1/31/2024 0 Comments Media meta“If you’re sitting on Facebook or Instagram … you’re not really necessarily in the shopping mindset. ![]() But if the audience is on both platforms, then it makes sense to follow them on both “as the shopping mindset is different.” In some cases, the younger audience targeted will be on social media rather than a retailer’s website. There is also a question of the type of audience clients want to target, Owen added. “That said, we definitely see the trends going up for retail media investment and sideways to down for social investment as we look at brand behavior in 2023.” “The two channels are not always a 1:1 swap, as they work best at driving different outcomes,” Ullah said. Ullah noted that Meta and social media are stronger at driving awareness and engagement, whereas RMNs are strategic in driving lower-funnel sales to their own platforms. Though this varies depending on the client type and advertising objectives. “But we also know that there’s a component that you might not be buying this product on that platform, so you need to be elsewhere,” Owen said. In one example with a food and snack client that Owen declined to name, investing in retail made more sense than social for the product to be “closest to the shelf” where purchases are actually made. “When we look at success in, it’s conversion - and did someone convert online or in store? We need to make sure that we’re closing that loop, and right now Meta doesn’t do that with a lot of partners.” “The truth of the matter is that we are seeing an influx in retail media spends, because we’re getting other pieces that are not just media,” Owen told Digiday. And RMNs provide richer retailer data compared to Meta. ![]() Owen explained that while retail media started emerging in the 1970s, it has become repopularized because of the added tech and data capabilities. head of commerce at UM Worldwide, agreed that the current trend shifts more dollars toward retail and away from Meta - but is difficult to quantify by just how much, and depends on the client. This year, Facebook’s global user growth is predicted to be “essentially flat compared to 2022,” with 2.07 billion monthly users, per Insider Intelligence while Instagram is estimated to reach 1.34 billion users globally, up about 4.7% compared to last year.Īmie Owen, U.S. While Facebook owns 13.4% of that share, Amazon has the next largest share at 7.5%. Meta’s global ad revenue is expected to grow 6.3% to $120.82 billion this year, giving it 20.1% share of the global digital ad market - still behind Google’s 28.4% of the share, according to Insider Intelligence. Additionally, “consumers have not taken to direct social shopping on Meta as the industry expected, which has had a bigger impact on DTC brands,” Ullah added. RMNs are becoming a “significant competitor to Meta and other social platforms” because of first-party purchase data, explained Sifat Ullah, vp of performance media at Exverus Media.īuyers are shifting dollars from social into retail media with DTC brands that are growing their retail distribution, Ullah said. ![]() The value of retail media lies in the data.
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