Retail media is traditionally dominated by, well, retailers. But as access to customer insights becomes increasingly important for advertisers amid cookie deprecation and mounting privacy laws, other industries are hopping on retail media’s bandwagon.

Retail media has matured greatly since our 5 retail media networks (RMNs) worth watching. That evolution has come from growth in spend (we forecast US omnichannel retail media ad spend growth at 26.0% this year, with larger increases in off-site and connected TV), in-store innovations, and new entrants from other non-retailers.

The ecommerce giant’s launch of ads on Prime Video instantly gave it the largest audience for an ad-supported subscription video service in the US.

Our newsletter team has already made a number of advertising and retail predictions, but now it’s time to combine the two. Retail media is still on the rise in the US (growing by a projected 28.6% this year), but competition is getting fierce. From commerce opportunities to consolidation, here’s what we expect to see from retail media in 2024.

Cost, lack of third-party verification, limited on-site ad space, and limited activation options are some of the top challenges brands and advertisers in the US, France, Germany, and the UK face when using retail media networks (RMNs), according to an August 2023 DoubleVerify study.

Ninety-one percent of US advertisers plan to maintain or increase their investment in retail data in the next few years, according to data from The Trade Desk Intelligence.

Retail media and connected TV (CTV) are like peanut butter and chocolate, Danielle DeLauro, executive vice president at the Video Advertising Bureau, said at Advertising Week New York last week. “Together, there’s nothing better.”

In the two years since our inaugural “Power of Amazon” report, Amazon has remained a retail and tech powerhouse—but it hasn’t been immune to economic uncertainty, shifting consumer behaviors, or increased competition. We examine how Amazon’s 19 business divisions have changed and how these new developments might affect your industry.

The digitization of the store—retail’s next megatrend—will transform the shopper’s path to purchase and industry economics for retailers and brands.

Historically traditional channels are being digitized, theoretically opening the door to more robust measurement. At the same time, third-party identifiers are being ousted in favor of identity solutions that preserve consumers’ privacy.

Retail media’s positive hype is real. We expect it will disrupt the digital advertising landscape worldwide. In Canada, a handful of players—led by Amazon, Walmart, and Loblaw—have turned it into the fastest-growing ad segment in the country, and at scale.

The rise of in-store retail media will prove that the physical store is the next major media channel for brands.

See our latest industry KPIs for retail media.

Economic conditions will have a huge effect on the retail, media, and marketing industries in 2023. For companies to succeed, the cost-conscious consumer must be front and center.

The digital shelf has grown more competitive for CPG brands amid the rise of grocery ecommerce and increasing retail media ad spend.