Some of the biggest problems brands and advertisers in the US, France, Germany, and the UK have with retail media networks are the cost, the lack of third-party verification, the small amount of on-site ad space, and the lack of activation options, according to a DoubleVerify study released in August 2023.
Retail media networks refer to retailers like Amazon, Walmart, and Target, where marketers can advertise.
Insider Intelligence/eMarketer anticipates that omnichannel retail media ad spend will increase 28.6% this year to approximately $60 billion.
However, this expansion may be hampered by the numerous challenges that businesses confront while implementing their retail media plans.
Retailers may add value to advertisers by providing new and innovative ad formats, greater data sharing, and more activation help.
Retailers will also need to form alliances, such as Walmart Connect’s alliance with NBCUniversal, to remain competitive, according to Insider Intelligence/eMarketer report, “Retail Trends to Watch in 2024.”