What is retail media?
Retail media refers to advertising platforms and strategies used by retailers to promote their products and services to customers who are browsing or shopping on their websites, mobile apps, or other digital channels.
Retail media can take various forms, including sponsored search results, display ads, and product listings.
Programmatic technologies, such as developed by UMG ussp.io
, can be very useful in the retail media sphere because they automate and optimize the buying and selling of advertising space. Programmatic advertising involves the use of algorithms and data to automatically purchase and place digital ads in real-time auctions. This allows retailers to target their ads more effectively and efficiently, as they can leverage data about customers' preferences, behaviors, and purchase histories to deliver personalized ads at the right time and on the right channels.
Programmatic technologies can also help retailers to measure the effectiveness of their advertising campaigns and make data-driven decisions about where to invest their advertising budgets. By analyzing the performance data of their ads, retailers can identify which channels and strategies are driving the most conversions and revenue, and adjust their advertising strategies accordingly.
In summary, programmatic technologies can help retailers to optimize their retail media strategies by delivering more personalized and relevant ads, improving targeting and measurement, and enabling more efficient use of advertising budgets. We customise our SaaS solutions for the needs of e-commerce market by adding different specific features and tools.
Here are some possible global trends we could see in 2023 in retail media:
What are the biggest challenges for retail media in 2023?
- Increased adoption of programmatic technologies: Retailers will increasingly leverage programmatic advertising to automate and optimize their retail media strategies. This will enable them to target their ads more effectively and efficiently, and make data-driven decisions about where to invest their advertising budgets.
- Growing importance of data privacy and security: As consumer data becomes more valuable and more regulations are introduced, retailers will need to prioritize data privacy and security in their retail media strategies. This will involve adopting more robust data protection measures and ensuring compliance with new regulations.
- Greater focus on customer experience: Retailers will continue to invest in improving the customer experience across all touch-points, including retail media. This will involve delivering more personalized and relevant ads, reducing ad fatigue, and creating more seamless and engaging shopping experiences.
- Expansion of omnichannel strategies: Retailers will increasingly adopt omnichannel strategies that integrate online and offline channels to deliver a more cohesive and consistent customer experience. This will involve leveraging retail media across multiple channels, including social media, mobile, and in-store displays.
- Emergence of new advertising formats: As consumer behavior and technology continue to evolve, we may see the emergence of new advertising formats in retail media, such as augmented reality, interactive video, and voice-based advertising. These formats will offer new opportunities for retailers to engage with customers in innovative and compelling ways.
During an only 2023 survey, we found, market fragmentation was named either a major or a minor challenge of retail media advertising by 93 percent of responding marketers from across the globe. Privacy issues were mentioned by 79 percent of respondents. 90% of respondents are missing reliable comparative measurements.