DELHI-BASED MILLENNIAL MEGHA was on a quest. The object of her desire was a rosemary oil elixir touted by Instagram's haircare influencers. Landing on Amazon, she mindlessly "added to cart" the first brand that materialised on her screen. Convenience, it seems, trumped curiosity. What she didn't realise was the invisible hand guiding her selection. This was the magic of a "sponsored" placement, thanks to data generated by retail media.
As the world says goodbye to third-party cookies - snippets of data used to store information on web browsers to track consumers' moves across different websites this marketing tool has gained immense popularity among brands and retailers alike.
According to GroupM, retail media was the third-fastest growing advertising channel in 2023. It will contribute 18% (15,930 crore) to India's 88,502-crore digital advertising spends in 2024, with a spectacular CAGR of 41% between 2019 and 2024.
The thing is, customers using, say, a retailer's app or participating in a retailer's loyalty programme offline have a measurable digital trail. Used smartly, retail media could give the world's online giants a sales bump of between 7% and 10%. "Retail media offers direct access to valuable first-party data.
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