The Latest Retail Media Network Industry Statistics Explained
Retail sales are projected to amount to about $26.7 trillion globally in 2022.
This statistic indicates that the total value of retail sales across the world is estimated to reach approximately $26.7 trillion in the year 2022. This figure represents the expected revenue generated from the sale of goods and services by retailers to consumers on a global scale. The projection suggests a significant level of economic activity in the retail sector, highlighting the ongoing growth and development of consumer markets worldwide. It provides insight into the magnitude of consumer spending and commercial transactions taking place across different industries and regions, serving as an important indicator of global economic trends and consumer behaviors.
In 2021, over 2.14 billion people worldwide are expected to buy goods and services online.
The statistic that over 2.14 billion people worldwide are expected to buy goods and services online in 2021 signifies a significant and widespread shift towards e-commerce as a preferred mode of shopping and conducting transactions. This figure represents a substantial portion of the global population embracing the convenience and accessibility of online shopping platforms. The increasing penetration of internet connectivity, coupled with the proliferation of e-commerce websites and services, has facilitated this trend. The sheer magnitude of online shoppers highlights the growing importance of digital commerce in the global economy, with implications for businesses, marketers, and policymakers worldwide.
Brands plan to double their Retail Media Network budgets over the next two years.
This statistic indicates that brands are intending to significantly increase their investments in Retail Media Networks over a two-year period. Specifically, the plan is to double the current budget allocated to Retail Media Networks. This decision suggests a growing recognition among brands of the importance and effectiveness of leveraging Retail Media Networks as a channel for reaching and engaging with consumers. The anticipated budget increase also indicates a strategic commitment by brands to capitalize on the opportunities presented by Retail Media Networks in driving sales, brand visibility, and overall marketing ROI in the near future.
Retail media spending is expected to reach $41.37 billion by 2024 in the United States.
The statistic indicates that the total amount of money spent on retail media advertising is projected to increase to $41.37 billion by the year 2024 in the United States. Retail media spending refers to the financial resources allocated by companies within the retail industry to promote their products or services through various advertising channels. This upward trend in retail media spending suggests a growing emphasis on marketing strategies aimed at reaching consumers through retail-specific platforms such as online marketplaces, brick-and-mortar stores, and e-commerce channels. The expected increase signifies the importance of advertising and promotional efforts within the retail sector as businesses strive to capture consumer attention, drive sales, and remain competitive in a dynamic marketplace.
Nearly 60% of retail media buyers plan to use site retargeting in their campaigns.
The statistic indicates that almost 60% of retail media buyers intend to incorporate site retargeting strategies into their marketing campaigns. Site retargeting involves using tracking mechanisms to display targeted advertisements to potential customers who have previously visited a specific website but did not make a purchase or complete a desired action. By leveraging site retargeting, these retail media buyers aim to re-engage with interested prospects, nurture leads, and increase conversions. This statistic highlights the growing importance of personalized and targeted advertising tactics in the retail sector to enhance customer engagement and drive sales.
Amazon captured 10.3% of all US digital ad spending in 2020, making it the biggest platform in retail media.
The statistic indicates that in 2020, Amazon accounted for 10.3% of the total digital ad spending in the United States, positioning itself as the leading platform in the retail media sector. This means that a significant portion of advertising budgets in the US was allocated towards advertising on Amazon’s digital platforms. The high market share of Amazon in digital ad spending highlights its growing influence and dominance in the retail advertising space, as advertisers increasingly recognize the potential of leveraging Amazon’s vast reach and customer base to promote their products and services.
Walmart’s advertising business, a big player in the retail media industry, grew by 56% in 2020.
The statistic “Walmart’s advertising business grew by 56% in 2020” indicates a significant increase in the company’s advertising revenue compared to the previous year. This growth highlights Walmart’s success as a major player in the retail media industry, leveraging its large customer base and expanding digital presence to capture a larger share of the advertising market. The substantial increase in advertising revenue suggests that Walmart’s advertising strategies were effective in reaching and engaging consumers, driving sales and partnerships with brands looking to promote their products. The growth of Walmart’s advertising business by 56% in 2020 underscores the company’s ability to adapt and capitalize on the evolving landscape of retail media.
Social media influenced 43% of consumers to make purchases in 2020.
The statistic “Social media influenced 43% of consumers to make purchases in 2020” indicates that a significant portion of consumers made purchasing decisions based on their interactions and exposure to social media platforms throughout the year 2020. This suggests that social media channels played a pivotal role in shaping consumer behavior and driving purchasing choices during that period. It implies that businesses and marketers leveraged social media effectively to reach and engage with consumers, ultimately influencing their buying decisions. As social media continues to play a crucial role in consumer behavior and marketing strategies, understanding its impact on purchasing decisions remains crucial for businesses aiming to succeed in the digital landscape.
In 2020, 73% of marketers believed retail media advertising could contribute to sales incrementally.
The statistic that in 2020, 73% of marketers believed retail media advertising could contribute to sales incrementally indicates a strong consensus within the marketing industry regarding the potential impact of retail media advertising on driving sales growth. This statistic suggests that a significant majority of marketers perceive retail media advertising as a valuable tool for generating incremental sales and revenue for businesses. The high percentage of marketers who endorse the effectiveness of retail media advertising underscores its importance in marketing strategies and highlights its perceived ability to drive positive outcomes, such as increased sales and brand visibility.
86% of retailers see an increase in brand awareness with retail media networks.
