A Guide for Building and Scaling a Retail Media Business

In this month’s Retail Insight, Diana Abebrese, Global Retail Media Lead at EPAM Systems takes some time out to offer us a guide on how a retail media business can be built and scaled in the world of today.

Retail media, often dubbed “the third wave of online marketing,” holds enormous potential, enabling retailers to achieve a new, high-margin revenue stream. Forrester predicts that the market will reach $85bn by 2026. Moreover, by 2027, retail media will almost tie social media as the second advertising spend channel, second only to search.

Nevertheless, many challenges and concerns can impede organisations from building a retail media business – such as integrating with legacy systems, unintentionally disrupting the shopper journey and other internal culture lags.

At the same time, the initial experimentation phase is coming to an end and it is paramount that retailers act accordingly amid the ongoing consolidation. In mature markets, we see a small number of retailers – potentially no more than five per vertical, per market – dominate, leaving the rest squabbling over the little that remains.

To ensure a spot among the limited few market leaders while avoiding internal constraints, retailers can leverage this eight-step guide to help outline their retail media strategy.

Read the full article here.

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