Ashish Mehta is the CEO and Co-founder of Online Sales, a company that helps retailers and brands support retail media (aka advertising). Ashish joined Bambi Francisco Roizen and Krysti Keener on the "Future of Retail" podcast, brought to you by Excelerate, a new podcast focused on taking a deep dive into the business of retail.
This podcast will bring on influencers and decision makers at large retail corporations as well as at innovative startups. Our goal for these podcasts is to understand how tech breakthroughs are radically changing retail – whether it’s the way brands and retailers understand their customers better or how the shopping experience can become even more convenient (beyond same-day delivery to your door and access to a near unlimited selection).
Takeaways:
- Online Sales helps retailers support sponsorship and other advertising channels for the brands they work with. Amazon generates 5-7% of its revenue from advertising on its website and accounts for 78% of all retail media in the US.(2021 numbers).
- Ashish says that brands get a higher ROI from retail media than advertising on search and social. This is because retailers have a better understanding of their audience via purchasing data.
- One report shows retail media accounting for around 10% of total worldwide advertising spending. But retail media is expected to grow 60% by 2027.
- Ashish says that retail media accounts for 19% of advertising budgets for brands. This expansion of dollars took only 5 yrs vs a dozen years for search and 8-10 yrs for social.
- Ashish says that 90% of spending in retail media comes from the long tail of brands, according to data from Online Sales’ customers. In one report, some 60-70% of retail media spend came from new retailers.
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