In today’s digital age, retailers are expanding their reach and diversifying their revenue streams by launching their own retail media networks. By doing so, they are creating a new advertising platform that allows advertisers to access first-party data and reach more specialized audiences. This guide will provide you with a complete understanding of retail media networks, including their advantages for retailers, why retailers have launched them, how to build a strong retail media network, and major retailers with successful retail media networks. Let’s dive in.
A retail media network refers to an advertising service offered by retail brands, which allows third-party brands to advertise on the retailer’s website. Through this service, advertisers can make use of the retailer’s first-party data to streamline their targeting and get their brand and products in front of the right shoppers.
The biggest advantage of retail media networks for retailers is that they create a new revenue stream. In fact, retailers garnered an estimated $88 billion in revenue in 2021 and $101 billion in 2022 from retail media networks.
Compared with other types of advertising, retail media promises access to an unprecedented level of data both for targeting campaigns and measuring their success. But transforming that vision into reality requires overcoming a series of unique hurdles.
Why Retailers Have Launched Retail Media Networks The Evolution of Retail Media Networks Retail media isn’t a new concept – promotions such as those you might see in a grocery store have been translated into new online formats representing big business opportunities for brands.
Retail media networks have evolved to offer a trove of first-party data to help target offers and reach new audiences and enhance every stage of the buying journey…
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