Retail Media Networks are booming – here is how to choose the right network partners in 2024. | |
Katrina Smart The IAB predicts the rapidly growing retail media industry in Europe will reach €25B by 2027. As the market continues to grow, and an increasing number of new retail media networks launch across Europe, the challenge to determine the best investment becomes even more complex. Although the European market is much more nascent than the US, retail media has already become a potent tool for brands to reach target audiences. By partnering with these networks, brands can tap into the retailer’s customer base, gain access to valuable insights, and deliver personalised and contextually relevant messages to shoppers that increase the chances of conversion at the point of purchase. Also Read – 2024: The Year of ‘How’ in Analytics Why the European retail media market is expected grow like wildfire. One of the key reasons for Retail Media Network’s (RMN) growing popularity is its ability to deliver highly relevant, first-party data-driven and targeted in-store offers. This is achieved through the collection and analysis of vast amounts of customer data, allowing retailers to tailor their advertising messages and promotions to individual shoppers. Another factor driving the adoption of RMNs is the rapid growth of ecommerce. As more and more consumers shop online, retailers are looking for ways to reach them with targeted ads directly on their websites and apps. RMNs act as a centralised platform that enables brands to place their ads on relevant product pages or in targeted email campaigns. Retailers are also using RMNs to control the flow of products and manage their inventory more effectively. By leveraging their websites and apps as closed ecosystems, retailers can manipulate prices, highlight specific products, and offer targeted promotions, to optimize product movement and maximize sales. Moreover, RMNs enable contextually relevant, flexible, mutually beneficial, and creative brand partnerships around timely events (holidays, seasonal / sporting events, etc.). This collaborative approach enables brands and retailers to co-create campaigns that resonate with consumers and drive sales. RMNs also provide highly detailed performance measurement that brands and retailers find invaluable. This data-driven approach quantifies the effectiveness of campaigns and informs the optimisation of strategies to improve decisions about future investments. For more such updates, follow us on Google News Martech News | |
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