 marketers. Lyft also has out-of-home ads on bike sharing stations in 4 markets.
Measurement. Lyft Media has also partnered with Kantar Brand Lift Insights for awareness metrics, purchase intent and brand association measurement.
“Reporting at launch will include clicks, impressions, and an optional brand study via Kantar’s Brand Lift Insights,” said Greenberger.
Tablets. Lyft has tablets in 6,000 cars in 12 markets, reaching over 1 mllion riders monthly. Riders are using them as an alternative to the phone app after they are within the automotive. Additionally, riders can use the tablet to enhance their experience by controlling the music within the automotive, tracking their progress on a map and tipping their driver.
The company found that when drivers determine to position a tablet of their cars and provides not less than 60 rides per week, the tablet boosts their suggestions by 10% on average in comparison with drivers who don’t have a tablet.
This is one other indication that when a rider’s experience is relevant and helpful, the opposite parties involved within the ride can profit.
Read the complete article here
