The opportunity: Several retailers have recently bolstered their US digital retail media networks to capitalize on a rapidly growing channel that we expect will reach $40.81 billion this year. That’s more than triple its pre-pandemic total.
The challenge: There are a growing number of retailers competing for a finite number of advertising dollars.
The big takeaway: Amazon dominates the retail media network domain, which isn’t surprising given its deep roots in the space and its massive reach as a retailer. Competing with Amazon, as well as the ever-growing number of retail media networks, requires retailers to innovate.
Go Further: Read our Retail Media Ad Spending Forecast here.
This article originally appeared in Insider Intelligence's Retail & Ecommerce and Marketing & Advertising Briefings—a daily recap of top stories reshaping the retail and marketing industries. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.