JANUARY 2023 Retail Media Networks: A Forced Marriage or Perfect Partnership? 2 | Retail Media Networks: A Forced Marriage or Perfect Partnership? INTRODUCTION ......................................................................................................................... 3 ANA RETAIL MEDIA NETWORKS SURVEY BACKGROUND ................................................................ 5 EXECUTIVE SUMMARY ............................................................................................................... 6 ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK .............................. 7 1. Retail Media Networks Are Not for Everyone ......................................................... 7 2. Retail Media Network Customer Potential May Have Peaked...for Now ...................... 8 3. Retail Media Networks Are an Established Platform ............................................... 9 4. If You Build It, They Will Come ......................................................................... 10 5. Size Matters in Usage of RMNs .........................................................................11 6. RMNs Have Built-In Demand ............................................................................ 12 7. It’s All About the Sales .................................................................................... 13 8. A Reluctant Buyer ...........................................................................................14 9. An Optimistic Buyer ........................................................................................ 15 10. A Pressured Partnership ................................................................................ 16 11. Data Is Critical ..............................................................................................17 12. Road Bumps on the Path to Purchase .............................................................. 18 13. RMNs Are a Team Game ................................................................................ 19 14. Shopper Marketing Is Driving the Advertiser Bus ............................................... 20 15. Media Is Driving the Agency Bus ..................................................................... 21 16. Investing for Growth? ..................................................................................... 22 17. It’s a Share Fight for Advertiser Investments ..................................................... 23 18. Plenty of Upside for Retail Media Networks ...................................................... 24 19. It’s All About the Shopper .............................................................................. 25 20. Brands Are Bullish on RMNs .......................................................................... 26 21. Allocation or Investment? ............................................................................... 27 22. RMNs Are for Closers .................................................................................... 28 23. Measurement Matters ................................................................................... 29 24. The Brand KPIs that Matter Are About Driving Profitable Growth ......................... 30 25. Improving the Measurement Game .................................................................. 31 26. Holistic RMN Measurement Is a Shared Responsibility ....................................... 32 SUMMARY ............................................................................................................................. 33 ACKNOWLEDGEMENTS ............................................................................................................. 34 APPENDIX: PROFILE OF ADVERTISER RESPONDENTS WHO PARTICIPATED IN THE STUDY ............... 35 TABLE OF CONTENTS 3 | Retail Media Networks: A Forced Marriage or Perfect Partnership? Love them or just live with them, there is no debate that retail media networks (RMNs) have had a spectacular rise to prominence. In a relatively short period of time, they have established themselves as the must-have marketing platform for retailers and the must-buy media platform for brands. So, what is a retail media network? It is essentially a network of digital channels owned by a retailer that allows marketers to purchase advertising space directed by the retailer’s first-party data to targeted shoppers and prospects. Retail media advertising can include online display advertising and paid search across retailer assets, as well as off-site display, video, and social placements (i.e., to other web and social sites) targeted by the retailer’s first-party data. According to eMarketer 1 , 2022 was “the year of retail media networks.” Ad spending on U.S. retail media networks was projected to top $40 billion, reflecting astonishing growth rates of 53.4 percent in 2021 and 31.4 percent in 2022. eMarketer 1 projects retail media network ad revenue will reach $52 billion in 2023, and $61 billion in 2024, capturing one in five digital ad dollars spent by marketers. McKinsey 2 values the RMN category as a $100 billion revenue opportunity for retailers by 2026. The adoption of retail media networks by advertisers has skyrocketed in recent years due to the confluence of significant technological, privacy, and behavioral shifts in society. • The impending demise of third-party cookies has shifted marketers’ focus to building first-party databases to enable the continued deployment of targeted digital ads and customer engagement. Retail media networks own a treasure trove of