"Recent growth in retail media has largely come from the opportunity for brands to access retailers' first-party data. It helps them better understand their shopper at that retailer and informs strategic business, media, and brand decisioning. Recent developments in technology offerings and heightened expectations from brands mean that identity is at the core of RMNs' offerings and will be even more critical in 2024."
"The rise and adoption of clean rooms allow for the co-mingling of data, whether that's across brands and retailers, multiple brands, multiple retailers, or retailers and tech partners. Seventy-two percent of the brands in our survey that have invested in their own first-party data have used a clean room environment to combine it with an RMN's - creating a more robust shopper profile for both parties."
"In 2024 the RMNs and brands that win will be those who can combine this data with identity solutions to strategically plan how to spend their next dollar based on customer insights."
Retail media networks are experiencing rapid growth as a $55B industry, with brands and retailers leveraging first-party data to enhance customer understanding and drive revenue. Identity and data management have become central to retail media success, with clean rooms enabling secure data collaboration across brands, retailers, and tech partners. Seventy-two percent of surveyed brands using first-party data have utilized clean room environments to combine their data with retail media networks, creating comprehensive shopper profiles. Artificial intelligence represents another critical consideration for 2024, alongside expansion opportunities beyond traditional retail settings. Strategic success requires combining data with identity solutions to optimize spending decisions based on customer insights.
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