2023 is firmly underway, and one advertising trend is clearly emerging: the inexorable growth of retail media. Perhaps this is unsurprising: in the U.S., the 10 largest retailers all operate their own retail media networks.
According to eMarketer, the advertising revenues of retailers are nearly double that of radio and print combined, and the market is continuing to grow at pace.
Retail media may still be a nascent industry, but it is quickly becoming integral to retailers’ advertising strategies. A report from GroupM published in September 2022 predicted that retail media advertising would increase 60% by 2027. Almost overnight, we are seeing the UKs largest supermarket chains begin to capitalize on their online assets and first- party customer data to become significant media owners. Given the importance of e-commerce in the post-pandemic era, this makes sense from a revenue and growth perspective.
