The majority of brands (88%) and retailers (89%) said retail media had a positive impact on their bottom line in 2023, and plan to invest further this year, according to a new study.
The Great Defrag: how commerce media will unite advertising in 2024 report, from Criteo, found 56% of brands and 47% of agencies globally are currently investing in retail media both onsite and offsite.
More than a third of global brand and agency respondents are looking to invest in retail media in-store (digital screens/point of sale displays in physical stores) to meet 2024 objectives. While, four in 10 brands plan to spend more on retail media offsite for their goals this year, as half of retailers see offsite as a key area of growth for retail media.
“Ultimately retail media has to emulate the whole journey of the consumer,” said Brian Gleason, chief revenue officer at Criteo.
“Offsite and in-store are essential components in influencing and guiding decisions, alongside sponsored products and onsite display ads. As retail media moves up the funnel, new demand sources like brand marketing and performance marketing need to be added to the mix.”
The research also highlighted that there is a third interested party in the retail media space – publishers. It found many retailers hope to collaborate with publishers to create “retail-like” experiences offsite to drive consumers to their retailer site. Everything from related product listings to affiliate and “shop now” links are being explored.
A third of retailers globally (31%) said forming new partnerships will be a much more important marketing objective in 2024 compared to 2023. While, half of publishers globally said that building long term partnerships with brands/agencies and retailers is a commerce media priority.
“Advertisers, publishers and retailers want to make full use of this new media and our mission is to make it as simple as possible,” added Gleason.
“The easier it is for all parties to successfully buy and sell retail media, the faster we reach the potential of this $100bn market opportunity.”
Criteo are headline sponsor of RetailX’s brand new one-day conference dedicated to retail media networks. MediaX, held on 11 June 2024 at The Cavendish Conference Centre, London, will explore the experiences of well-established retailers in this space, as well as new entrants and the agencies who are helping make retail media networks tick. More information can be found here.