The statistic states that 86% of retailers have observed a rise in brand awareness through the utilization of retail media networks. This means that the majority of retailers who engage with retail media networks, which are platforms within retail environments where brands can advertise and promote their products, have experienced a positive impact on their brand visibility and recognition among consumers. Such an outcome suggests that retail media networks can be an effective tool for retailers to enhance their brand awareness and potentially drive more customer engagement and sales within the retail space.
In 2021, 81% of retailers affirmed they would invest more in Retail Media Networks.
The statistic suggests that a significant majority of retailers, 81%, expressed their intention to increase their investments in Retail Media Networks in the year 2021. Retail Media Networks are platforms that allow retailers to advertise their products directly to consumers while they are engaged in shopping activities online. The high percentage of retailers planning to invest more in these networks indicates a growing recognition of the effectiveness and potential benefits of leveraging Retail Media Networks as part of their marketing strategies. This trend may indicate a shift towards more targeted and personalized advertising approaches within the retail industry.
Alibaba, one of the biggest retail media networks, generated over $72 billion in revenue in 2020.
The statistic indicates the remarkable financial success of Alibaba’s retail media network in 2020, as it generated an impressive revenue of over $72 billion. This figure highlights the substantial scale and impact of Alibaba’s operations on the retail industry. The revenue generated reflects the significant market share and consumer reach that Alibaba commands, making it one of the largest players in the retail media space. This statistic also demonstrates Alibaba’s strong performance in a particularly challenging year, showcasing its resilience and ability to thrive amid economic uncertainties and disruptions.
The average open rate for retail industry email marketing in 2021 is approximately 13.62%.
The statistic that the average open rate for retail industry email marketing in 2021 is approximately 13.62% indicates the percentage of recipients who opened emails sent by retail companies during that year. A higher open rate suggests that the email campaign was effective in capturing the recipient’s attention and motivating them to engage with the content. Conversely, a lower open rate may signal that the email content or subject line was not compelling enough to entice recipients to open the email. Understanding and monitoring open rates is crucial for retail businesses as it provides insights into the effectiveness of their email marketing campaigns and helps tailor future strategies for optimal engagement and conversion rates.
80% of marketers surveyed see retail media networks as an opportunity to improve their partnerships.
The statistic “80% of marketers surveyed see retail media networks as an opportunity to improve their partnerships” indicates that the majority of marketers view retail media networks as a valuable platform for enhancing their collaborations with other businesses. Retail media networks provide marketers with the opportunity to reach a targeted audience and drive sales through partnerships with retail brands. By leveraging retail media networks, marketers can promote their products or services in a more strategic and effective manner, leading to increased visibility and potential sales. Overall, this statistic highlights the positive perception and potential benefits that marketers associate with utilizing retail media networks for partnership and marketing purposes.
E-commerce is projected to represent 22% of global retail sales by 2023.
The statistic that e-commerce is projected to represent 22% of global retail sales by 2023 indicates the anticipated share of online sales compared to total retail sales worldwide. This projection suggests a significant growth in the e-commerce sector, reflecting the increasing trend of consumers turning to online platforms to make purchases. Factors driving this shift include the convenience, wider product selection, and often lower prices offered by online retailers. As technology continues to advance and online shopping becomes more ingrained in consumer behavior, businesses are expected to invest more in their e-commerce capabilities to meet the evolving demands of the market.
Approximately 63% of shopping occasions begin online.
The statistic that approximately 63% of shopping occasions begin online indicates that a significant majority of consumers initiate their shopping process by browsing and researching products or services on the internet. This percentage highlights the growing trend of online shopping and the increasing importance of digital platforms in influencing consumer purchasing behavior. With the convenience and accessibility of online shopping channels, such as e-commerce websites and mobile apps, consumers are likely to start their shopping journey online before making a final purchase decision. This statistic underscores the need for businesses to have a strong online presence and digital marketing strategies in order to reach and engage with potential customers effectively.
As of 2020, there are 7.9 million online retailers in the world and only 2.1 million of them sell more than $1,000 per year.
This statistic indicates that as of 2020, there are a total of 7.9 million online retailers worldwide, with only around 2.1 million of them generating sales exceeding $1,000 per year. This suggests that a significant proportion of online retailers are not able to achieve a high level of sales volume, potentially due to factors such as market saturation, competition, or ineffective marketing strategies. The data highlights the challenging nature of the e-commerce landscape, where a large number of retailers may struggle to generate substantial revenue, while a smaller subset thrives and achieves significant sales figures.
Digital advertising in the retail industry is projected to reach $23.5 billion in 2023.
The statistic indicates that the amount spent on digital advertising within the retail industry is expected to increase significantly, reaching a projected total of $23.5 billion in the year 2023. This growth suggests a growing trend towards utilizing digital platforms for marketing and advertising purposes within the retail sector. The substantial investment in digital advertising reflects the industry’s recognition of the importance of online channels in reaching and engaging with consumers, as well as the potential for driving sales and increasing brand visibility in an increasingly digital marketplace.
Conclusion
Retail media networks have become an essential advertising channel for retailers and brands looking to reach their target audiences effectively. The industry statistics show significant growth and potential for continued success in leveraging these networks to drive sales and increase brand visibility. As the retail landscape evolves, embracing data-driven strategies and maximizing the benefits of retail media networks will be crucial for companies seeking to stay ahead of the competition.
References
0. – https://www.www.criteo.com
1. – https://www.www.statista.com
2. – https://www.www.emarketer.com
3. – https://www.www.cnbc.com
4. – https://www.www.digiday.com
5. – https://www.www.oberlo.com
6. – https://www.www.thinkwithgoogle.com
7. – https://www.www.pewresearch.org
8. – https://www.www.marketingweek.com
9. – https://www.retailtouchpoints.com
