- Microsoft has rolled out a latest product, Microsoft Advertising Network for retailers, designed to help retailers quickly launch their very own — or enhance their existing — retail media networks, according to an organization announcement.
- The platform enables businesses to arrange and run their very own retail media programs by providing access to Microsoft’s existing demand, ad-supply and audience of high-intent shoppers. The product is currently available within the U.S.
- Between its Bing search engine, Edge browser and publishing partners including Yahoo and the New York Times, Microsoft claims its promoting network offers access to multiple billion users, who spend 22% greater than the typical web user.
Retail media networks have been one in all the highest growth areas for marketing in 2023. However, making a successful media program through a non-public marketplace might be time-consuming and expensive for retailers. Such programs require digital promoting know-how, constructing technology and enlisting teams across departments to develop, onboard and grow this system, which may take months and even years. Microsoft’s latest platform enables retailers to integrate with the corporate’s existing Microsoft Advertising Network, and brands can promote their products across a variety of retail partner web sites. The result’s incremental increases in sales and media revenue for retailers.
“We have deep learning of the retailer experience across Microsoft, so with Microsoft Advertising Network for retail, we minimized the efforts for retailers of all sizes to begin immediately generating retail media revenue and increasing their onsite sales,” said Paul Longo, Microsoft’s global head of retail media sales, in a post on the corporate’s blog.
The offering also addresses one in all the challenges with the retail media channel, per Microsoft. As the variety of retailers with their very own private media marketplaces proliferates, this creates a fragmented space, with some advertisers potentially reluctant to funnel resources and investments into so many various networks. By providing access to the Microsoft Advertising Network through its latest offering, the corporate says it might probably remove these blockers so retailers can scale their businesses quickly.
Earlier this 12 months, GroupM estimated the retail media networks would reach $101 billion in revenue in 2023, representing 18% of all global digital promoting spending. The agency further estimated the channel would grow by 60% by 2027. The growth trajectory reflects how the channel can reach consumers at the purpose of consideration and provide a latest revenue stream through contextual placements for brand partners across a retailer’s online properties. As a results of these opportunities, a growing variety of retailers are following within the footsteps of early movers like Amazon and Walmart and launching their very own retail media networks.
Microsoft could further construct out the offering with key partnerships. Already, it has enlisted performance marketing firm Tinuiti as a premier launch partner for the Microsoft Advertising Network for retail. In addition, omnichannel marketing company Skai can be the primary third-party platform integrated into the brand new Microsoft offering.
The news reflects Microsoft’s ongoing strategic interest in digital retail marketing and promoting. In 2019, Microsoft acquired retail promoting company PromoteIQ, giving it a foothold within the retail promoting world. The company piloted a Retail Media Advertising Network in January, which included most of the features of its current Microsoft Advertising Network for retailers. The company earlier this 12 months rebranded PromoteIQ as Microsoft Retail Media to highlight the corporate’s connected services.
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