Retail media is generating significant
optimism due to its advertising capabilitiesand new revenue streams.The channel isproviding marketers with new and uniqueopportunities within the broader mediaecosystem which is being forced toreimagine how it operates due to
substantial signal loss and ongoing privacylegislation.By enabling advancedpersonalization and closed loop
measurement,Retail Media Networks(RMNs)have quickly emerged as an
integral part of the omnichannel playbook.As a result,Retail Media was one of the
fasted growing U.S.advertising channels in2022(growing 22%year-over-year to $38billion)and is projected to more thandouble across the next 5 years to $107billion*as incremental and reallocatedfunds are funneled into its ecosystem.
However,to meet these growth projections,there are challenges that need to be
addressed.Ad buyers are frustrated withthe siloed nature of RMNs and are askingfor greater collaboration to minimizecomplexity and simplify activation.
They have concerns regarding the RMNs’ability to prove the value of their ad
investment driven by a lack of standardsand comprehensive measurement
approaches.Both brands and retailers arealso hamp
ered by communication gaps anda lack of expertise regarding each other’sbusinesses,leading to misaligned goals.
To help the industry solve these issues andmeet the channel’s full potential,IAB
partnered with BWG Strategy to survey 200RMN ad buyers at brands and agencies andconduct over 30 interviews with seniordecision-makers at retailers,brands,agencies,and intermediaries (i.e.,DSPs,SSPs,data providers)to understand what’sworking,what’s not working,and what allparties need to operate at their full potentialin the RMN ad ecosystem.
Retail Media 2023:Operational Strategiesto Meet the Growth Potential reveals howwe came to these conclusions,providesadditional insights on Retail Media overall,and offers recommendations for theecosystem on pages 27 to 32 of this report.
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