Global Retail Media Networks Market is Estimated To Witness High Growth Owing To Increasing Digital Advertising and Growing E-commerce Trend
The global retail media networks market is estimated to be valued at USD 1,227.84 million in 2021 and is expected to exhibit a CAGR of 19.03% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The retail media networks market refers to the use of advertising platforms within retail environments, allowing advertisers to reach consumers at the point of purchase. These networks provide targeted advertising opportunities for brands, leveraging data collected from shopper behavior and purchase history. With the rising popularity of e-commerce and digital advertising, retail media networks have become an effective way for retailers to monetize their digital assets.
B) Market Dynamics:
The market dynamics of the retail media networks industry are driven by two key factors:
1. Increasing Digital Advertising: With the increasing shift towards digitalization, advertisers are focusing more on digital advertising platforms to reach their target audience. Retail media networks provide a unique opportunity for brands to advertise directly to consumers when they are actively engaged in the shopping process. This targeted approach ensures higher conversion rates and return on investment for advertisers.
2. Growing E-commerce Trend: The rapid growth of e-commerce has resulted in the emergence of online marketplaces and retail platforms. These platforms have a large customer base and offer a variety of products and services. By partnering with retail media networks, these platforms can leverage their customer data and provide targeted advertising opportunities to brands. This trend is expected to drive the growth of the retail media networks market.
C) Market Key Trends:
One key trend in the Retail Media Networks Market is the integration of artificial intelligence (AI) and machine learning (ML) technologies. These technologies enable retailers to analyze shopper data and behavior patterns to deliver more personalized and targeted advertising. For example, retailers can use AI algorithms to recommend products based on a customer's purchase history and preferences.
D) SWOT Analysis:
Strength: Targeted Advertising and Monetization Opportunities
Weakness: Privacy Concerns and Data Security Risks
Opportunity: Growing Investments in Retail Technology and Analytics
Threats: Competition from Other Advertising Platforms and Regulatory Challenges
E) Key Takeaways:
In terms of market size, the global retail media networks market is expected to witness high growth, exhibiting a CAGR of 19.03% over the forecast period. This growth is driven by the increasing adoption of digital advertising and the growing trend of e-commerce.
From a regional perspective, North America is expected to be the fastest-growing and dominating region in the retail media networks market. The region has a well-established retail industry and is home to major players like Walmart, Costco Wholesale Corporation, and Amazon.com, Inc.
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. These players are actively investing in retail technology and analytics to enhance their advertising capabilities and drive revenue growth.
Overall, the retail media networks market presents significant opportunities for retailers and advertisers to reach consumers effectively and drive sales. The integration of advanced technologies like AI and ML is expected to further enhance the targeting capabilities of these networks, making them a preferred choice for digital advertising.
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