Only 37% of retailers currently have off-site programmatic advertising as part of their retail media/monetization strategy. 48% of brands expect their retail media investments to increase over the next three years.
Epsilon, a global advertising and marketing technology company, today announced the findings of the industry’s most comprehensive global study of retailers and brands on the current and future state of retail media. The research, conducted in partnership with Phronesis Partners surveyed 689 mid- to large-sized brands and retailers across 12 countries between January 2023 and March 2023.
The state of retail media in 2023, sought to better understand brands’ and retailers’ perception of and approaches to retail media. In addition, respondents were asked to share what actions they have taken, or are planning to take, in their retail media strategies and offerings along with the key criteria used to evaluate retail media platforms.
Key findings from the study include:
“The consumer experience is too often overlooked in the retail media frenzy,” said Joe Doran, chief product officer at Epsilon. “We’re so caught up in the hype around the latest offerings that we ignore the fact that fragmentation leads to poor advertising experiences and frustrated shoppers. We believe that solutions that focus on messaging individual shoppers across channels deliver better performance. Brands want to talk to existing and potential in-market shoppers. Retailers should facilitate those conversations at scale and across channels that can reach in-market shoppers wherever they may be in the consumer journey. So, when we put the individual shopper at the center of the advertising, everyone wins.”
In addition, the survey found that:
“Good technology is fundamental to good retail media. Brands and retailers must navigate a sea of constantly growing and changing retail media technology partners while responding to more volatile consumer behaviors,” said Adam Skinner, managing director of retail media networks at CitrusAd. “It is exciting to see almost 700 retail media professionals have validated the path and strategy we have been on for years. Our unified platform offers brands an intuitive, easy-to-use interface backed with best-in-class technology that provides scale to reach in-market shoppers wherever they are on their journey – on-site or off-site across the open web.”
Visit epsilon.com to download the report, and for more insights regarding retailer and brand perception regarding retail media.