Sales Strategy

Why You Should Care About a Retail Media Network March 13, 2023 (0 comments)

Dublin, Ireland--Retail media networks are gaining momentum, providing advertisers with first-party data, specific audience targeting, and a chance to adjust their marketing strategies.

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Retail media networks are advertising platforms created by retailers that enable advertisers to place ads on customers' online shopping journeys, learn more about customer behaviors, and receive valuable data.

According to a report, retail media networks are expected to generate $1.3 trillion in enterprise value in the US by 2026, driven by the pandemic's impact on consumer shopping behaviors and the phasing out of third-party cookies. These networks also provide a new source of revenue and are an opportunity to reach customers when they are most likely to make a purchase. Retail media networks generate an average of 3 to 5 times ROA for advertisers, making them a crucial factor for businesses' continued growth.

Retail media networks are a relatively new opportunity, and it may take several months to several years to build them out, depending on their scope. An article provides six best practices for building a successful retail media network strategy. These include establishing goals, knowing strengths and limitations, starting small, identifying your target areas, working with third parties where necessary, and measuring your progress.

The retail media network landscape is expected to expand beyond consumer packaged goods, encompassing industries such as luxury goods, electronics, and beauty retailers. Learn more about making the best of it in the entire article.