Retail media has rapidly become the third-largest digital advertising channel behind paidsearch and social advertising.Forecasts predict it will reach $160 billion by 2027,making up18%of global digital advertising and 11%of total advertising.Digital’s newest channel allowsmarketers to influence shoppers within online stores and closer to the point of purchase,expanding the customer journey and driving higher conversion rates.
In this year’s survey,we asked 167 retail media brand/seller marketers more than 35 questionscovering areas of interest such as:
·Spending.Planned growth,investments sources
·Success.KPIs,last year’s results,multi-year outlook
·Operationalization.Challenges,data sources,budget fluidity
·Team structure.Outsourced vs.in-sourced,use of third-party tools
·Omnichannel.Coordination with shopper marketing,search/social integrations
KEY TAKEAWAYS FROM THE SURVEY
Retail media continues to deliver.96%of surveyed individuals confirmed that their retailmedia programs achieved desired brand impact last year,with only 4%reporting little to noeffect on objectives.In addition,54%met,and 9%exceeded,their goal KPl expectations for
2022.
The outlook is high.87%of marketers reported that their organizations plan to maintain orincrease spending on retail media in the coming year,while 93%believe it will remain a priorityfor the next two years.
Economic conditions are being felt.When asked how the current economic conditions haveaffected their 2023retail media budgets,nearly two-thirds of respondents reported a strong orslightly negative impact.
Marketers are quickly adapting.89%of marketers say their retail media programs areaverage,above average,or excellent in maturity.
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