The retail media ad market is projected to grow 31.4% this year to reach $41.37 billion, according to eMarketer. Walmart, Home Depot, Kroger, Target and Kohl’s are among retailers that are benefiting from the trend, with Marriott also entering the space with the first hospitality media network, a recent SmartBrief article reported.
A new offering in the retail media space is the In-Store Marketplace, an open initiative which aims to simplify access to digital audio and display inventory for retail media owners. Advertising inventory will be provided by partners including Vibenomics, FuelMedia TV, Mood Media, WaterStation Technology and Sellr Technologies.
“The In-Store Marketplace allows buyers to bundle display inventory and digital audio into a single PMP or cherry-pick your options,” stated Merkle’s Chelsea Monaco.
The marketplace enables buyers to manage campaigns and can be integrated into existing retail media platforms.
“The definition of retail media is broadening,”said Brent Oakley, Vibenomics CEO. “Key to the continuation and evolution of that journey is the existence of a marketplace that provides easily-accessible common inventory for in-store media and ad-serving tech.”
How marketers are investing in retail media
Some 82% of marketers say commerce media is a top business objective and 55% currently buy from more than six platforms, according to a Criteo and Forrester study reported by SmartBrief. The new In-Store Marketplace aims to be one solution for that problem.
A report by LiveRamp and Wakefield Research found that consumer-packaged good brands invest about a fifth of their budgets on retail media and 64% plan to up that spend in 2023.
Although Amazon is the most popular retail media network among marketers, 80% currently invest in at least one other network, according to McKinsey. Along with CPG brands, marketers in the jewelry and luxury, beauty and consumer electronics will be significantly upping retail media spend next year, McKinsey reports. And it’s not just bottom-of-the-funnel activity these marketers are hoping to spur through retail media investment, but also brand awareness.
“Brands are increasing their ad spend on RMNs because they offer unique, valuable audiences and provide data that measure ad effectiveness, thus helping to close the loop between ad view and product purchase,” notes McKinsey’s Jack Trotter.
For more insights like the below, subscribe to our free newsletter.