The digital advertising landscape in Canada is witnessing remarkable growth within Retail Media Networks (RMN). According to IAB Canada, RMNs in Canada continue to grow with projections for 2024 indicating ad spend will reach $3.15B in Canada representing 25.9% YOY growth. By 2026, it is anticipated that RMNs will command 25% of all digital ad dollars!
The surge is being led by CPG clients who capitalize on RMNs to leverage a retailer’s first-party data, enabling them to deliver targeted ads with relevant messaging to specific shoppers, thereby helping to drive higher sales conversion rates. (Of course, a handful of omnichannel marketing friends tell me they have no choice but to invest😊) In Canada, Amazon Media, Walmart Connect and Advance Powered by Loblaws lead the RMN industry.
On the flip side, Retailer Agnostic Media Platforms (RAMP) carve out their own niche in the digital ad landscape. RAMPs empower brands to connect with a broader, more varied shopper audience, free from the constraints of a singular retail ecosystem. Plus, many RAMPs, including companies like Flipp, ShopLiftr, AdAdapted and GenesisX, provide innovative ad formats offering fresh and engaging advertising experiences.
In my view, striking a balance between RMN and RAMP ad solutions is key. A dual-strategy approach offers:
1. A harmonious blend of targeted and broad reach.
2. Increased flexibility to switch between RMN and RAMP based on their performance metrics.
3. The ability to engage shoppers throughout their purchasing journey.
I’m curious about how others approach a digital media strategy for shoppers. How do you navigate the RMN and RAMP landscape? Share your insights in the comments section below!
IAB article here: https://shorturl.at/PIWUN
Flipp info here: https://corp.flipp.com/platforms/
ShopliftR info here: www.shopliftr.com
AdAdapted info here: https://www.adadapted.com/
GenesisX info here: www.genesisx.com
