In recent years, one of the biggest developments in the retail media space, unsurprisingly, was the significant increase in the importance of digital engagement with prospects and customers.
As a result, retail websites and apps are becoming major media properties in their own right, and digital placement is becoming the new shelf space, creating new revenue opportunities for retailers.
So what is a retail media network?
A retail media network enables retailers to leverage and monetize their first-party data within digital advertising platforms such as their website, app, and the open web. It can also include offline channels such as in-store and direct mail.
For advertisers, a retailer’s first-party data is extremely valuable for targeting audiences and personalizing messages and offers.
Additionally, a retailer’s owned and operated environments are particularly attractive because people are typically more receptive to advertising and more likely to buy while they are actively shopping.
Why Does it Matter?
At a time when people are demanding more from the retailers and other brands they interact with, leveraging data effectively can be a key way to connect with people more efficiently and personally. Similarly, as the adtech industry continues to evolve, closed-loop measurement and data security are becoming table stakes for advertisers that want to reach valuable prospects and customers directly without relying on third-party cookies.
- According to Boston Consulting Group, the market growth for retail media networks is estimated to grow to $100 billion.
- Kantar estimates that up to half of media ad spend will shift to retail media networks in the next few years.
- Amazon has already grabbed a leading share (some estimate as much as $26 billion in 2021 revenue), and other major retailers, including Walmart, Target, and Kroger, are moving fast to establish their own positions.
How Acxiom Can Help
A critical factor for building a retail media business and attracting ad spend is the quality, completeness and scalability of first-party data.
To attract brands and their advertising dollars, retailers should enhance their first-party data with customer intelligence and attributes that matter to advertisers in terms of understanding and predicting people’s behavior, customer segments and targeting specific behaviors.
Additionally, Acxiom can provide modeled data and audiences to augment a retailer’s first-party data to extend the reach and scale of the retail media network and create an incremental revenue stream for the retailer.
Enhancing and expanding first-party data helps a retail media network:
- Attract advertisers
- Improve personalization and targeting
- Create or grow new revenue streams
- Drive store traffic and purchases
- Create better, deeper brand partnerships
- Grow share of wallet
Contact us at email@example.com to learn more about how Acxiom can help enhance and expand your retail media network.