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Retail Media Network Market Growth Accelerated by Surging Demand for Convenient Online Shopping

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Mia Yates
Retail Media Network Market Growth Accelerated by Surging Demand for Convenient Online Shopping

Retail media networks incorporate digital advertising abilities within e-commerce storefronts, enabling retailers to generate revenue through the sale of advertising space and data-driven marketing solutions to consumer brands. Retail media networks allow brands to reach shoppers already in the shopping mindset through targeted and personalized digital ads. With the ongoing shift toward online shopping, especially amid the COVID-19 pandemic, retailers have increasingly turned to retail media networks to monetize their first-party shopping data and offer integrated advertising solutions tailored to each individual consumer. 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:

The surging demand for convenient online shopping has been a major driver for growth in retail media networks. As more consumers turn to digital channels for purchases, retailers have seen the opportunity to generate additional revenue streams through integrated advertising solutions. Retail media networks allow brands to reach these engaged online shoppers with targeted ads tailored to their shopping behavior and past purchase history. The personalized nature of retail media helps heighten ad relevance, boosting both conversion rates for brands and fill rates for retailers. This has accelerated the expansion of retail media capabilities among major e-commerce retailers looking to maximize monetization of their first-party shopper data and build out sophisticated marketing platforms.

Segment Analysis

The global retail media network is dominated by the platform segment. Platforms help retailers build and manage their media networks without having to develop technical infrastructure or hire dedicated team of engineers and product managers. Platforms offer tools and services to retailers allowing them to monetize their first-party shopper data through targeted ads and sponsored products. The ease of use and lack of upfront investment has made platform the fastest growing segment in the retail media network market.

Key Takeaways

The Global Retail Media Network Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1227.84 Mn by 2024, growing at a CAGR of 8.0% through 2030.

Regional analysis: North America currently dominates the retail media network market led by large retail chains in the US adopting retail media platforms to monetize shopper data and engage brand advertisers. Asia Pacific is expected to grow at the fastest pace over the next few years as major retailers like Alibaba and Rakuten build their own media ecosystem allowing brands to promote products through targeted ads on their sites and apps.

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. GATX Corporation is the largest player with presence across various railcar types globally.

For More Insights, Read: https://www.newswirestats.com/retail-media-network-market-trends-growth-and-regional-outlook-2023-2030/

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