Retail media networks: The secret weapon for your digital store

Retail media networks are emerging as a powerful tool for ecommerce businesses, leveraging consumer data collected through online shopping to improve brand-consumer connections and drive sales. With the shift towards digital buying habits accelerated by the pandemic, retailers have an opportunity to become retail media networks, using their first-party data on consumers' buying habits to help brands better target ads. This approach allows advertisers to deterministically target their ideal customers based on their browsing activity or search intent. As third-party cookies are being phased out by Apple and Alphabet, retail media networks provide a way for advertisers to continue customizing ads for consumers while complying with global privacy regulations. The value of consumer data is evident in the growth of retail media spending, which is expected to jump $25 billion from 2018 to 2023. Retail media networks offer powerful sources of revenue and can help retailers break through the noise and attract consumers in a hyper-competitive marketplace.