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Following performance measurement is the most important factor in allocating budget to retail media, according to 56% of US consumer packaged goods (CPG) manufacturers, per a December 2023 survey from Skai and Path to Purchase Institute.

The Hershey Co. found a way to apply retail media data from Reese鈥檚 Peanut Butter Cups to other consumer packaged goods ads. The company learned that shoppers were buying shapes of Reese鈥檚 Cups based on their chocolate to peanut butter ratio, so it made two new products鈥攐ne for peanut butter lovers and one for chocolate lovers, said Vinny Rinaldi, US head of media at The Hershey Co.

Retail will account for over a quarter (28.7%) of all US digital ad spending in 2024.

Consumers are more ready for shoppable TV than ever. 鈥淭he opportunity around shoppable TV is changing due to significant advancements in technology and shifts in consumer behavior,鈥� said David Cohen, CEO of the Interactive Advertising Bureau (IAB), in its recent Retail Media Goes to the Movies report.

The IAB and MRC propose retail media guidelines to help solve the industry鈥檚 measurement problem: The framework is meant to improve transparency and ensure consistency across RMNs.

Uber recently created a retail media network in the Uber Eats app, where brands can buy ads that show up as users search and order food. Lyft is trying to catch up. It hasn鈥檛 reported its much smaller ad revenues, but according to Global Wireless Solutions, those revenues grew 400% YoY in Q2. Lyft has a limited number of screens in backseats and a few displays on top of cars.

Albertsons adds non-endemic ads: Retail media expands its ambitions as the category matures.

Retail media measurement is more important than ever.

If the 鈥凌别迟补颈濒 Media 1.0鈥� era was primarily about search-driven ecommerce, then Retail Media 2.0 (with credit to Peter Moustakerski) will be about moving up the funnel and across retail channels

Search is already a major component of retail media; social is the next integration. Advertisers still view social media as a discovery medium and retail media as a conversion-driver. But both platforms are 鈥減otentially full-funnel,鈥� according to Liz Cole, executive director and US head of social at VMLY&R, speaking at our 鈥淎ttention!鈥� summit.

Younger consumers and higher-income shoppers are powering Walmart鈥檚 grocery growth while its physical footprint gives it an edge in retail media. Its burgeoning logistics business could be the next big thing for the retailer鈥攁nd its bottom line.

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.

As retail media moves both off-site and in-store, audio is becoming a bigger part of the ad mix. Here are two ways brands can incorporate audio into their retail media activations.

When retailers allow non-endemic brands to advertise, it benefits both sides. 鈥凌别迟补颈濒ers can further monetize their data, while non-endemics, who have an appetite to expand their reach, are able to leverage that data,鈥� our analyst Sarah Marzano said on an episode of the 鈥淏ehind the Numbers: Reimagining 搁别迟补颈濒鈥� podcast. Here鈥檚 why major retail media players such as Walmart and Home Depot have recently opened up their offerings, along with three best practices to boost performance.

Plus, eBay Ads ranked as the No. 1 overall retail media network in our Retail Media Networks Perception Benchmark 2022 report. Room to grow: eBay is losing users, and its consumer-to-consumer marketplace model is limiting. 鈥淚鈥檓 not sure that [luxury will] be enough to turn the tide,鈥� said Canaves. 3. Walmart chases competition.

Although inflation, a strong job market, and a positive economic outlook are at play, three dominant ad channels are contributing to upward US ad spend. October saw a 3.2% YoY growth for the US ad market, marking the fourth consecutive month of spending increases, according to the Standard Media Index ad market tracker.

The retail space is changing rapidly as marketers experiment with things like retail media, generative AI, and social commerce. In this discussion, Zia Daniell Wigder, Chief Content Officer, Insider Intelligence, talks about the trends on her radar and what she learned at Shoptalk.

Retail media networks (RMNs) will be a bright spot in the gloom. By the end of 2023, RMNs share of total programmatic digital display ad spend will have doubled since 2018 as retailers like Amazon, Walmart, and Instacart grow their share of the digital ad market. But retail media鈥檚 success is not enough to compensate for the dip in spending with other walled gardens 鈥� yet.

For the second half of 2023, US retail media ad spending will reach $46.38 billion, per Insider Intelligence鈥檚 forecast. Meanwhile, connected TV (CTV) ad spending will also post growth of 20.0%. In response, marketers in 2024 will create dedicated retail and media strategies to leverage retail data sets in CTV.

Traditional search鈥攚hich excludes retail media search鈥攚ill claim the biggest share of US ad dollars this year, amounting to $90.73 billion, according to our March 2024 forecast.

All eyes are on streaming. Last year, non-pay TV viewers surpassed traditional pay TV viewers in the US, per our forecast. Years of streaming platform proliferation are over, yielding to consolidation and fragmented ad measurement. Bundles between streaming platforms and partnerships with retail media platforms are forming, leaving media buyers with a headache over how to strategize.