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13 December 2022
Retail media is now a key part of advertising strategy
E-commerce & mobile retailRetail mediaStrategy
The vast majority of advertisers and agencies are partnering with retailers to reach consumers, and most of those that aren’t already doing so plan to start in the next 12 months.
That’s according to a survey by IAB Europe of more than 800 buy-side stakeholders on their current use and experience of leveraging retail media.
Why it matters
The findings clearly demonstrate that retail media has rapidly shifted from being an emerging channel to part of the mainstream. Additionally, it reinforces the notion that first-party data – seen as a key opportunity within retail media – will be crucial in the post-cookie online environment.
92% of advertisers and 74% of agencies already partner with retailers to reach consumers.
Of the small amount that are not engaged with retail media as an advertising channel, 88% of advertisers and 77% of agencies plan to do so in the next 12 months.
Whilst 91% of buyers have a first-party data strategy in place, 49% are still working towards scaling their first-party data strategy.
A third of respondents cite ‘scale’ and ‘integration with other advertising technologies’ as their top two barriers.
“The pandemic-induced rise of e-commerce, paired with retailers’ first-party data in a world of signal loss, and the ability to combine ad exposure and conversion into a single platform are key market drivers.
“We see further potential for off-site retail media to integrate retailers’ role more widely in the upper marketing funnel” – Daniel Knapp, Chief Economist, IAB Europe.
IAB Europe has launched a new Retail Media Working Group to enable collaborative conversations, provide education and insights, and create recommendations to shape and define this advertising space.