Retailers: Keep Your Eye on the Billion-Dollar Retail Media Prize

How many times have you spotted a trend, prepped a retail media campaign, gone through all the steps to get it live, and by the time you have everything completed and ready to launch, it is not trending anymore? Or, even worse, your competitor beat you to it. Ultimately, that revenue is lost, and your brand partners have lost confidence in your retail media business.

This scenario is becoming more prevalent as retailers face increasing competition in the fast-paced digital marketplace. The need to streamline and optimize retail media operations is critical, not only for staying ahead of trends but also for capturing market share and maintaining strong partnerships with brands.

SEE RELATED: “From Complexity to Clarity: Streamlining Retail Media”

Enter the lucrative retail media network market. How lucrative is it? Within the next two to three years, BCG projects the US retail media market to be over $100 billion in revenues — more than three times the amount in 2021.

On the surface, RMNs are just another way of describing how retailers can use their own digital properties to sell advertising to brands. But, the sharing of first-party consumer data for more effective advertising, especially as website cookies are on the brink of extinction, has proven even more promising to retailers and their brand partners.

E-commerce was already on a path of growth and was accelerated by a global pandemic. This led consumers to become more open to digital capabilities, making it clear that enabling advertising and marketing for brands to meet consumers where they are shopping is crucial to keeping up with competitors. As such retail media networks are continuing to explode in a fast and furious way. However, they bring along some common challenges that can hinder retailers’ success, specifically through data integration issues, operational inefficiencies and technological hurdles.

SEE RELATED: “Retail Media is Everyone’s Business”

What’s more, siloed solutions keep teams from being able to collaborate effectively (if at all), where communications break down, and data analysis can’t influence better decision-making if the right people aren’t looking at it.

Scaling becomes impossible as new and existing technologies are patchworked together creating a metaphorical “Frankenstein” where the tools cannot integrate or operate seamlessly.

Simply put, retail media is top-of-mind for retail executives, but they are asking themselves:

1. How do we manage retail media for growth?
2. How do we streamline the process to get better at it?
3. How do we automate capabilities to transform the way we work?

To overcome these pain points, our latest eGuide explores how to unify and orchestrate the three critical foundational elements needed to enhance operational efficiency and profitability. Learn how a partner like Vantage can help you get the most out of your retail media business — and capture your share of the billion-dollar prize.