"Retail media is changing the advertising game across all sectors - and that's why many brands are planning to put more money behind such networks in the coming quarters. Earlier this fall, Digiday, Modern Retail and Glossy hosted the Retail Media Advertising Strategies event in New York City to go over the challenges and opportunities brands are seeing in the booming business."
"Modern Retail+ conducted a survey of 22 brands as part of the event and found that a majority are planning to increase their spending next year. In addition, brands are showing an appetite for trying out multiple networks as new opportunities crop up. For retailers, retail media networks are becoming a critical source of revenue. Walmart, for instance, has said that about a third of its profits last year came from selling ads."
Retail media is reshaping advertising as brands plan to increase spending and test multiple networks to acquire and grow customers. A Modern Retail+ survey of 22 brands found a majority expect higher retail-media budgets next year and many are experimenting across platforms; nearly one in five invest in 10 or more networks. Retailers are monetizing shopper data and ad inventory, with more than 200 companies operating retail media networks and Walmart reporting about a third of last year’s profits came from ads. Brands favor large e-commerce platforms while also pursuing smaller, collaborative partners to build stronger relationships.
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