Throughout 2022 retail media featured as a major trend and it only looks to continue through 2023 and beyond. Brands are increasingly looking to access these powerful networks of customers within a context which is primed for commerce. Retailers themselves are either creating or refining their approaches to retail media as well as broader supplier funded activities.
This trend was well represented by Group M who predicted retail media to reach $112 billion on a global basis by 2023 and to hit $160 billion in annual revenue in by 2027. This market place growth is understandable only in context of the increasing appetites of both media buyers for this type of inventory and audience targeting but also retailers themselves looking to establish robust revenue streams from advertising enablement.
Growth on the demand-side is fuelled from both 'endemic brands', those who sell product across retailer properties (i.e. food brands which are listed by a grocer) but also 'non-endemic brands' whose products and services are not available across retailer properties (i.e. insurance services which are advertised on a travel portal).
Retail media propositions are hungry for 1st party data, it is those retailers who are well positioned to activate their owned audiences who can yield the benefits of these significant revenue streams. At AUDIENCES we are increasingly seeing retailers evolve their existing supplier funded activities and extending into retail media.
The concept that a retailer is the trusted guardian of consumer relationships is well established however the commercialisation of these 1st party audiences continues to be an exciting growth area.
Contact AUDIENCES to discuss how to accelerate activation of your 1st party data.