99% of Asian marketers will increase their retail media spend says new research by Carousell Media Group and IAB SEA+India
Summary of Key Points
- 99% of 2000 marketers surveyed across Southeast Asia and India say they will increase retail media ad spending over the next 12 months
- 87% intend to include retail media as part of their media plans within the next 12 months
- 78% will use retail media data for off-platform targeting on new formats such as Connected TV (CTV)
- 44% will advertise on a brand-suitable retail media network that does not carry their products
- Retail media advertising accounts for 1 in 5 advertising dollars spent, outperforming many digital advertising platforms.
Once the new frontier, retail media advertising is now being hailed as the third big digital advertising wave following search and social.
With a lack of Asia-first data on this phenomenon, the Carousell Media Group commissioned the Interactive Advertising Bureau Southeast Asia and India (IAB SEA+India) to survey its members and the wider digital advertising ecosystem to explore how brands, agencies, platforms, and partners in Asia are aligning with this global trend of increasing spend on retail media networks.
There were just under 2000 survey responses from advertising decision-makers across Southeast Asia and India, most from marketers with 17+ years of experience.
Regional CEO IAB SEA+India, Miranda Dimopoulos, says that their research elicited surprising results. “99 percent of respondents say they plan to increase their retail media spend over the next 12 months and 87 percent say they intend including retail media as part of their media plans within the next 12 months.
“Because of this unprecedented growth our industry association is creating a specialist Retail Media Council this year to keep our members apprised of the marketing opportunities it provides along with more detailed insights and information on how to optimise, track and measure advertising performance.”
The survey also found that retail media sites in Asia are becoming the main gateway for digital advertising, for example, Carousell, Alibaba, JD.com, Grab, Foodpanda and Shopee.
Managing Director Carousell Media Group, JJ Eastwood says that retail media ad spend is outperforming many mainstream digital advertising platforms, accounting for 1 in 5 advertising dollars.
“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.
“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.”
Miranda Dimopoulos says that 44 percent 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.”
This latest research follows two previous consumer-focused research projects undertaken by the IAB SEA+India for the Carousell Media Group. The first looked into Millennial Motivations and Buying Behaviours Online Across Southeast Asia and Hong Kong; while the second research survey looked into Asian shoppers Attitudes to Saving, Spending, Shopping and Sustainability.
About the Carousell Media Group
The Carousell Media Group is today’s leader in the Retail Media industry across Southeast Asia and Hong Kong. We operate eight online marketplaces across multiple industry markets in Singapore, Hong Kong, Malaysia, Philippines, Vietnam, Indonesia and Taiwan, with hundreds of millions of product searches on our marketplaces every month. Our digital ad service, Shopping Ads, gives you access to the only retail media network in the region offering native shopping ads, brand awareness products and the ability to target our users off-platform for a closed loop retail tracking methodology. Contact us for more information about how we can help you advertise on our retail media network.
About the IAB Southeast Asia & India
The IAB SEA+India is the not for profit industry association that unites the digital advertising industry across 7 countries in Southeast Asia and India. It represents its members to governments at all levels across the region. The membership, comprising brands, publishers, agencies and tech platforms, has grown twelvefold in the past eight years. With an active Regional Board and four specialist councils, it publishes industry discussions, white papers, research and guidelines for members as well as providing mentoring and education initiatives. Visit iabseaindia.com for more information about becoming a member. Click here to connect with us directly.