Hong Kong – Almost all of marketers in Southeast Asia have said that they will be increasing retail media spending within the next 12 months, a new report released by Carousell Media Group and IAB SEA+India reveals.
In the report, around 87% of the respondents intend including retail media as part of their media plans within the next 12 months. Moreover, it is also worth noting that retail media advertising accounts for 1 in 5 advertising dollars spent.
It also noted that around 78% of the marketer respondents will use retail media data for off-platform targeting on new formats such as Connected TV (CTV), while 44% will advertise on a brand-suitable retail media network that does not carry their products.
Miranda Dimopoulos, regional CEO at IAB SEA+India, explained that around 44% of respondents say they will advertise on a retail media network even if they do not have any products listed on that marketplace.
“For marketers, investing ad spend in a retail media network compatible with their own brand values, and those of their customers, is a major consideration,” she said.
Meanwhile, JJ Eastwood, managing director at Carousell Media Group, commented, “Retail Media allows brands to showcase their products to consumers who have specifically searched for that item, or something similar, providing a seamless consumer experience and, of course, a solid return on ad spend.”
He added, “The fact that 78% of respondents want to use retail media data for off-platform targeting, specifically on exciting new formats like CTV, indicates that Retail Media is moving up the funnel and can provide marketers with both direct response and branding opportunities.”
Eastwood will further be discussing the future of retail media at the upcoming What’s NEXT 2023: Marketing in Asia-Pacific conference. The panel, titled Digital Advertising’s Third Big Wave – The Rise Of Retail Media, will further explore how brands can tap retail media and leverage it to their advantage.
Carousell and IAB SEA+India had previously worked together in a report, where they tackled trends in the region regarding consumer purchasing attitudes.