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Table of Contents

Despite economic headwinds, digital advertising’s third wave is nowhere near cresting.

Steady retail ecommerce growth is providing a tailwind.

Amazon provides most of the oxygen.

The number of retailers getting in on the fun is growing—as is the number of RMNs brands use.

Retail media is dominated by on-site advertisements—for now.

CTV is less critical to retail media’s near-term future than presumed.

Advertisers’ sense of retail media’s place in the funnel is shifting.

Our forecast changes reflect a channel evolving too fast—for both its buyers and its sellers.

What this forecast means for you.

Insider Intelligence Interviews

Sources

Media Gallery

About This Report

Healthy growth will obscure the upheaval that retail media’s evolution is causing. Retailers racing to think more like publishers—and brands trying to rethink the value of retail media—are feeling some strain.

Topics

Retail Media

Search Ad Spending

United States

Table of Contents

Executive Summary

Despite economic headwinds, digital advertising’s third wave is nowhere near cresting.

Steady retail ecommerce growth is providing a tailwind.

Amazon provides most of the oxygen.

The number of retailers getting in on the fun is growing—as is the number of RMNs brands use.

Retail media is dominated by on-site advertisements—for now.

CTV is less critical to retail media’s near-term future than presumed.

Advertisers’ sense of retail media’s place in the funnel is shifting.

Our forecast changes reflect a channel evolving too fast—for both its buyers and its sellers.

What this forecast means for you.

Insider Intelligence Interviews

Sources

Media Gallery

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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Executive Summary
Despite economic headwinds, digital advertising’s third wave is nowhere near cresting.
Steady retail ecommerce growth is providing a tailwind.
Amazon provides most of the oxygen.
The number of retailers getting in on the fun is growing—as is the number of RMNs brands use.

Retail media is dominated by on-site advertisements—for now.
CTV is less critical to retail media’s near-term future than presumed.
Advertisers’ sense of retail media’s place in the funnel is shifting.
Our forecast changes reflect a channel evolving too fast—for both its buyers and its sellers.
What this forecast means for you.

Insider Intelligence Interviews
Sources
Media Gallery

Charts in This Report

US Amazon Retail Media Ad Revenues, 2021-2025 (billions)Number of Retail Media Networks Used by US Marketers, Summer 2022 (% of respondents)

Metrics Used by Brands Worldwide to Evaluate Investment in Retail Media Networks, Sep 2022 (% of respondents)How Has Our US Retail Media Ad Spending Forecast Changed? (billions, 2020-2024)

Interviewed for This Report

Megan Cameron

Merkle

Vice President, Monetization Strategy

Interviewed March 17, 2023

Janine Flaccavento

Merkle

Executive Vice President, Vertical Lead

Interviewed March 17, 2023

Michael Greene

Criteo

Senior Vice President, Vertical Strategy

Interviewed March 3, 2023

Jaclyn Nix

CitrusAd

Executive Vice President, Ad Sales

Interviewed March 13, 2023

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