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Airlines and banks launch proprietary networks to leverage first-party data as the sector targets €25 billion in European spend by 2026.
The IAB UK reports that retail media is shifting from a secondary digital channel to a core strategic driver for global businesses. Industry leaders at the IAB UK Retail Media Growth Summit on October 15, 2024, signaled that the sector is entering a new phase defined by "commerce media."
The industry is now prioritizing standardized measurement, artificial intelligence integration, and the expansion of media networks into non-retail sectors. This shift covers industries such as travel, finance, and telecommunications.
The evolution of retail media into commerce media served as the summit's central theme. Richard Nunn, former CEO of United Airlines MileagePlus, presented the growth of Kinective Media as a blueprint for this shift. He argued that any business with deep customer relationships and first-party data can function as a media network.
Retail media is just the beginning. The real opportunity is commerce media - where loyalty, identity, data and AI converge.
Sectors outside of traditional Fast-Moving Consumer Goods (FMCG) drive this expansion. United Airlines leverages its relationship with 108 million customers to bridge the gap between travel loyalty and digital advertising. These networks derive value from proprietary customer data rather than physical ad space.
Dr. Daniel Knapp, Chief Economist at IAB Europe, highlighted that retail media now reaches beyond marketing departments. CEOs and CFOs discuss the channel in corporate earnings calls as a vital business pillar.
This rapid growth creates challenges. Dr. Knapp noted that more than 140 retail media networks operate across the EMEA region. He predicts market consolidation as the industry seeks to solve issues regarding interoperability and technical standards. Advertisers cannot manage 140 different platforms sustainably. Only the most sophisticated and integrated networks will likely survive.
The summit addressed how these changes affect the workforce. Representatives from Tesco Media stated that the industry is redefining the role of the media planner. Modern planners must act as "growth orchestrators" rather than focusing on individual silos.
These professionals connect diverse commercial levers including media, pricing, distribution, and customer intelligence. Success in the commerce media era depends on a holistic understanding of the entire consumer journey. IAB research shows that 73% of consumers discover new brands through retail media. Additionally, 35% of consumers conduct online research after seeing products featured via in-store media.
Source: IAB UK News
This article was created with AI assistance and editorially reviewed.