6 in 10 brand manufacturers invest in retail media networks

Nearly 70% highlighted enhanced consumer targeting as a major benefit.

About 61% of brand manufacturers have invested in retail media networks, according to Euromonitor’s Voice of the Industry: Retail Survey 2023.

“Retail media networks help merchants monetise their large audiences,” the report said.

Almost 70% highlighted enhanced consumer targeting as a major benefit.

These networks allow retailers to sell advertising space to brands across various digital platforms like like websites, mobile apps or signage in brick-and-mortar stores,

“Brands can get in front of individual shoppers at crucial points in their purchase journey like when they’re browsing or comparing products,” it added.

Despite the growing adoption of these networks, about one-third of respondents reported investing in only one or two networks, and fewer than 10% are engaged with six or more.

“Brands should consider investing in the right retail media networks to capitalise on the ability to reach consumers at moments that matter,” the report stated.

About 43% of retail professionals are exploring alternative business approaches in recent years.

The shift is moving beyond merely selling merchandise to incorporating value-added services. Retailers are now considering expanding into media networks and broader ecosystems, leveraging their audience reach and data. 

“As technology blurs industry lines, these pivots present retailers with a chance to go on the offensive and enter new service categories that drive revenue while reinforcing their retail business line at the same time,” it noted.