Cost, lack of verification among the many retail media challenges

Key stat: Cost, lack of third-party verification, limited on-site ad space, and limited activation options are some of the top challenges brands and advertisers in the US, France, Germany, and the UK face when using retail media networks (RMNs), according to an August 2023 DoubleVerify study.

Beyond the chart:

• We forecast omnichannel retail media ad spend will grow 28.6% this year to reach nearly $60 billion.
• But this growth could be hindered by the number of hurdles brands face when implementing their retail media strategies.
• Retailers can create more value for advertisers by offering new and innovative ad formats, sharing more data with them, and providing more activation support.
• Retailers will also need to forge partnerships, like Walmart Connect’s partnership with NBCUniversal, to stay competitive, as noted in our “Retail Trends to Watch in 2024” report.

Use this chart:

• Understand the barriers to advertiser/brand investment in RMNs.
• Identify the pain points RMNs must address.

More like this:

• Retail media is a collaboration between brand and retailer, Home Depot exec says
• 2024 trend watch: Platform partnerships will shift the ad spending landscape
• Hy-Vee’s lessons for up-and-coming retail media networks
• Retail media is the fastest growing ad channel, but ‘is not invincible,’ our analyst warns

Methodology: Data is from the December 2023 DoubleVerify report titled "The Rise of Retail Media: What to Expect in 2024." 401 ad and marketing executives in France, Germany, the UK, and the US were surveyed during August 2023. Of the respondents, 55% worked for brands, 37% agencies, and 8% consultants.