Retail Media Networks have attracted the largest companies, Microsoft is one. Microsoft has launched its own Retail Media Network (RMN) to compete with the likes of Google and Amazon, but also because statistics are showing 20% of all ad buy in 2024 will be from retail media.
Market Watch is predicting that retail media will generate $61 billion in 2024, and that is enough incentive for major retailers to pull their ad buy in-house this year. Microsoft has read the writing on the wall and joined in with its own RMN, PromoteIQ, which it acquired in 2019.
This year the tech giant launched what the company is calling “Omnichannel Retail Media Platform,” ostensibly called the Microsoft Retail Advertising Network. The whole purpose is to allow retailers to pull from a large pool of brands and pilot in-store retail media solutions.
Other media market analysts such as Insider Intelligence, are predicting huge increases in digital ad-spend for 2024, reaching $61 billion in revenue, and capturing 20% of the market share.
Microsoft is already handling 10,000 brands across more than 70,000 campaigns, through their PromoteIQ system, which helps heavyweights in retail such as Kroger Precision Marketing, Kohls, and Sephora.
Retail Media Networks are being developed in many retail marketing departments across the country. Microsoft is poised to grab a huge chunk of this growing industry.
Retail Media Networks are simply retailer-owned advertising service that allows marketers to purchase advertising space across all digital assets owned by the retail business, this includes in-store, on a store website, through other retail distribution sites, and on social media.
The growth of RMNs is a natural spinoff of localization advertising and will pick up the threads of the advertising that localization defines, but which had been diffused across many locales and brands. The use of a retail media network will tie up all the loose ends, and bring thousands of brands into retail locations, right at the fingertips of the shoppers. This will be a simple way to access online shopping and in-store shopping, for thousands of retailers.
It is all done online and offline to make the entire platform more functional and attractive to retailers.
To find out more about Microsoft’s PromoteIQ and the Microsoft Retail Advertising Network check out the product page here.
Microsoft | microsoft.com
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