The Future of Retail Media: New Strategies in Data-Driven Digital Marketing
The Trade Desk’s 2024 UK Retail Media Report unveils key insights and strategies shaping the future of digital advertising through retail data. Let’s dive into the report's highlights!
? The Rise of Consumer Data: As of 2023, 76% of digital advertisers in the UK plan to invest in retail data. These investments enable brands to understand customer behavior and optimize campaigns. Among them, 43% intend to increase their spending, while 33% aim to maintain their current investment levels.
? A Growing Market: According to The Trade Desk Intelligence, retail media is emerging as one of the fastest-growing sectors in advertising. With a 10% increase since 2022, retail media is now the fourth fastest-growing advertising channel.
? Omnichannel Strategies: With consumer attention spread across various channels, brands must adopt omnichannel marketing strategies. Global Web Index Core data shows that nearly 90% of UK consumers who visited shopping websites in the last 30 days are reachable by retailers. Both local and global brands can leverage this data to connect with broader audiences.
? Cost and Efficiency: Cost remains the biggest challenge in retail data utilization, with 61% of UK advertisers citing it as a major hurdle. However, centralized platforms with closed-loop measurement offer potential solutions to reduce costs.
? Advanced Tactics: Half of the advertisers plan to use retail data to measure high-level marketing tactics, enabling brands to make more strategic, data-driven decisions.
? Future Expectations: Consumers demand seamless online and offline shopping experiences. Brands must meet these expectations with personalized ads and digital innovations, such as virtual reality (VR). Retail data plays a pivotal role in crafting these next-generation experiences.
Source
The Trade Desk 2024 UK Retail Media Report