Retail Media Networks: A Forced Marriage or Perfect Partnership?
According to eMarketer 2022 was "the year of retail media networks," with spending projected to top $40 billion in the U.S. alone. In a relatively short period of time retail media networks (RMNs) have established themselves as the must-have marketing platform for retailers and the must-buy platform for marketers.
A retail media network is defined as a network of digital channels owned by a retailer that allows marketers to purchase advertising space directed by the retailer's first-party data to targeted shoppers and prospects.
So what's all the fuss? The ANA set out to find out, fielding a landmark survey of our members' usage, attitudes, and future intentions regarding RMNs, followed up with qualitative interviews with senior marketer members to gain additional learning, insights, and context.
Our report revealed that brands have mixed feelings about RMNs, regarding them as a "have to buy" vs. "want to buy," and crediting them with driving sales, but not yet convinced that they can drive brand growth. Fully 75 percent of respondents indicated that sales were the "most important" goal of RMNs, while only 18 percent of advertisers said brand awareness was most important.
The report concludes with specific recommendations for brands to get the most out of their RMN investment.
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Source
"Retail Media Networks: A Forced Marriage or Perfect Partnership?" ANA, 2023.