Retail media has swiftly emerged as the next frontier in customer attraction and engagement. According to eMarketer, CPG-branded activities such as banner ads, paid search, sponsored listings, and others with retailers are projected to generate over $55 billion in revenue. Traditionally, e-commerce sites and apps have been the primary focus for retail media, with marketers seeing abundant innovation opportunities.

However, a largely untapped opportunity lies in bringing digital advertising into brick-and-mortar retail stores, creating engaging and experiential shopping experiences. Let’s delve into four trends that are set to propel retail media to new heights in 2023:

1. Expansion to New Marketplaces

Retail media is extending its reach beyond traditional platforms, embracing new marketplaces. The advent of innovative platforms has broadened the horizon for retail media, bringing in new customer demographics and opening doors to untapped markets.

2. Harnessing Retailer Data

In the age of online advertising, retailer data has become a linchpin. Customer insights gleaned from this data can help brands create personalized advertising campaigns, driving better engagement and customer loyalty.

3. Performance and Brand Marketing

Retail media provides a unique opportunity for brands to marry performance and brand marketing. It offers a platform for brands to not only enhance their visibility but also track the effectiveness of their advertising campaigns in real-time.

4. Steady Growth Journey

The retail media industry is poised to embark on a dynamic growth journey. The integration of technology, coupled with shifting consumer habits, indicates that retail media is here to stay.

Brick-and-mortar stores are becoming more digital, adding Electronic Shelf Labels (ESLs), digital displays, and monitors to aisles, gondola ends, and service counters. These in-store retail media services work in harmony with other omnichannel updates, such as QR codes, ordering kiosks, and self-checkout terminals, creating a seamless shopping experience.

In a digital-enabled grocery store, retail media can push valuable product offers to customers right where they shop. A personalized offer on their app or at the cooler door can nudge a customer browsing the frozen food aisle to make a purchase.

However, it’s crucial to strike a balance. Just as pop-up ads can be irritating online, an over-saturation of branded offers in-store could deter shoppers. Inappropriately integrated retail media could damage the retailer’s brand image. Thus, careful management and thoughtful integration are essential to leverage the power of retail media effectively.

In conclusion, retail media is not just changing the retail landscape; it is revolutionizing it. As technology continues to blur the lines between online and offline shopping, the potential for retail media will only grow. The future of retail is here, and it’s digital.