This is the first installment in our weekly blog series on retail media.
Are you currently selling on marketplaces and searching for a way to improve your overall performance through advertising?
Search no more. This blog series will help you navigate the retail media landscape, provide you with a robust strategic action plan and finally dive into three of the most prominent (and promising) e-commerce players within the advertising space: Amazon, eBay and Walmart.
Retail Media Is Rapidly Growing
In the past few years, retail media has been increasingly popular within e-commerce and it has enabled retailers and brands to meet consumers near the end of the online journey: the point of purchase.
Especially in the last year, retail media has played a crucial role due to the rise of e-commerce and it shows no signs of slowing down.
According to eMarketer, retail media advertising is becoming one of the digital ad segments with the highest growth — it is estimated to jump by 31.4% in 2022 to $41.37 billion.
But let’s take a closer look at the current marketplace ecosystem.
- Amazon dominates with 77.7% of US digital retail media spend
- eMarketer forecasts that Walmart’s US digital advertising revenue will increase 53.5% this year and reach $1.55 billion
- Nearly every major retailer now has a retail media network, including Amazon, Best Buy, Costco, eBay, The Home Depot, Instacart, Kroger, Macy’s, Target, Walmart and Wayfair
- New entrants are coming every year — in 2021, Albertsons, Dollar Tree and Lowes launched retail media networks
So, the latest stats alone are enough to warrant a full-fledged multichannel strategy.
The only problem? As consumer demand grows, so does the competition.
Where there’s a will, there’s a way to list products on marketplaces. And millions of brands and retailers are doing just that. The only question left is…
How can you get your listings to stand out?
This is when retail media advertising comes into play. But how can you be competitive on these increasingly crowded channels? The answer is easy, but the execution is difficult: You need to become extremely strategic.
By having the right strategies in place, it’s possible to perform exceedingly well and boost your business opportunities — many brands and retailers have managed to increase revenue as much as 422%, simply by developing the right retail media strategic plan.
Ready to learn about those proven strategies for advertising on marketplaces? Continue the journey with us and stay tuned for the second blog in this series coming next week.