Self-service retail media platforms (RMPs) are essential in making retail media more accessible and transparent for brands.
Along with making retail media more accessible for brands, RMPs can help agency networks purchase at scale and attribute media to a sale directly. The US market has already witnessed a significant shift towards automation of the retail media process. For instance, Walmart generated $2.1 billion of revenue from advertising, half of which stemmed from its self-service RMP.
Similarly, Tesco recently launched its own retail media and insights platform. These examples indicate that RMPs are set to become the norm for both UK grocery retailers and CPG brands, over the next year or two. To capitalise on this trend, the UK retail media industry must begin the process of setting itself with an RMP and upskilling brands on using and buying media through it.
UK retailers must also ensure that they do not automate their entire relationship with brands through self-service platforms. Instead, retailers must hold on to the essence of collaborating with brands, thinking of creative ideas and translating the ideas to relevant retail media campaigns.
[4 minute read]