Retail Media Network Market Growth Accelerated By Increased Smartphone Penetration

Retail Media Network Market
 

 Retail media networks allow retailers to monetize the traffic on their owned properties by selling advertising space to brands. Using retail media networks, retailers can leverage first-party shopper data and on-site consumer engagement to deliver more relevant and personalized shopping experiences andmessages to their customers. They also provide brands with the ability toruntargeted digitaladcampaignsandpromotionsonthewebsitesandapps ofmajor retailers. The demand for retail media services has substantially increased in recent years as more customers research and purchase products online. The global Retail Media Network Market is estimated to be valued at US$ 1414.48 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
Increased smartphone penetration has been a key driver of growth for the retail media network market. Mobile commerce has seen tremendous growth over the past decade with more consumers beginning product searches and purchases directly on their smartphones. Retail media networks allow retailers and brands to better engage shoppers throughout their path to purchase via mobile apps and websites. Personalized mobile advertising and promotions tailor-made based on each consumer's in-app and online behavior have improved marketing ROIs for companies. With over 90% of US consumers now owning smartphones, retail media networks are well-positioned to capitalize on mobile shopping trends and accelerate revenue growth in the coming years.

Segment Analysis
The global retail media network market analysis is dominated by social media sub-segment. Social media platforms allow retailers to advertise products on different social networking sites like Facebook, Instagram, Snapchat etc. This sub-segment accounts for over 40% of the total market share as most retailers leverage social media platforms to target relevant audience and gain more exposure through influencer marketing.

Key Takeaways
The global retail media network is expected to witness high growth over the forecast period of 2024 to 2031. The market is expected to grow substantially as retail brands are allocating more budgets towards digital advertisements.

Regional analysis: North America region currently dominates the global retail media network market with over 35% share. This is attributed to strong presence of major retail brands and tech giants in countries like US and Canada. Moreover, high smartphone and internet penetration in the region allows retailers to leverage digital ads effectively. Asia Pacific region is expected to witness fastest growth during forecast period owing to rising internet users in countries like India and China.

Key players

operating in the retail media network market are GATX Corporation, Progress Rail (A Caterpillar Company), TrinityRail, Mitsui Rail Capital LLC, Angel Trains, Beacon Rail Leasing, Railpool, Eversholt Rail Group, Macquarie Group, SMBC Rail Services, VTG Rail Leasing, Mitsui & Co., Ltd., Touax Rail Ltd., CIT Group Inc., The Andersons Rail Group. Walmart has established a separate advertising division called Walmart Connect to help brands advertise on Walmart.com and leverage its e-commerce strength. Target also operates Retail Media Collective to offer advertising solutions to brands.

Get more insights on this topic: https://www.ukwebwire.com/retail-media-network-market-industry-insights-trends-retail-media-network-market/

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