Retail media networks help retailers establish their own digital advertising businesses by connecting brands with shoppers across their websites and mobile apps. These networks allow retailers to leverage their rich shopper profiles and transaction data to deliver targeted, performance-based advertising campaigns for brands. The growing popularity of online shopping has increased demand for such targeted ads, driving revenue for retailers. The global retail media network market is estimated to be valued at US$ 1414.48 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for increased online shopping presents a major market opportunity for growth in retail media networks. As more consumers conduct product research and make purchases digitally, retailers have access to vast amounts of valuable shopper data. This data allows retail media networks to micro-target ads to individuals based on past browsing habits, purchase behavior, demographics and other attributes. With personalized, contextually relevant ads, brands can achieve higher engagement and conversion rates. The surge in ecommerce is expected to continue post-pandemic as well, maintaining high demand for targeted digital ads. As retailers leverage their unique shopper profiles, retail media networks stand to gain substantially from the booming online retail space in the coming years.
Porter's Analysis:
Threat of new entrants: The retail media network market requires high initial investments and established partnerships. There are also economies of scale enjoyed by existing players. This poses a moderate threat of new entrants.
Bargaining power of buyers: Large buyers in this market include retailers and brands. Their bargaining power is strong as they can negotiate better terms and pricing. They also have the option to use alternative advertising platforms.
Bargaining power of suppliers: Major suppliers include technology providers and advertising platforms. Their bargaining power is moderate as they need to partner with large retailers and brands to effectively monetize their solutions.
Threat of new substitutes: Digital out-of-home media and online advertising platforms pose a threat as potential substitutes. However, their ability to target consumers at the point-of-purchase is limited compared to retail media networks.
Competitive rivalry: The market sees intense competition among existing players. They compete on capabilities, technology, platform features, pricing and retailer partnerships.
SWOT Analysis:
Strengths: Access to large consumer bases at points-of-purchase. First-mover advantage for major players. Established partnerships and integrated solutions.
Weaknesses:Heavy reliance on a few dominant retailers. Vulnerable to changes in retailer priorities and strategies. Emerging technologies may disrupt existing business models.
Opportunities:Growth of digital media in retail environments. Use of shopper data and analytics. Integrating with additional omnichannel capabilities. Expanding into new geographies and retailers.
Threats: Stricter privacy regulations. Economic slowdowns affecting advertising spends. Platform concentration risk from a few dominant technology providers. Increasing retail media capabilities of major brands.
Key Takeaways:
The global retail media network market scope is expected to witness strong growth over the forecast period driven by expanding digital media presence in retail stores and growing use of shopper data.
North America currently dominates due to widespread retail digital transformation and established retail media networks of major retailers like Walmart and Target connecting brands to shoppers.
Key players
operating in the retail media network market are GATX Corporation, Progress Rail (A Caterpillar Company), TrinityRail, Mitsui Rail Capital LLC, Angel Trains, Beacon Rail Leasing, Railpool, Eversholt Rail Group, Macquarie Group, SMBC Rail Services, VTG Rail Leasing, Mitsui & Co., Ltd., Touax Rail Ltd., CIT Group Inc., and The Andersons Rail Group. These players are focusing on acquisitions and partnerships to expand offerings, enhance technology capabilities and reach new global markets.
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