first-party shopper data. Historically unavailable or shared on a limited basis with brands, this data is now available to advertisers, powering RMN programs. • A seismic shift in consumer shopping habits and buying options, driven by two years of COVID lockdown, has resulted in the proliferation of new and direct shopping channels. In a paper published by the United States Census Bureau 3 , e-commerce sales in 2020, the first year of the pandemic, increased by 43 percent, rising from $571 billion in 2019 to $815 billion in 2020. Retailers experienced exponential growth in online traffic, interactions, and transactions with their shoppers, amassing audience traffic comparable to many ad- supported digital media platforms. • Retailers saw the opportunity to create new and high-margin revenue streams by selling advertiser access to their audiences and site traffic. With RMN overall operating margins in the range of 50 to 70 percent, according to McKinsey 2 , retailers with historical single-digit margins have unlocked enormous economic potential via the monetization of their shopper touchpoints, interactions, and intelligence. 1 Insider Intelligence/eMarketer, “ Why 2022 will be the year of retail media networks. ” Andrew Lipsman, January 14, 2022. 2 McKinsey & Co., “ Commerce media: The new force transforming advertising. ” Marc Brodherson, Tiffany Chen, Jon Flugstad, Quentin George. July 5, 2022. 3 United States Census Bureau, “ E-Commerce Sales Surged During the Pandemic. ” Mayumi Brewster. April 27, 2022. INTRODUCTION 4 | Retail Media Networks: A Forced Marriage or Perfect Partnership? INTRODUCTION While the growth of retail media networks has been prolific in terms of number of offerings and new market entrants, speed to market has competed with advertiser utility in the collective build- out of the RMN platforms. This has resulted in differences, inconsistencies, and data gaps within and across platforms for brand advertisers, limiting their ability to optimize investments. For retailers, the build-out of retail media networks has required an investment in new talent, skills, technology, and partnerships to create new businesses that operate as digital advertising platforms. Responsibility for generating brand demand is no longer solely the domain of the manufacturer’s brand team; it has become a shared responsibility between the brand and the retailer. As media sellers, RMNs have assumed accountability for driving sales volumes and positive ROAS directly attributable to the brand investments on their platform. They compete not only with other RMNs but with all other digital media options available to advertisers. Retailers, long focused on the product supply chain, are now fully vested in the shopper demand chain. A more complex and nuanced relationship has thus evolved between retailers and brands. Buyers have become sellers and sellers have become buyers, resulting in a two-way flow of transactions and revenues. According to a senior brand marketer at a major CPG company, “The easiest way to determine who is selling who is to see who picks up the lunch check.” For advertisers, the rise of RMNs has also created more marketing decision-making complexity and further blurred the lines between internal sales, shopper, marketing, and media functions. The management, deployment, and funding sources of retail media networks vary greatly by advertiser, and business objectives and success metrics for their usage can be quite different. According to a senior marketer at a consumer pharmaceutical company, “Advertisers need to be crystal clear on the objectives you want to drive to use RMNs effectively.” Adding complexity for advertisers, the tactical offerings, data availability, metrics, and performance methodologies are inconsistent across the differing retailer platforms, making performance comparison between retail media networks and other media platforms challenging. This is limiting growth for both the advertisers and the retail media networks. Recognizing the variability in how advertisers are approaching and managing their RMN activity, and the steep learning and activation curve many advertisers are experiencing, the ANA undertook a survey of its members over the summer of 2022 to provide a perspective on and benchmark of how brands collectively are managing and utilizing the channel. The result is a robust and insightful report from a representative and varied cross-section of ANA members actively managing retail media network programs for their brands with retail partners. We expect that the learnings from this initiative will provide valuable feedback about, insight into, and benchmarking for critical questions being asked across our advertiser community regarding the utilization and management of retail media network programs. We thank and greatly appreciate the participation and time of all ANA members who contributed to this survey and the marketers who made themselves available for follow-up interviews. 