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With consumers increasingly shopping across multiple channels, Roundel, Target鈥檚 media network, offers comprehensive media solutions that connect brands with customers at every stage. By combining on-site and off-site strategies, advertisers can maximize their return on ad spend and strengthen customer relationships.

Microsoft鈥檚 new ad network helps retailers build and maintain their own media networks, boasting 鈥渞eady-built demand, expansive ad supply, and access to high-intent shoppers.鈥� Using Microsoft鈥檚 new product can help retailers reach profitability, according to the software company.

For retailers with sufficient scale to support retail media networks, extensive customer data boosts the value of their offerings to advertisers. Nearly two-thirds of retailers share or plan to share loyalty data with their retail media advertisers, per Deloitte.

Retail media networks are exploding. With third-party data signals dwindling, advertisers are swarming around the first-party consumer data and closed-loop attribution offered by retailers like Amazon and Walmart. Major publishers are betting on direct sales.Those with premium content, like Bloomberg, are opting to take their inventory off the open exchange.

See our latest industry KPIs for retail media.

Retail media ad spending is one factor driving walled gardens鈥� declining share. Starting in 2024, retail media will be the fastest-growing ad channel we track, and it is still made up predominantly of search ads. As this happens, smaller walled gardens will partner with their behemoth counterparts to prop up their ad businesses.

Retailers will work with the Media Solutions team to develop relevant deals that drive customer acquisition and sales. Customers logging onto the Chase banking app will see retailers鈥� targeted offers. Chase will only charge retailers if customers act on a deal. Why Chase wants to be a retail media network: It鈥檚 a huge opportunity for issuers to get in on.

While CTV will make up just 1.8% of total retail media spend in 2023, the market is growing rapidly: We expect retail media CTV ad spending to grow by 79.5% this year. CTV is also expected to be the fastest-growing ad channel this year, making it an attractive target for retailers looking to grow their ad business. Go further: Check out our latest coverage on retail media networks.

Nonendemic advertisers will dabble in retail media. As opportunities expand, brands outside of consumer packaged goods will start investing, even without the promise of closed-loop attribution. The retail media networks that set up turnkey activations through major demand-side platforms (DSPs) will gain the most ground among these advertisers. Read Next. Sources. CMS. Integral Ad Science. Merkle.

And since shoppers will generally trade privacy for convenience, retailers gain fuel for their loyalty programs, as well as closed-loop targeting and measurement for their retail media networks (RMNs). Digital payments eliminate the need for cash or credit cards in-store. Consumers are rapidly adopting in-store digital payments.

The continued growth and success of retail media hinge on achieving measurement standardization, according to Jeffrey Bustos, vice president of measurement addressability data at the Interactive Advertising Bureau (IAB).

Retail media just got even bigger. We recently updated our US retail media ad spend forecast to show higher growth than previously estimated, culminating in $109.40 billion in spend in 2027.

US retail media ad spend will more than double between 2023 and 2027, reaching a total of $109.40 billion, according to our forecast.

Retail media will be a $45 billion market this year and will continue to grow by about $10 billion in 2024, according to our forecast. Currently, the majority of retail media ad spend is driven by search. But the next phase will be driven by upper-funnel formats and in-store ad opportunities.

Key stat: Ads for products on sale are the most effective form of retail media advertising, with 51% of US digital shoppers saying they pay attention to them and 44% of digital shoppers saying they purchase from them, per Integral Ad Science.

As retail media grows, it鈥檚 becoming increasingly complex, prompting some marketers to take a step back and rethink how they鈥檙e approaching the channel.

The pandemic ecommerce boom that drove online sales is over. But marketplaces will continue to expand their share of US retail ecommerce, contributing almost 40% of the $588 billion in US online sales growth that we forecast over the next five years.

Retail media measurement is more important than ever.

BJ鈥檚 Wholesale Club is the latest retailer to launch a media network: At the same time, Instacart is adding more promotional capabilities to help drive sales among cost-conscious shoppers.

Retail media networks will have the fastest growth in 2023. The top gainers in this next tier will be leading retail media networks Walmart (up 42%) and Instacart (up 41%), while Amazon will attract the most net new ad revenues in 2023 at $5.48 billion.

鈥淭he beauty of a clean room is that it's a privacy-centric way for CVS to share data from its 74 million Extra Care members and for us to share the data from our 498 million users, and end up with a repository of powerful, completely anonymized first-party data,鈥� said Carrie Sweeney, VP of retail at Pinterest. 鈥淭hen we can connect our users with targeted ads without sharing any of their personal data, just as CVS can on its website.鈥