What is Retail Media? And why is it so hot right now?
The advertising trend media execs can’t afford to ignore
In the rapidly changing landscape of digital advertising, retail media is fast emerging as a powerful new force.
According to GroupM, global advertising revenues directed to retail companies already accounts for 18% of total digital advertising and 11% of total advertising spend. “We expect retail media advertising to increase roughly 60% by 2027,” GroupM’s 2022 E-Commerce & Retail Media Forecast noted back in September. Globally, that will make it a $168 billion market.
Another firm, Boston Consulting Group (BCG), estimates that by 2026, retail media will account for 25% of digital media spending.
These are big numbers. So, given media companies continued reliance on advertising revenue, any emerging player in this space is one to watch. Retail media is no exception.
Here’s what you need to know about its growth, potential impact on digital ad revenues, and what publishers stand to learn from this booming market.