Retail media networks connect brands to shoppers through promotions and advertisements on the retailers' online platforms. The networks allow brands to target customers based on their shopping behavior and previous purchases. Major retailers operating retail media networks include big-box chains, grocery stores and pharmacies. The networks provide an additional revenue stream for retailers while giving brands a new marketing avenue.
The Global Retail Media Network Market is estimated to be valued at US$ 1414.48 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the retail media network market include GATX Corporation, Progress Rail (A Caterpillar Company), TrinityRail, Mitsui Rail Capital LLC, Angel Trains, Beacon Rail Leasing, Railpool, Eversholt Rail Group, Macquarie Group, SMBC Rail Services, VTG Rail Leasing, Mitsui & Co., Ltd., Touax Rail Ltd., CIT Group Inc., and The Andersons Rail Group. These players are focusing on collaborations and partnerships to expand their retail media offerings.
The growing demand for targeted digital advertising is driving the retail media network market. Brands are allocating more of their marketing budgets to data-driven platforms that can engage customers along their entire purchase journey. Retailers are also recognizing the opportunity to generate additional non-merchandise revenue streams from their large customer bases.
Globally, retailers are investing heavily in developing their own media network capabilities. In addition to expansions in the United States and Europe, retail media networks are finding a growing foothold in Asia Pacific and Latin America. International players seek to replicate the success of North American leaders and build out their networks.
Market Drivers
One of the key drivers for the growth of The Retail Media Network Market is the trend towards targeted advertising. Brands seek to engage customers through personally relevant promotions instead of generic campaigns. Retailers house mountains of first-party purchase and browsing data that help brands improve the targeting and performance of their ads. With retail media networks, brands gain visibility in the increasingly important final moments before purchase decisions within the retailers' shopping environments both online and in-store. This convergence of targeted advertising with the path to purchase is fueling market expansion over the forecast period.
Impact of geopolitical situation on Retail Media Network Market growth
The current geopolitical uncertainties around the world are negatively impacting the growth of the retail media network market. Rising inflationary pressures and economic downturn in major economies like the US and Europe are reducing consumer spending power. This has made retailers cautious about increasing their ad spends on retail media platforms.
The ongoing Russia-Ukraine conflict has disrupted global supply chains and trade. This is affecting the availability of certain products in retail stores. It is leading retailers to prioritize stabilizing product supplies over digital ad investments for now. Rising fuel costs due to sanctions on Russian oil are adding to the transportation costs for retailers. They are passing some of these extra costs to customers by raising product prices. Higher prices may further dampen consumer demand and sentiment.
To overcome these challenges, retail media networks need to work closely with retailers and brand manufacturers. They should focus on helping them optimize ad budgets and demonstrate impactful returns. Providing customizable location-based targeted ad formats can boost product discovery and consideration. Partnerships with regional and local retailers/brands across diverse categories can help diversify revenue streams. Emphasis on first-party data usage and privacy protection will boost trust in these platforms.
Geographical concentration of Retail Media Network Market value
Around 70% of the global retail media network market value is concentrated in North America region currently. The US dominates with over 60% share due to extensive retail infrastructure and early technology adoption. Major retailers like Walmart, Target, and Kroger have well established retail media subsidiaries offering performance-based ad platforms.
Europe is the second largest market with around 25% share. Countries like the UK, Germany, and France contribute significantly due to high smartphone and internet penetration boosting online retail activities. Retail giants like Tesco, Carrefour, and Aldi have rolled out retail media ad networks in recent years.
Fastest growing region for Retail Media Network Market
Asia Pacific region is projected to emerge as the fastest growing regional market during the forecast period of 2024-2030. It is expected to expand at a CAGR of over 12% owing to rising digitalization of retail sector in major economies like China, India, and Indonesia.
Rapid urbanization, increasing middle-class population, and youth interest in online shopping are some factors augmenting retail media adoption. Domestic conglomerates like Reliance, Tencent, and Alibaba have entered retail media operations. Their retail supply chain scale and digital payment platforms provide a strong backbone. Favorable government initiatives for digital economy growth are also aiding Asia Pacific to become an attractive investment hub for retail media networks companies.
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