• by Ray Schultz , May 11, 2023

Most brands plan to spend more on retail media networks (RMNs), an in-store digital marketing channel, this year. And a majority of marketers even profess to know what they are, according to The 2023 Retail Media Market Report: Unlocking Adoption, Mastering Best Practices, Overcoming Challenges & Driving Performance, a study by LiveIntent. 

Of the companies polled, 84% expect increased adoption of RMNs, while 13% say the adoption will remain unchanged, and 2% foresee a decrease. 

In addition, 43% have invested in RMNs in the past, and 40% are interested in doing so. But 12% tried it without success, and 6% have no interest in it. 

Of those investing in RMNs, 73%) intend to budget more, while 19% plan to maintain their spending level. Only 8% plan a decrease. 

What accounts for the high adoption rate? “Retail media is booming because retailers have first-party email data, logged-in users on web and app and offer closed-loop measurement,” says Mike Pisula, vice president of product development at LiveIntent. “What’s missing is better measurement including incrementality.” 

Looking forward, 90% believe RMN usage will increase in five years, while 7% predict it will rise and 4% expect it to remain the same.

Moreover, 88% say RMNs will have a positive effect on the ad industry in the future, while only 4% foresee a negative impact due to increased ad space competition and 8% are uncertain. 

Meanwhile, 60% have a general understanding of RMNs, while 40% have a detailed knowledge. No respondents were unaware of them. 

LiveIntent surveyed more than 200 U.S. marketers. These results are the first part of a four-part study.