target audience: TECH BUYER Publication date: Sep 2024 - Document type: IDC MarketScape - Doc Document number: # US52574122
IDC MarketScape: Worldwide Retail Media Network Service Providers 2024 Vendor Assessment
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Abstract
This IDC study is the first of its kind on the underlying services that support retailers building and creating a retail media network. The market is highly fragmented and new for most retailers.
Focused on the retailer, this document covers key service providers and their strengths in helping launch, develop, build, and augment a retail media network. Few retailers have the talent, data management, advertising competencies, partner connections, advertiser purchaser contacts, and media optimization resources to deliver on the monetization opportunity that sits before them.
Retailers must seek complementary services across a broad set of capabilities to strategically launch, enhance, and operate their new monetization of digital (and physical) assets. Competition in this space is fierce, with over 80% of the top 100 U.S. retailers already adopting retail media through partners or in-house development and just as many in the global retail market.
Service providers are critical to offering core capabilities in media and defining which retailers will capture advertising dollars. With the right consumer and advertiser-focused strategies, retailers can drive multibillion-dollar opportunities for their firms.
"Retailers believing that current teams, resources, and processes will be sufficient to build a retail media monetization strategy effectively are in for a surprise. Retail media is complex, with new concepts from programmatic to connected TV. Effectively, retailers are starting a new business shifting from B2C consumer merchandising to B2B ad sales. With current growth rates, failure is not an option — and service providers will fill retailer gaps," states Ananda Chakravarty, VP of Research, IDC Retail Insights.