LONDON, April 18, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the retail media networks market identifies the rise of e-commerce is projected to boost the retail media networks market forward in the coming years. E-commerce refers to firms and individuals that buy and sell goods and services over the internet. E-commerce is available in a variety of market segments and can be performed on computers, tablets, smartphones, and other smart devices. Companies can now access previously inaccessible digital places within an e-commerce website thanks to retail media networks. E-commerce websites use sponsored adverts to allow businesses to market their products on the website. According to a report published in April 2022 by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organisation within the United Nations Secretariat, global e-commerce businesses earned $2.9 trillion in sales in 2020, with a further one-third increase in 2021, bringing sales to $3.9 trillion. As a result, the retail media network industry is likely to be driven by the rapid rise of e-commerce.
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The global retail media networks market size is expected to grow from $19.4 billion in 2022 to $20.8 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The global retail media network revenue is then expected to grow to $27 billion in 2027 at a CAGR of 6.7%.
Major players in the retail media networks market are Walmart Inc., The Kroger Co., Amazon Inc., Target Brands Inc., eBay Inc., Costco Wholesale Corporation, Walgreens Boots Alliance Inc., Tesco Plc., METRO Inc., Home Depot Product Authority LLC.
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Product innovation has emerged as a major trend that is gaining traction in the retail media network sector. To maintain their market position, major players in the retail media network market are focusing on developing new and innovative solutions. Criteo S.A., a France-based advertising company, for example, will introduce a self-service retail media platform in May 2020. The new platform will enable retailers to fund vendor marketing programs with a variety of budgets, including search and national advertising, as well as give brands with a variety of creative and targeting options. Retailers may make money by providing technologies that make it easy for brands and agencies to manage retail media campaigns while maintaining control over the consumer experience. Additionally, merchants and brands using the platform may offer consent-based, personalised marketing.
North America was the largest region in the retail media networks market in 2022. The regions covered in global retail media networks market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global retail media networks market is segmented by type into search ads, display ads; by cloud deployment into public cloud, private cloud, hybrid cloud; by application into consumer goods, catering, other applications.
Retail Media Networks Global Market Report 2023 by The Business Research Company provides insights on the retail media networks market size, retail media networks market segments, retail media networks market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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