July 24, 2024

Global Retail Media Networks Market Is Estimated To Witness High Growth Owing To Increasing Demand for Targeted Advertising

The global Retail Media Networks Market is estimated to be valued at US$1,227.84 million in 2021 and is expected to exhibit a CAGR of 19.03% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Retail Media Networks Market refers to the advertising platforms and strategies employed by major retail players to monetize their digital assets and generate revenue through targeted advertising. These networks provide opportunities for brands and advertisers to reach a highly engaged audience, leveraging the vast consumer base and customer data available through retail platforms. The growing demand for targeted advertising, personalized consumer experiences, and data-driven marketing solutions is driving the adoption of retail media networks.

Market Key Trends:

One key trend in the Retail Media Networks Market is the increasing demand for targeted advertising. Retailers are leveraging their first-party customer data to offer brands highly targeted advertising solutions. By analyzing consumer behavior, preferences, and purchase history, retailers can create tailored ad campaigns that resonate with specific consumer segments. For example, online marketplaces like Amazon and eBay offer sponsored product ads that appear in search results, based on the user’s search queries and browsing history. This personalized approach improves ad engagement and increases the chances of conversion.

┬áPorter’s Analysis:

Threat of new entrants: Moderate – Entry barriers such as high initial investment and strong competition from established players limit the threat of new entrants.

Bargaining power of buyers: High – Buyers have a wide range of options when it comes to retail media networks, giving them bargaining power to negotiate pricing and services.

Bargaining power of suppliers: Low – Suppliers in the retail media network industry primarily consist of advertising agencies and technology providers, who may face competition from other vendors.

Threat of new substitutes: Low – The unique combination of consumer data, reach, and targeting capabilities offered by retail media networks makes it difficult for substitutes to replicate these advantages.

Competitive rivalry: High – The market is highly competitive, with major players such as Walmart, Amazon, and Target vying for market share.

Key Takeaways:

The global Retail Media Networks Market is expected to witness high growth, exhibiting a CAGR of 19.03% over the forecast period, due to increasing demand for targeted advertising. Retailers are capitalizing on their shopper data to create personalized ad campaigns that drive better results for brands.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Retail Media Networks Market. This can be attributed to the presence of major retail players and the increasing adoption of digital advertising solutions in the region.

Key players operating in the global Retail Media Networks Market include Walmart, Costco Wholesale Corporation, The Kroger Co., Walgreens Boots Alliance, Inc., TESCO PLC, Amazon.com, Inc., METRO, Home Depot Product Authority, LLC., Target Brands, Inc., Best Buy, Inter IKEA Systems B.V, Carrefour SA, and eBay Inc.

In conclusion, the Retail Media Networks Market is experiencing significant growth due to the increasing demand for targeted advertising. Retailers are leveraging their customer data to offer personalized ad campaigns, driving better engagement and conversion rates. North America is leading the market, and major retail players are competing to capture a larger market share. The future of retail advertising lies in data-driven marketing strategies and innovative advertising solutions offered by retail media networks.