Can retail media play a role in the auto, travel, pure-play e-commerce and omni-retail industries? The Boston Consulting Group partnered with Google and interviewed 50 leaders in retail media to find out. The results will give you insight into how to create or expand your company’s retail media business. The keys to success include a solid technology stack, consumer data, a solid relationship with both customers and media buyers, and a willingness to take the leap even if you’ve got a small or niche business.
Retail media will see explosive growth over the next five years.
Retail media is an advertising business owned by a retailer, in which external companies purchase advertising space from the retailer. Advertisements can be “onsite,” found on the retailer’s website and physical locations, or “offsite,” embedded in the retailer’s paid media. Both types of advertising will use consumer data collected by the retailer to guide personalization across the customer journey.
Boston Consulting Group forecasts that retail media will expand by 25% each year until 2026, reaching an estimated baseline of $100 billion in net revenue over that period. “Commerce media” will add about $10 billion to that number.
The retail media space is currently dominated by big companies, but small companies that act fast can claim their slice of retail media value.
Amazon, Walmart and Target are already engaged in retail media, with Amazon taking the ...
Lauren Wiener, Leora Kelman, Kale Hungerson and Mark Abraham are professionals with the Boston Consulting Group.
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