by Retail media networks enable retailers to become advertising platforms and generate additional revenue by selling access to their audiences on their e-commerce sites and apps to brand advertisers. This allows retailers and brands to reach consumers at the point of purchase consideration which has led to an increase in the adoption of these networks. The global Retail Media Network Market is estimated to be valued at US$ 1227.84 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth of online shopping has been a major driver for the development of retail media networks as consumers are increasingly researching products online before making a purchase. Retailers with large online audiences have been able to leverage their first-party shopper data to connect advertisers with potential customers. The shift to e-commerce has enabled retailers to offer targeted and personalized digital ads to consumers based on their shopping behaviors and interests. Advertisers have been investing more in retail media due to the ability to reach consumers in their consideration phase of purchase directly on the shopping websites and apps of major retailers. This has resulted in the retail media network market witnessing strong growth over the past few years.
SWOT Analysis
Strength: The retail media network market enables retailers to leverage their large number of outlets and customers to generate advertising revenue. This helps diversify their revenue streams.
Weakness: Fragmentation across various online and offline retail channels makes it challenging for advertisers to track ad effectiveness and campaign performance. This acts as a limitation for the growth of the retail media network market.
Opportunity: Growing digital advertisements across e-commerce platforms and rising focus on data-driven personalized marketing presents an opportunity for players in the retail media network market.
Threats: Stringent privacy laws around customer data usage poses threats around customer data exploitation for targeted advertisements. This increases compliance costs for retail media network players.
Key Takeaways
The Global Retail Media Network Market Size is expected to witness high growth driven by increasing online retail activities and focus on digital marketing strategies by retailers and brands.
Regional analysis: Asia Pacific is expected to be the fastest growing region in the retail media network market during the forecast period supported by rising digitalization and increasing online retail sales across countries like China, India. China dominates the Asia Pacific retail media market owing to large population size and strong presence of retail giants like Alibaba and JD.com.
Key players operating in the retail media network market are GATX Corporation, Progress Rail (A Caterpillar Company), TrinityRail, Mitsui Rail Capital LLC, Angel Trains, Beacon Rail Leasing, Railpool, Eversholt Rail Group, Macquarie Group, SMBC Rail Services, VTG Rail Leasing, Mitsui & Co., Ltd., Touax Rail Ltd., CIT Group Inc., The Andersons Rail Group. These players are focusing on strategic partnerships and new service launches to expand their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
