It may have started out with Amazon selling ads in its search results – but retail media networks are now becoming a big deal.
In this video interview with Beet.TV, Brian Gleason, Global Chief Revenue Officer, Criteo, explains what he sees as the edge of the evolution.
In September, a GroupM report estimated:
- Retail media networks make up 18% of global digital advertising spend.
- That is 11% of all advertising.
- Spend is expected to hit $101 billion in 2022.
- A further 60% rise is due by 2027, surpassing the growth rate of digitaladvertising overall.
Walmart Connect, Target’s Roundel and Criteo have all begun offering advertising services to retailers.
The next frontier
Gleason says: “It’s amazing to think that that is just the inception. Where we started was sponsored ads, then we’ll go to display. But I think offsite is the next frontier.
“What I’m talking about is the ability to take a retailer audience into a unique environment on the open web, but do so with closed loop measurement that attaches back to your onsite activity.
“It opens up this idea to have lower-level performance metrics – so ROAS, CTR, whatever it may be – and take that to upper funnel tactics.”
Gleason says he sees adoption of ad sales amongst both big and smaller retailers.
In 2021, Criteo acquired Mabaya, a tech firm that powers sponsored products and
retail media monetization for major ecommerce marketplaces.
The company has been transitioning its legacy retail media clients to the new platforms.
But Gleason also sees a challenge with the growth of the trend.
He says there are now 12 major retail media networks.
He thinks buyers must be asking questions like: ‘How efficient am I going be in buying on those platforms?’
“So I think smaller retailers will play into it. I think we’ll still see them start to band together in some way that hasn’t taken shape yet.”
You’re watching “Retail Media: What’s Next?” a Beet.TV Leadership Series presented by Albertsons Media Collective and Criteo. This video was produced at Beet.TV’s Retail Media Leadership Dinner in NYC. For more videos from this series, please visit this page.