Retailers and brands shared the latest trends on retail media advertising at Cannes Lions Festival of Creativity this week – specifically as a growth driver. The festival served as the place for retailers to connect with advertisers. As third-party cookies go by the wayside, retailers and brands are looking at new ways to target consumers with relevant ads.

Gone are the days of irrelevant ads and massive advertising waste. Retailers such as Target, Walmart, Chase, and Kroger were some of those pitching advertisers on their ad networks, according to Digiday.

Discussions centered around the potential of retail media to drive growth. Retailers are harnessing first party data and looking at how it can help improve the effectiveness of their advertising campaigns.

Retail media has the potential for retailers to tap into upper, mid and lower funnels while combining online and in-store strategies. Retailers are also focused on how retail media can improve personalization to create a positive customer experience. Product data can be used to effectively target consumers, allowing brands and retailers to boost revenue streams.

More retailers are turning to retail media advertising as another source of revenue, with Amazon leading the way. According to Statista, the mass merchant earned $46.9 billion from advertising (primarily from sponsored ads) in 2023. Retailers are also eager to use retail media to boost profitability. Retail media will make up one-fifth of worldwide digital ad spend this year, according to eMarketer. Global retail media spending will reach $140 billion in 2024 alone.

Optimize ads using your product data in real time

Brands looking to improve product visibility and performance on marketplaces and retailer sites can do so by implementing a well-managed, cost-efficient advertising strategy. Rithum’s Managed Services for Retail Media helps you connect your products with more shoppers on marketplaces and retailer sites.

“Digital marketing is ever evolving. Retail media offers fresh monetization streams for both retailers and brands seeking to connect with consumers where they are,” said Heather Engard, Global Director of Digital Marketing at Rithum.

“With new partnerships and opportunities emerging this week, it’s evident there’s substantial growth potential. The key lies in harnessing real-time product and inventory data to optimize digital marketing campaigns and enhance performance measurement, while delivering a superior consumer experience,” she said.

Rithum’s retail media team can help you optimize your advertising campaigns on sites like Amazon, Walmart, eBay, Zalando, and others. Our team can help you:

  • Make informed decisions using Rithum’s billions of data points flowing through our platform.
  • Leverage product information and sales data from your marketplace listings to improve your ad campaigns.
  • Adapt quickly to new channel requirements. Access Rithum’s long-standing partnerships with leading marketing channels.
  • Automate the process by using rules-based automation and filters to improve your bidding, keyword and dayparting strategies.
  • Save time by using Rithum’s team of experts to manage your campaign creation, tracking and reporting, allowing you to save time and resources.

Learn more about Rithum’s Managed Services for Retail Media here.