Retail media networks should start by adopting the right data infrastructure and technology integration strategy and parallelly focus on improving the operational efficiency w.r.t self-service, managed services, and first-party & third-party analytics.
There is growing need for every advertiser/market is to reach a maximum number of the intended audience to increase the return on ad spend (ROAS).
The retail media networks are not just for the retailers but for any B2C businesses like telcos and finance who want to reach a wider pool of consumer audiences in one place.
The key is to devise a simple and scalable process supplemented by robust technology to convert a product catalog to an ad and monetize it (Catalog to Commerce).
Any type of digital advertisement (text, display, video) placed on a retailer’s e-commerce platform or displayed as a response to a search is termed as retail media advertisement.
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