DoubleVerify (“DV”), a leading software platform for digital media measurement, data, and analytics, today (December 7th, 2023) released its state of retail media report, “The Rise of Retail Media: What to Expect in 2024”, surveying over 400 advertisers and agency executives about retail media networks (RMNs) in the UK, US, France, and Germany. The report explores the rapidly expanding retail media market, which includes RMNs provided by retailers or e-commerce platforms.
Key takeaways from the survey include:
The importance of trust and transparency: An overwhelming 91% of respondents buying RMN inventory are working with an ad verification partner today. Additionally, 77% of those polled in the UK said “ensuring ad quality within retail media networks is important”.
An overwhelming 91% of respondents buying RMN inventory are working with an ad verification partner today. Additionally, 77% of those polled in the UK said “ensuring ad quality within retail media networks is important”. Brand and agency benefits: When asked about the biggest benefits from using retail media networks, 37% of brands cited “reaching target audience” as their top advantage, whereas 32% of agencies highlighted “increased brand awareness”. When evaluating RMN effectiveness, brands predominantly measured success by an “increase in in-store or online sales” (50%), whereas agencies focused on “impressions/reach” (43%).
When asked about the biggest benefits from using retail media networks, 37% of brands cited “reaching target audience” as their top advantage, whereas 32% of agencies highlighted “increased brand awareness”. When evaluating RMN effectiveness, brands predominantly measured success by an “increase in in-store or online sales” (50%), whereas agencies focused on “impressions/reach” (43%). Big e-commerce representation: A majority surveyed primarily work with Amazon Advertising. Amazon was ranked the #1 most adopted RMN across 3 of the 4 markets polled, including the UK (71%).
“Retail media has quickly become a key channel in digital advertising, attracting a large share of advertiser ad budgets,” said Mark Zagorski, CEO at DoubleVerify. ”Brands are recognising its value and effectiveness in reaching customers at the purchase point, especially with third-party cookies phasing. Our research provides advertisers and retailers with valuable insights to refine and improve their strategies in this growing and dynamic space.”
DV’s study explored several critical areas of RMN advertising investments:
Growth: How high is advertiser demand for RMNs and where is it focused globally?
How high is advertiser demand for RMNs and where is it focused globally? Value: Why are advertisers seeking out RMNs and which KPIs are they focusing on?
Why are advertisers seeking out RMNs and which KPIs are they focusing on? Challenges: What barriers are limiting future RMN adoption?
What barriers are limiting future RMN adoption? Verification: How can RMNs and advertisers bridge the ad quality measurement gap?
For the analysis, DV partnered with Sapio Research, focusing on RMN engagement levels, emerging trends, and industry sentiment.
“Retail Media Networks present a valuable marketing opportunity. However, like all advertising on the open web, retail media ad quality is not a guarantee for advertisers or retailers,” added Zagorski. “That’s why DV’s comprehensive suite of solutions offers a standardised measurement and optimisation framework that facilitates transparency, drives performance, and enables the development of more sophisticated retail media strategies.”
Click here to download the full report.
Source: www.exchangewire.com
