Dentsu has announced the launch of Dentsu Shop, its integrated retail accelerator that claims to help retailers and brands succeed with retail media networks and commerce.
According to Neal Sharma, President of Dentsu Shop, "consumers no longer go shopping, they are always shopping," and Dentsu Shop aims to be everywhere shoppers are while predicting where they will be next.
Retail media in the US is expected to grow to $61.15 billion by 2024, making up nearly 20% of digital ad spending according to Emarketer.
The platform aims to monetise first-party data, multiply the efficiency and efficacy of buy-side media, accelerate shopper growth, and generate customer loyalty to create winning retail experiences both online and offline.
For example, Dentsu Shop's solutions include retail enablement, brand activation, consulting, and innovation. According to the agency, retail enablement focuses on helping clients develop, operate, and scale retail media networks (RMNs). It also involves setting up media sales and operations groups, implementing commerce platforms and loyalty programs, and executing monetisation systems.
Brand activation is centred around various modes of performance media, including search, social, programmatic, shopper marketing, retail media, and marketing automation.
Consulting services offered by Dentsu shop include consumer research, audience insights, experience design, merchandising through major e-retailer platforms, commerce strategy, branding development, technology selection, and partnership management.
Its practical innovation capabilities range from leveraging identity services to innovating new products and services or even venturing to invest in developing new ad products.
Jeff Greenspoon, president of global solutions at Dentsu says a series of external partnerships and joint product development announcements on their roadmap for 2023 will be forthcoming.