Retail Media Networks Market By Type (In-Store, Online), Advertising Format (Display Ads, Video Ads), Retailer Type (Big-Box Retailers, E-commerce Platforms), & Region for 2024-2031

Retail Media Networks Market Valuation – 2024-2031

The retail media networks (RMN) market is expanding rapidly due to a variety of causes. Consumer acceptance of digital media has resulted in an increase in online purchasing and advertising. Retailers are using their massive consumer data to build tailored advertising campaigns that are relevant to their target demographic. The market size surpass USD 2.03 Billion valued in 2024 to reach a valuation of around USD 7.28 Billion by 2031.

The effectiveness of RMN advertising has been demonstrated to give a higher ROI than traditional advertising channels. Retailers can reach their customers at the point of purchase, improving the chances of conversion. The increase in first-party data and privacy rules has made RMN a more appealing alternative for advertisers looking to avoid using third-party data. The rising demand for cost-effective and efficient retail media networks is enabling the market grow at a CAGR of 19.03% from 2024 to 2031.

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Retail Media Networks Market: Definition/ Overview

Retail Media Networks (RMNs) are digital advertising platforms owned by retailers that enable companies to market their products on the retailer’s website, mobile applications, and other media properties. These networks provide marketers with direct access to a retailer’s customer base and data, allowing for highly targeted and personalized advertising. RMNs also feature off-site advertising on third-party platforms, which uses retailer data to improve ad placements. The key advantage for advertisers is the ability to target in-market buyers with appropriate ads at critical times in the purchasing process, resulting in increased conversions and customer engagement.

The retail media networks market is expected to increase significantly as merchants grasp the value of their first-party data. With the decline of third-party cookies and the development of e-commerce, firms are increasingly investing in RMNs to improve their digital marketing efforts. RMNs are likely to include more sophisticated data analytics, AI-driven customization, and a stronger presence on external platforms, giving marketers more opportunities to communicate with customers. As the digital advertising landscape matures, RMNs are likely to play a key role in omnichannel marketing strategies, driving innovation in targeted advertising and consumer experience.

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Will the Shift in Consumer Shopping Behavior Towards E-commerce Drive the Retail Media Networks Market?

The movement in customer buying habits toward e-commerce is propelling the retail media networks market. The fast growth of online shopping has created new ways for retailers to monetize their digital platforms. According to the Census Bureau, e-commerce sales in the United States will exceed USD 870.8 Billion in 2021, up 14.2% from 2020 and 50.5% from 2019. This enormous expansion in online retail creates an ideal environment for retail media networks to thrive, allowing merchants to use their digital presence for targeted advertising and enhanced revenue creation.

The retail media networks (RMNs) market is being driven by increased digital ad spending. As traditional advertising channels lose effectiveness, marketers are transferring their budgets to digital platforms like RMNs. According to eMarketer, digital ad spending in the US will reach USD 211.20 Billion in 2021, up 38.3% from 2020. This increased investment demonstrates a high desire for targeted and effective advertising solutions, allowing RMNs to capitalize on this trend by providing access to retailers’ first-party data and digital platforms.

Will the Data Privacy Concerns Impact the Growth for the Retail Media Networks Market?

Concerns over data privacy are anticipated to have an impact on the retail media network (RMN) market’s growth. As RMNs rely primarily on first-party customer data to deliver customized advertising, stronger data protection legislation and increased consumer awareness of privacy concerns may limit the gathering and use of personal information. Compliance with privacy legislation such as GDPR and CCPA may raise operating costs and impair the efficiency of targeted ads, thereby stalling market growth while retailers and marketers manage these hurdles.

The expansion of the Retail Media Networks (RMNs) market is likely to be impacted by competition from internet companies. Major competitors in the digital advertising market include Google, Amazon, and Facebook, which provide advanced systems with extensive customer data and robust ad targeting capabilities. These tech behemoths have established infrastructures and vast reach, making it tough for RMNs to compete for advertising dollars. Retailers who run their own media networks may struggle to match the scale, technology, and audience insights provided by these dominating platforms, limiting RMNs’ growth potential.

Category-Wise Acumens

Will the Widespread Adoption of E-Commerce Fuel the Online Segment for the Retail Media Networks Market?

The online segment of the retail media networks market is currently dominating. The increased usage of e-commerce is propelling the online component of the retail media networks (RMN) market. As more people shop online, merchants are increasingly using their digital platforms to send tailored ads directly to interested customers. The rise of e-commerce increases the exposure and effectiveness of RMNs by providing companies with access to large online audiences and extensive customer data, making the online segment a key driver of growth in the RMN market.

Advanced targeting capabilities are propelling the online component of the Retail Media Networks (RMN) market. These features enable businesses to use extensive consumer data to send targeted, relevant advertisements to specific audiences, hence enhancing campaign success. As marketers seek more accurate targeting to boost conversion rates and customer engagement, RMNs’ ability to provide highly personalized ads based on consumer behavior makes them an appealing alternative, driving growth in the online section of the market.

