Global retail media survey uncovers frustrations with targeting and reporting
Global brands and retailers found retail media has been bogged down by inconsistent targeting and disparate reporting across channels and tactics, according to research by adtech firm Epsilon.
Epsilon, along with Phronesis Partners, surveyed some 689 mid- to large-sized brands and retailers across 12 countries from January to March 2023 to gauge their perceptions of and approaches to retail media. The survey did not disclose the 12 countries.
Epsilon’s the state of retail media in 2023
The survey found that respondents are frustrated with retail media’s fragmentation, saying inconsistent targeting and disparate reporting across channels/tactics were the top inefficiency drivers.
Epsilon also found 64% of the respondents believe retail media networks with multiple technology providers have a negative impact on consumers.
“The consumer experience is too often overlooked in the retail media frenzy,” Epsilon chief product officer Joe Doran said. “We’re so caught up in the hype around the latest offerings that we ignore the fact that fragmentation leads to poor advertising experiences and frustrated shoppers.”
“We believe that solutions that focus on messaging individual shoppers across channels deliver better performance. Brands want to talk to existing and potential in-market shoppers,” he said.
“Retailers should facilitate those conversations at scale and across channels that can reach in-market shoppers wherever they may be in the consumer journey. So, when we put the individual shopper at the centre of the advertising, everyone wins.”
The survey also found only 37% of retailers are using off-site retail media, meaning they are not tapping into the potential of reaching shoppers across the open web. Some 42% of brands said audience targeting customisation/accuracy was the top barrier to adopting off-site retail media.
Epsilon also found brands want retail media networks that are easier to use that can reach more-in market shoppers, with 76% saying the quality of advertiser experience is the most important aspect of retail media, and 75% saying the amount of inventory available was the most important.
Adam Skinner, managing director of retail media networks of Epsilon-owned retail media firm CitrusAd, said: “Good technology is fundamental to good retail media. Brands and retailers must navigate a sea of constantly growing and changing retail media technology partners while responding to more volatile consumer behaviours.”
“It is exciting to see almost 700 retail media professionals have validated the path and strategy we have been on for years. Our unified platform offers brands an intuitive, easy to use interface backed with best-in-class technology that provides scale to reach in-market shoppers wherever they are on their journey – on-site or off-site across the open web.”
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