What Is a Retail Media Network (RMN)?
As COVID drove more and more consumers to embrace online and in-app shopping, RMNs exploded and continue to rise in popularity today. According to eMarketer, , with the majority coming from e-commerce channels. That spend is expected to exceed a whopping $50 billion in 2023.
In addition to the surge in e-commerce, RMN platforms are extremely effective because they enable brands to target users who are actively engaged in shopping and highly receptive to ads. There’s no better time to get your product in front of a consumer than when they are literally clicks away from conversion.
A quarter of retailers reported receiving more than $100 million in revenue from their media networks in 2021.
Consumers receive highly personalized ads that blend seamlessly into their shopping experience and show them exactly what they want to buy.
Retailers can earn more advertising and product revenue while also monetizing their first-party data and scaling their programs to more consumers.
Brands get a boost in product visibility and channel reach, and gain access to valuable consumer data that can be used to power high-performance ads.
Why Automation Is a Must
Things move fast in the media space, and many retailers eager to take advantage of RMNs may find themselves blocked by limited time and resources. Lacking the in-house capabilities necessary to efficiently leverage data, their challenge becomes creating ads quickly and in large enough volumes to be effective for RMNs. To accomplish this, retailers must ditch inefficient and error-prone manual processes in favor of automation — it’s the only way to deliver personalized, relevant messages at scale.
Automating data analytics systems, for example, is imperative. Consumer data streams are growing larger, faster, and more complex by the minute, and the insights they produce may only be accurate for a short time. gives brands the ability to identify new trends and make adjustments to in-flight ad campaigns to improve performance and increase the return on ad spend.
The value of the retail automation market is projected to reach $23.58 billion by 2026.
Order-to-cash (OTC) is another area where automation has become critical, especially for RMNs. As they continue to expand rapidly with large and ever-growing volumes of daily, short-lived ad placements, order volume is starting to out-scale manual processes for executing campaigns. The solution? Streamlining ad placement campaign cycles with , which will enable them to complete order cycles and recognize revenue faster.