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As retail media networks proliferate, agencies are increasingly identifying RMNs as valuable opportunities for their brand clients as they seek quality audience data, meaningful reporting and insights, and authentic and engaging ad formats and creative. However, there are many options for them to work through as they select RMN partners.
According to WARC’s Marketer’s Toolkit 2023, retail media is the fourth-largest advertising medium, with an ad forecast of $121.9 billion globally this year, up 10.1% from the previous year. Additionally, research from Digiday and Best Buy Ads found that 20% of agencies expect to allocate 21%-40% of their budgets to retail media in 2023, and 10% of agencies expect to allocate 41%-60% of their budgets to retail media in 2023. However, 27% of agencies are unsure how to get started with RMNs.
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