Criteo, in its latest report, has highlighted the 10 key trends that will have a big impact on the Commerce Media landscape.
Criteo has released its “2023 Commerce Media Market Trends Report”, which sheds light on how retailers and advertisers can seize opportunities in the rapidly evolving landscape of Commerce Media.
The five key trends as per the report are:
ChatGPT is rewriting marketing and retail playbooks
Generative AI like ChatGPT is set to transform the ad tech industry and will likely gain a permanent seat on the ad tech agenda due to its ability to provide a more personalized shopping experience. Retailers and brands are expected to adopt retail-specific generative AI tools to optimize their ad campaigns and improve customer service.
Gen Z’s new spending power is changing commerce
As Gen Zers move beyond TikTok and become more established as adults with significant spending power, advertisers are seeking to tap into this conscientious consumer demographic. In 2023, marketers will use a mix of tactics and platforms to reach this cohort and tap into their values around sustainability, affordability, diversity, and inclusion more efficiently.
Sustainability in advertising
Media buyers and owners are expected to prioritise eco-conscious practices in every aspect of their business. Adopting carbon-neutral campaigns, utilising net-zero emissions marketplaces, and leveraging attention-monitoring technology to optimise ad effectiveness are all examples of this.
Omnichannel Becomes Essential
As online and offline channels increasingly converge, retailers and brands must accelerate their efforts to embrace a fully integrated commerce future. This will involve leveraging strategies such as research online purchase offline, cross-channel attribution, and physical attraction to create a seamless customer experience.
Data Monetisation Redefined
By leveraging first-party, closed-loop data sets, advertisers gain valuable insights into consumer behaviour and preferences. Retailer data sets offer several advantages, including reliable and compliant data in the face of growing privacy regulations and the vulnerability of third-party cookie replacements. As a result, retailers' first-party data is becoming increasingly valuable for creating effective advertising campaigns.
The report also highlights that retail media will move up funnel, taking a greater share of brand spend. Additionally, agencies are expected to restructure themselves to become experts in commerce, and there will be a significant shift of media budgets towards the open web. Furthermore, budget allocation is shifting to new and emerging channels and focusing on product stock keeping units (SKUs) with greater precision is expected to generate outcome-based media.
The full report can be accessed by clicking here.