RETAIL MEDIA NETWORK MARKET ANALYSIS

Market Challenges And Opportunities

Factors driving growth of the retail media network market

The increasing trend of online shopping is the major factor that is expected to drive the market growth over the forecast period. Moreover, increasing technological advancements in mobile devices and adoption of internet of things (IoT) are expected to drive the market growth during the forecast period. Furthermore, with growing penetration of smartphones and internet, e-commerce has become the major platform for consumers to do online shopping from various e-commerce platforms such as Amazon.com, Inc. and Walmart. The market of e-commerce in U.S. has been growing rapidly and is expected to drive the retail media network market growth over the forecast period. For instance, according to Coherent Market Insight’s report, in the U.S., the retail e-commerce sales increased from 274,534 million in 2017 to 419,723 million in 2020. Various shopping apps in mobile devices, emerging payment methods, and shopping on smartphones are some of the factors, which results in easy online shopping and is more convenient to the users. Moreover, as the reach of internet has increased, online retail advertising is becoming the strong communication medium for advertising their competitive brands or products, as compared to the other traditional print media methods.

Moreover, the number of smartphones users are increasing, globally. For instance, according to the Coherent Market Insights, the penetration of smartphone increased worldwide from 2.8 billion in 2018 to 3.8 billion in 2020. Furthermore, through smartphones web-based apps, retail companies not only generate leads, but it also aids in understanding the behavior of the consumers. Thus, retailers are focused on providing web-based advertisement which is expected to drive on the market growth over the forecast period.