By Marketing Charts
One in 4 media ad buyers is currently investing in retail media network (RMN) advertising, while an additional 36% are considering doing so, according to an IAB report. Based on a survey of 223 buy-side ad investment decision-makers, primarily at brands and agencies, the report reveals that those currently investing in RMN advertising will increase their spend by an average of 28.4% next year.
RMN ads aren’t one of the key focus areas for next year among ad buyers in general, but the net outlook looks positive. Three in 10 respondents intend to focus significantly or somewhat more on RMN ads, almost 3 times the share who expect to focus significantly or somewhat less (11%). Some 28% will maintain their current level of focus, while the remaining third (31% share) say that this particular area doesn’t apply to them.
Among ad buyers currently investing in RMN advertising (small sample alert), aggregated marketplaces such as Criteo and CitrusAd are the most common partners (for 82%), while three-quarters work with retailer-owned networks and 64% with e-commerce owned partners such as Doordash and Instacart. A separate survey has found that 80% of RMN advertisers are currently using at least one retail media network other than Amazon.
While onsite tactics are unsurprisingly the most frequently leveraged (by 91%), the report highlights the use of offsite tactics. Among those buying RMN ads, 73% are running offsite display (direct buys, banner), and 63% are running offsite video (CTV, OLV). Indeed, a recent report [download page] from Merkle revealed that US retail media networks frequently offer offsite media monetization solutions for vendors to participate in. Although offsite ad solutions are not one of the top features that US brands look for in RMNs, the study showed a large increase this year in the proportion of brands that are factoring these solutions into their decision-making.
Article originally appeared on Marketing Charts.
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