Essentially an anthology of digital channels owned by a retailer and then offered to third-party businesses for advertisement opportunities, retail media networks are becoming a household term in the retail industry.
According to DevPro Journal, retailers are increasingly relying on these digital channels and the popularity of e-commerce to capture customer attentions. Case in point: ESPN digital had 111 million unique visitors per month as for its 2023 fiscal, and Amazon had 2.4 billion per month as of March 2023.
Some well-known retailers like Walmart and Target both offer their own platforms called Walmart Connect and Target Roundel, respectively. Insider Intelligence is predicting this ad channel to grow by 20 percent each year through at least 2027.
So what does this mean for retailers?
The idea is that companies can get specific messaging across to the right audience effectively. So for brands looking to raise awareness (or revenues) and reach intended audiences, advertising on a retail media network might be the right route. Conversely, if you’re a retailer that’s claimed some “digital real estate,” and built a robust audience, you too could theoretically monetize some of that space by allowing other brands or retailers to advertise there.
Stay tuned to shopassociation.org for more coverage on this growing trend.
Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success
After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone.
Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently.
The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.
