With Retail media becoming a critical component of digital marketing, the retail media industry has seen tremendous growth over the past few years. Statistics show it accounted for 11% of total global advertising in 2021, and that figure is expected to increase to $160 billion by 2027.
The prime players in the space, like Amazon and Walmart, are ramping up their ability to sell digital ads to brands. However, according to a report from the Association of National Advertisers, many marketers are "reluctant buyers" of retail media, and over fifty percent of marketers mentioned lack of standardisation across retail media platforms as the biggest issue, and 44% stated the secluded approach was its second biggest difficulty.
And there has been a rising voice from the marketers’ side in recent months for standards as more retailers develop digital media networks for selling ads.
In an effort to close the gap, IPG Mediabrands just introduced Unified Retail Media Solution, an all-new division that assists its customers in overseeing investments across the increasing channel of retail media networks.
According to IPG Mediabrands, its Unified Retail Media Solution can determine which retailers deliver the most effective outcomes and automatically modify spending on the basis of that data to optimise retail media campaigns.
Their clients from the CPG, gaming, and OTC industries have already beta-tested the platform. It currently has hundreds of audiences, with a goal of having 10,000 by the end of the year.