Commerce media company Criteo will support the launch of a retail media network for the Charlotte-based, privately owned U.S. department store Belk.
The companies announced Tuesday they have joined forces to launch the retailer’s retail media arm, Belk Media Network. Belk serves customers at nearly 300 stores and Belk Outlet locations spanning across 16 Southeastern states.
The partnership will provide customers with a personalized multichannel experience ahead of the upcoming holiday shopping season.
National brands across the apparel, accessories, beauty and home categories will have the opportunity to increase awareness and sales on Belk's owned-and-operated properties.
Retail media will have a compound annual growth rate of 24.1% between 2024 and 2028, according to data from Emarketer. The analyst firm said retail media search will take more than $1 of every $6 spent on digital ads in the U.S. in 2029.
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Access to Criteo's technology and Belk's first-party data will allow brands and agencies to target a unique audience segment of high-earning, predominately women shoppers. Belk will use sponsored products and onsite display, with plans to expand to additional formats in 2025.
Belk is the latest company to capitalize on the opportunity by joining Criteo's network of 225 global retailer and marketplace partners, as the category of retail media is expected to skyrocket this year.
Criteo's retail monetization platform, Commerce Yield, will support Belk's network, allowing advertisers to optimize data for display and sponsored product ad campaigns.
Brands and agencies also can plan, activate, and report on campaigns in real-time and with closed-loop reporting via Criteo's demand-side platform, Commerce Max for an experience that drives performance across the buyer journey.
In July, Microsoft Advertising committed more of its resources to retail with a partnership with Criteo, the company said at the time, to "chart a new path."
Advertisers will have access to retailers with this integration through one point of entry -- Microsoft's ad platform -- to drive performance and growth.
Retail media represents 16% of global advertising spend, according to Magna Global's retail media report published May 2024.
Using Microsoft Curate, the company said retailers gain the ability to extend and monetize onsite audience with curated deals made available in any demand-side platform (DSP), making it easier for advertisers to buy offsite retail media in the same place as their other digital ad buys.Some believe Microsoft will exit support for retail media.
"Our partnership with Criteo will allow our advertisers to expand their reach to shoppers at the bottom of the funnel by tapping into Criteo’s rich array of retailer supply – all through a single point of entry via Microsoft Advertising Platform," a Microsoft Advertising spokesperson told Media Daily News. "Through our unique Microsoft Curate platform, we will continue to grow the inventory of curated deals offered to advertisers to reach shoppers, which they can buy through their DSP of choice."