A retail media network is essentially a group of digital channels that a retail business owns and makes available to other companies for advertising. This enables these companies to market to customers who are already in the market for something. As the world became aware of the effectiveness of e-commerce in the face of a devastating pandemic, more companies went online in an effort to take advantage of all the possibilities that technology might provide. Here, we’ll look at a few real-world retail media examples, moving from generic retail media platforms like Amazon to more specialized platforms like Criteo.
Networks for General Retail Media
Large general stores are in charge of these retail media networks. They have access to a big database of customer information from many markets.
Platforms for Specialty Retail Media
Because they give advertisers access to extremely specific audiences and increase conversion rates, niche retail media platforms are extremely beneficial for advertisers.
Platforms for Connected Retail Media
The appeal of connected retail media platforms is their connectivity with various retailers, enabling advertisers to grow by buying ads from several retail media providers using a single account.
The industry is expected to grow in popularity by 31.4% in 2022 thanks to retail media advertising. However, despite all the possibilities it offers, there are a few difficulties as well.
Unfair Conditions for Play
Bigger brands can outbid smaller rivals and gain market dominance because of their significantly larger marketing costs.
Inequality Among RMNs
The number of resources and degree of expertise required to run successful marketing campaigns rises as a result of the fragmentation that pushes marketers to learn how to leverage many platforms.
Data Silos
Brands are left with a partial understanding of every customer encounter as a result of this “walled garden” strategy, which forces them to make cross-platform decisions in the dark.