I cover consumer-centric insights and analytics that provide executives with solutions needed to drive strategy. I am the CEO of Prosper Business Development where, for more than 20 years, we have provided market leadership and developed contemporary solutions to help Fortune 500 companies navigate change that impacts their business. I got my start in the radio industry.
Retail media’s global advertising revenue is forecast to exceed television revenue by 2028, accounting for 15.4% of total ad revenue. As more people turned to digital channels for shopping during the pandemic, brands followed them, engaging retail media to reach consumers with personalized advertising. Retailers profit from this shift on both ends as they earn money from every product sold and ad spending from brands.
Then, there’s the simple fact that retail media advertising offers more granular measurability and ROI by reporting on things like return on ad spend and ‘incrementality.’ These numbers give advertisers the fuel they need to be agile in their efforts, and the information they need to adjust their campaigns, offers and consumer targeting in near-real time.
The reality is that traditional TV viewership is on the decline, especially among younger demographics who are shifting to streaming services. TV, as we know it, is becoming more fragmented across many CTV platforms, making it challenging for advertisers to achieve the same reach with just one player. Naturally, this challenge has them turning their heads—and their ad dollars—in the direction of retail media’s more promising outcomes.
We’re also seeing omni-channel advertising—which measures consumer interactions through both their online and in-store experiences—gaining traction. Shoppers love a connected experience and they’ve embraced technology to inform their entire journey, from online to in-store. In fact, According, to a recentsurvey, 27% of shoppers use a retailer’s website for online shopping orders with another 21.1% opting to use a smartphone app.
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