Global Retail Media Networks Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Digital Advertising

by

The global Retail Media Networks market is estimated to be valued at USD 1,227.84 million in 2021 and is expected to exhibit a CAGR of 19.03% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 Market Overview:

The Retail Media Networks market refers to the integration of digital advertising platforms within retail environments to provide targeted advertising and promotional opportunities. These networks leverage the vast customer base and online shopping platforms of major retail players such as Walmart, Costco Wholesale Corporation, Kroger Co., and others to offer personalized advertising solutions to brands. This enables brands to reach their target audience more effectively and drive sales.

The need for Retail Media Networks arises from the increasing trend of online shopping and the surge in digital advertising. Retailers are capitalizing on their extensive customer data and shopping platforms to offer advertising solutions that are more relevant, targeted, and measurable. This helps brands optimize their marketing campaigns and improve their return on investment.

Market Key Trends:

One key trend in the Retail Media Networks Market is the increasing adoption of programmatic advertising. Programmatic advertising refers to the automated buying and selling of ad inventory in real-time. It uses data and algorithms to deliver personalized ads based on user behavior, demographics, and preferences. Programmatic advertising provides efficiency, scalability, and better targeting capabilities, making it an attractive option for advertisers.

For example, Amazon Advertising offers programmatic ad solutions through its Amazon DSP (Demand-side Platform). It allows advertisers to reach Amazon customers both on and off Amazon websites and apps. This enables brands to target their ads based on customer shopping behaviors and interests, resulting in higher conversion rates.

 PEST Analysis:

Political: The implementation of data protection regulations such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States may impact the collection and usage of customer data for advertising purposes.

Economic: The growth of the Retail Media Networks market is influenced by factors such as consumer spending, economic conditions, and advertising budgets of brands.

Social: Changing consumer behavior and preferences, such as the shift towards online shopping and increased demand for personalized advertising experiences, are driving the adoption of Retail Media Networks.

Technological: Advancements in machine learning, artificial intelligence, and data analytics are enabling retailers to leverage customer data more effectively and deliver targeted advertising experiences.

Key Takeaways:

The global Retail Media Networks market is expected to witness high growth, exhibiting a CAGR of 19.03% over the forecast period, due to increasing adoption of digital advertising. Retailers are leveraging their vast customer base and online platforms to offer personalized advertising solutions.

North America is anticipated to be the fastest-growing and dominating region in the Retail Media Networks market. The region’s advanced retail infrastructure, high internet penetration, and large e-commerce market contribute to its growth.

Key players operating in the global Retail Media Networks 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 offer advertising solutions to brands through their retail platforms, helping them reach their target audience effectively.