retail media ads are now novel once again, especially in-store. or maybe they’re keeping their novelty as they’ve become a topic of conversation in the retail industry about what’s producing results. After all, it’s been compelling enough for retail giants like Walmart and Target to tap into the scheme and ultimately tap into an industry that is now poised to reach $100 billion by 2026.
In fact, back in August, PYMNTS highlighted that both retail giants were working towards expanding their market share in the realm of in-store advertising.
This week, at NRF 2024, the National Retail Federation’s annual trade show, Walmart reported that it had a wider reach than the largest TV network and that retailers were increasingly allocating their marketing budgets to in-store uses.
And according to Ryan Mayward, senior vice president of retail media sales at Walmart Connect, Walmart is exploring new advertising approaches within its stores. This includes advertising on TV screens located in the electronics section, screens in the deli and bakery sections, and on self-checkout screens.
Supporting this idea, Jonathan Lustig, the head of revenue at Walgreens Advertising Group, “every Walgreens store becomes a distribution center.”
Now companies like Microsoft are turning to artificial intelligence (AI) to empower individuals in crafting retail media content. As per reports, the Retail Media Creative Studio, integrated with Microsoft’s PromoteIQ platform, uses AI for swift and personalized development of banner ads, with an anticipated early preview release in 2024.
Developed based on insights from retail partners, the Retail Media Creative Studio addresses specific challenges in retail advertising. A feature, as reported, is its ability to transform product URLs into designed banner ads through content generation.
Moreover, the creative studio can generate ads that align with a retailer’s branding guidelines with input, thanks to its user-friendly interface.