Retail Media Ad Spending Forecast H1 2023

As Retailers Race to Innovate, Ad Buyers Scramble to Keep Up

Executive Summary

Retail media should become one of digital media’s most important channels. But neither the buy nor sell sides have fully addressed the issues keeping the channel from maximizing its growth, including organizational challenges and measurement inconsistency.

Key Question: What is driving and hindering the growth of retail media ad spending?

KEY STAT: We expect advertisers to pour more than $45 billion into retail media ad spending in 2023.

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    Table of Contents

    1. Executive Summary
    2. Despite economic headwinds, digital advertising’s third wave is nowhere near cresting.
    3. Steady retail ecommerce growth is providing a tailwind.
    4. Amazon provides most of the oxygen.
    5. The number of retailers getting in on the fun is growing—as is the number of RMNs brands use.
    1. Retail media is dominated by on-site advertisements—for now.
    2. CTV is less critical to retail media’s near-term future than presumed.
    3. Advertisers’ sense of retail media’s place in the funnel is shifting.
    4. Our forecast changes reflect a channel evolving too fast—for both its buyers and its sellers.
    5. What this forecast means for you.
    1. Insider Intelligence Interviews
    2. Sources
    3. Media Gallery

    Interviewed for This Report

    Megan Cameron
    Vice President, Monetization Strategy
    Interviewed March 17, 2023
    Janine Flaccavento
    Executive Vice President, Vertical Lead
    Interviewed March 17, 2023
    Michael Greene
    Senior Vice President, Vertical Strategy
    Interviewed March 3, 2023
    Jaclyn Nix
    Executive Vice President, Ad Sales
    Interviewed March 13, 2023

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    Max Willens


    Evelyn Mitchell-Wolf
    Senior Analyst, Digital Advertising & Media
    Peter Newman
    Senior Forecasting Analyst
    Paul Verna
    Principal Analyst