Will the Driving Brand Awareness Raise the Display Ads Segment for the Retail Media Networks Market?

The display ads segment currently leads the retail media networks market. Driving brand awareness is an essential factor driving the display ads section of the retail media networks (RMNs) market. Display advertising is extremely visible and helps companies attract attention throughout a retailer’s digital channels, making it an excellent way to establish brand recognition. As organizations prioritize reaching large audiences to increase awareness, display advertising is becoming a popular choice due to its visual nature and prominent placement, fueling growth in this area of RMNs.

The Retail Media Networks (RMNs) market’s display ads segment is driven by targeted audience reach. Display advertisements within RMNs allow advertisers to target particular, high-intent audiences based on merchants’ first-party data, ensuring that ads are displayed to the appropriate customers at the right time. This tailored strategy improves the effectiveness of display advertisements, increasing engagement and conversion rates, making them a more appealing alternative for advertisers and driving growth in the market.

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Country/Region-wise Acumens

Will the Digital Advertising Spend Accelerate the North American Region for the Retail Media Networks Market?

The North America region currently dominates the retail media networks market. Digital advertising spend will fuel the Retail Media Networks market in North America. The market is expanding rapidly due to a strong demand for tailored advertising solutions, with digital ad expenditure in the US expected to reach USD 270.54 Billion in 2023, up from USD 240.42 Billion in 2022, according to eMarketer. GroupM expects retail media advertising in the US to reach USD 55.8 Billion by 2024, up from USD 31.4 Billion in 2021. This rise is being driven by advertisers who recognize the importance of first-party data, which allows them to contact customers closer to the point of purchase.

Advanced technological capabilities are propelling the retail media networks market in North America. With U.S. retail media ad spending expected to reach USD 51.36 Billion in 2023, a 27.8% increase over 2022, this growth is mostly due to the use of advanced technologies such as artificial intelligence and machine learning. According to a Merkle poll, 81% of users see advanced targeting as a crucial benefit, and the Interactive Advertising Bureau (IAB) reports that 74% of advertisers intend to increase their expenditure on these networks. The growing desire for personalized, data-driven advertising is leading retailers to invest in novel technology that will improve the effectiveness and appeal of their retail media networks.

Will the Rapidly Growing E-commerce Drive the Asia Pacific Region for the Retail Media Networks Market?

The Asia Pacific region is experiencing the fastest growth in the retail media networks market. The rapidly expanding e-commerce business will propel the retail media networks market in Asia Pacific. The region’s increasing internet penetration and acceptance of online shopping are important drivers of this expansion. According to a report by Google, Temasek, and Bain & Company, the Southeast Asian e-commerce business will be worth USD 234 Billion by 2025, while eMarketer predicts retail e-commerce sales in Asia Pacific will reach USD 3.5 Trillion in 2024. The growing digitalization of nations such as India, where internet users are estimated to reach 900 million by 2025, increases this tendency. As more people purchase online, merchants are investing in retail media networks to successfully engage customers at important stages in their purchasing journeys, with 44% of APAC marketers planning to boost their retail media investment this year.

The enormous and diverse population of Asia Pacific will considerably drive the retail media networks market. With over 4.3 billion individuals, or around 60% of the world’s population, this demographic diversity expands Retail Media Networks’ reach and targeting capabilities, making them very enticing to advertisers. Dentsu International predicts that the region would account for 70% of globally advertising spend growth in 2022, while eMarketer predicts that digital ad expenditure will increase from USD 192.9 Billion in 2022 to USD 250.2 Billion by 2024, driven by significant growth in e-commerce advertising. The epidemic has boosted digital adoption in Southeast Asia, adding 60 million new digital customers and increasing internet usage by 80%.

Competitive Landscape

The retail media networks market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the retail media networks market include:

• Amazon Advertising
• Walmart Connect
• Kroger Precision Marketing
• Target Media Network
• Instacart Ads
• eBay Advertising
• Criteo
• The Home Depot Media
• Macy’s Media Network
• CVS Health Media

Latest Developments

• In May 2024, Walmart Connect announced plans to expand its Walmart Connect product overseas, with the goal of reaching new advertiser bases and monetizing its huge customer base.
• In April 2024, Instacart Ads announced a deal with Google to use Google Shopping data in their advertising platform. This agreement intends to provide CPG (Consumer Packaged Goods) brands with more targeted advertising options through the Instacart app.
• In May 2024, Macy’s Media Network hired a new Vice President with previous leadership experience at Walmart Connect. This initiative shows that Macy’s intends to expand its retail media network capabilities.

Report Scope

Retail Media Networks Market, By Category

Type:

• In-Store
• Online

Advertising Format:

• Display Ads
• Video Ads
• Sponsored Products

Retailer Type:

• Big-Box Retailers
• E-commerce Platforms
• Grocery Chains
• Specialty Retailers

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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