The hardware and stationery giants have plans to enter the novel sector, joining Woolworths and Coles.
Already a subscriber?Wesfarmers’ Bunnings, Officeworks and Priceline retail chains plan to launch their own retail media businesses to help diversify revenue and improve profits.
Retail media describes the new sources of revenue retailers are unearthing by using their proprietary data to. The income comes from suppliers looking for a bigger in-store marketing presence. Bunnings has a request for proposal in the market for a technology partner for its planned retail media business. It already generates an estimated $150 million in trade marketing revenue annually, according to an industry source. Stablemate Officeworks and pharmacy chain Priceline also have plans for retail media.Wesfarmers declined to comment ahead of its full-year result on Thursday, when its hardware giant is tipped to post a 1.8 per cent gain in sales to $18.
Morgan Stanley estimates the Australian retail media market is valued at $1.6 billion and will grow to $2.8 billion by 2027.Jonathan Hopkins, co-founder of media consultancy Sonder, said Wesfarmers’ exploration of a retail media offering makes sense given the large trove of first-party data it has through its OnePass and Flybuys loyalty schemes.
“Data is a retail media network’s secret sauce. They have vast foot and website traffic across their brand portfolio. They have learnings to draw on from their international network, with Target’s Roundel being one of the pioneering retail media networks in the US,” Mr Hopkins said.Chemist Warehouse, which is seeking a backdoor listing with Sigma Healthcare, runs one of the largest retail media businesses in the country generating $600 million a year.
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