by The global Retail Media Network market is estimated to be valued at USD 18.82 billion in 2022 and is expected to exhibit a CAGR of 6.39% over the forecast period 2023-2029, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Retail Media Network market refers to the use of digital advertising platforms and networks within the retail industry. These platforms enable retailers to monetize their websites, mobile apps, and other digital assets by selling advertising space to brands and advertisers. It allows retailers to leverage their customer data and reach a highly targeted audience through personalized advertising.
The key products associated with the Retail Media Network market include display ads, sponsored product listings, brand stores, and targeted email marketing. These products help retailers generate additional revenue streams while providing brands with an effective way to reach their target customers and drive sales.
B) Market Dynamics:
The Retail Media Network market is driven by two main factors. The first driver is the increasing penetration of e-commerce. With the rapid growth of online shopping, retailers are looking for innovative ways to boost their online revenue and maximize the value of their digital assets. Retail media networks provide a solution by offering advertising opportunities within the online shopping experience, allowing brands to target consumers directly.
The second driver is the rising digital advertising opportunities. Traditional advertising channels, such as TV and print media, are losing effectiveness as consumers increasingly turn to digital platforms for information and entertainment. Retail media networks offer brands a more targeted and measurable way to advertise, with the ability to reach consumers at various touchpoints along their shopping journey.
For example, Walmart’s Retail Media Network allows brands to display sponsored product listings on the Walmart website and app, targeting consumers who are actively searching for products. This highly tailored advertising approach increases the chances of conversion and drives sales for both the retailer and the brand.
C) Segment Analysis:
In the Retail Media Network market, the advertising segment is expected to dominate due to the increasing demand for digital advertising opportunities. With brands looking for more effective ways to connect with consumers, advertising on retail media networks provides a targeted and measurable solution. By leveraging customer data and targeting algorithms, retailers can deliver personalized ads to consumers, driving engagement and sales.
D) PEST Analysis:
– Political: There are no major political factors affecting the Retail Media Network market.
– Economic: The growing adoption of e-commerce and digital advertising indicates a positive economic outlook for the Retail Media Network market.
– Social: The increasing use of digital platforms for shopping and entertainment creates new opportunities for retailers and brands to engage with consumers.
– Technological: The advancements in data analytics and targeting algorithms enable retailers to deliver personalized and relevant advertisements to consumers.
E) Key Takeaways:
– The global Retail Media Network market is expected to witness high growth, exhibiting a CAGR of 6.39% over the forecast period, due to increasing penetration of e-commerce and rising digital advertising opportunities.
– North America is anticipated to dominate the Retail Media Network market, followed by Europe, due to the presence of major retail players and high internet penetration rates.
– Key players operating in the global Retail Media Network market include Walmart, Costco Wholesale Corporation, The Kroger Co., Walgreens Boots Alliance, Inc., TESCO PLC, Amazon.com, Inc., METRO, Home Depot Product Authority, LLC., Target Brands, Inc., Best Buy, Inter IKEA Systems B.V, Carrefour SA, and eBay Inc. These players are actively leveraging retail media networks to enhance their digital advertising strategy and drive sales.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
