The Rise of Retail Media Networks
This IDC Perspective discusses the rise of retail media networks. Recent growth in ecommerce combined with a host of other factors have led to retailers introducing a new digital advertising channel in the form of retail media networks (RMNs). The advertising is designed to support an additional revenue stream and leverage first-party customer data exclusive to retailers. Brands and CPGs have readily jumped on the bandwagon to achieve stronger ad performance, metrics, and successful DTC audience relationships."A confluence of forces drives the rapid adoption of retail media networks," says Ananda Chakravarty, research vice president, IDC Retail Insights Merchandising and Marketing Strategies. "Retailers, brands, CPGs, ad platforms, and agencies are jumping on this train as it steams out of the station, but this new media train will be conducted by retailers that own the data."
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