June 14, 2024
Ict

Digital Transformation Drives Retail Media Network Market

Retail media networks, also known as retail media platforms, enable retailers to monetize their first-party shopper data and transform their stores into media sellers. Retail media networks allow brands to reach online and in-store shoppers through targeted digital ads on the retailer’s owned and operated properties like websites, mobile apps, and emails. Some key advantages of retail media networks include precise audience targeting based on shopper behavior data, measurement of ad performance across online and offline sales, and opportunities for retailers to generate new revenue streams.

The global retail media network market enables retailers to leverage their wealth of customer data and shopping experiences to provide brands access to highly targeted advertising opportunities. The market offers a unique value proposition for brands seeking to efficiently reach consumers already primed and ready to purchase. The global Retail Media Network Market is estimated to be valued at US$ 1414.48 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the retail media network market is the increasing focus on omnichannel experiences. Retailers are leveraging their media networks to deliver a unified brand message to shoppers across both online and in-store shopping touchpoints. Omnichannel campaigns through retail media allow advertisers to reach consumers along their entire purchase journey, from discovery to purchase to repeat engagement. Another key trend is the growth of shoppable ads. More retailers are enabling brands to incorporate interactive, shoppable ads within media placements. Shoppable ads allow consumers to easily add products to their cart or wishlist directly from an ad unit, improving ad engagement and conversions for brands. As retail media networks continue to scale, these types of innovative omnichannel and shoppable ad formats will become more widely adopted.

Porter’s Analysis
Threat of new entrants: Low barrier to entry for new digital retailers and app developers to leverage retail media solutions. However, established players have strong brand recognition and economies of scale.

Bargaining power of buyers: Retailers have strong bargaining power given their large customer base and data assets. They can choose between various retail media platforms and demand better terms.

Bargaining power of suppliers: Retail media vendors face moderate pressure as retailers evaluate multiple options to monetize customer data and shopping experiences. Integrated solutions have an edge over point solutions.

Threat of new substitutes: Alternate advertising channels like social media, search engines pose threats. But retail media being contextually relevant inside retail environments attracts brands efficiently.

Competitive rivalry: Intense competition amongst retail media platforms to partner with global retailers and expand coverage. Players differentiate through advanced data-driven personalized solutions.

Key Takeaways
The global Retail Media Network market size is expected to witness high growth.

Regional analysis: North America accounts for over 40% share currently led by the US. Presence of leading retailers like Walmart, Target and advanced digital ecosystems support the market. Europe follows next with major countries being the UK, Germany and France.

Key players operating in the Retail Media Network market are GATX Corporation, Progress Rail (A Caterpillar Company), TrinityRail, Mitsui Rail Capital LLC, Angel Trains, Beacon Rail Leasing, Railpool, Eversholt Rail Group, Macquarie Group, SMBC Rail Services, VTG Rail Leasing, Mitsui & Co., Ltd., Touax Rail Ltd., CIT Group Inc., The Andersons Rail Group. Players are focusing on strategic alliances and M&A to expand offerings and global footprint.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it