5 | Retail Media Networks: A Forced Marriage or Perfect Partnership? ANA RETAIL MEDIA NETWORKS SURVEY BACKGROUND Over the summer of 2022, the ANA conducted a survey of its members into their usage and management of retail media networks. Prior to fielding the survey, the ANA was hearing from members that there was a growing interest in learning more about retail media networks and benchmarking how other advertisers were using and managing the channel. The interest was coming from a wide variety of members across different marketing specializations (media, shopper marketing, brand activation, digital, performance marketing) and across different product categories. The ANA reached out to a core group of members who were already active and experienced in RMNs to assess what was on their minds, and what information and feedback from other advertisers would be most helpful in keeping our broader membership current and informed on the topic. From those discussions it was determined that a survey of members on the subject would be helpful. A list of 31 questions was developed reflecting the information needs and knowledge gaps identified from the member discussions. The ANA then invited members to participate in the online survey. In all, a total of 138 members participated in the survey, 80 of whom utilize RMNs. After the quantitative survey was fielded and completed, the ANA then conducted an additional nine qualitative follow-up interviews with senior marketer members who participated in the survey to gain additional learning, insights, and context into the findings and drivers of the survey responses. The survey responses, findings, and commentary are included in the following report. The complete survey questionnaire is available here 6 | Retail Media Networks: A Forced Marriage or Perfect Partnership? EXECUTIVE SUMMARY The perception of retail media networks as the new kid on the block does not necessarily reflect how advertisers see and are participating in the marketplace. Brands are “all in,” with 56 percent of respondents reporting they are currently working with five or more different RMNs. The category has rapidly progressed through its infancy and childhood stages to adoles- cence, and the next phase of growth for RMNs will be maturing from adolescence to adulthood. A major finding and concern expressed repeatedly throughout the study is that although RMNs are being credited for driving brand sales, they have not yet convinced advertisers of their ability to drive brand growth. The next phase of growth for RMNs and value creation for brands will be through RMNs assuming shared responsibility with advertisers for driving brand growth and demonstrating the ability of their platforms to drive incrementality and positive ROAS for brands. The next stage of growth will be driven by results versus relationships. Additional key findings: • Brands are reluctant buyers and see RMNs as a “have to buy” versus a “want to buy.” • Eighty-five percent of brands feel they are pressured by retailers to support RMNs. • Forty-two percent of advertisers are on the fence regarding their investment with RMNs, seeing their value split between being a valuable marketing tool and a cost of doing business. • RMNs are considered foundational platforms for brands. They are seen as recession-proof, less prone to budget cuts in more challenging economic times, and a way to counter potential shopper shifts to store brands. • RMNs are considered lower-funnel conversion and sales drivers. Three-quarters of respon- dents overwhelmingly ranked driving sales conversion as the most important goal for using RMNs. While accessing upper-funnel brand budgets is a goal for RMNs, brands do not see this as a priority. • Advertiser RMN budgets are not incremental and are being funded from existing advertiser budgets. There is concern from brands that this is shifting the overall balance of brand investment from building brand equity and growth to driving short-term sales. • Brands believe lack of measurement standardization and transparency is preventing advertisers from deriving full value from their RMN investments. Improvement is needed and expected in these areas. • Advertisers are optimistic about RMNs. They believe that although their RMN activations are not fully optimized to deliver KPI expectations, they can get there. • Fifty-two percent of advertisers believe RMNs will be a valuable marketing tool in the next two years, compared to 31 percent today. Fifty-eight percent expect to be using more RMNs than they are today, and 73 percent expect to be spending somewhat or significantly more on RMNs than they are today. 7 | Retail Media Networks: A Forced Marriage or Perfect Partnership? ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK Fifty-eight percent of participants responded that they had used RMNs in the past year. While a majority of advertisers are currently active with retail media networks, they are not for everyone, and are currently most popular with CPG brands and other companies that distribute through retailers. While the ambition of retail media networks is to attract non-endemic business outside of CPG (e.g., travel, financial, services) this may be a challenge for them. Much of RMN consumer usage is shopper mission-based — actively searching and/or shopping for specific categories and/or brands. Interrupting that mission, as well as limited contextual relevance, may be barriers to usage for non-endemic brands. 1. Retail Media Networks Are Not for Everyone 8 | Retail Media Networks: A Forced Marriage or Perfect Partnership? When asked if their company has plans to start using RMNs, only 11 percent of current non-users said they were planning to use them by 2023. Forty-three percent of surveyed non-users have decided that RMNs are not a marketing platform for their brands, while 47 percent indicated they were unsure of the applicability to their business. This may indicate a lack of education about and understanding of RMNs by some advertisers, a lack of resources to invest in RMNs, or some advertisers taking a wait-and-see approach. This response confirms that RMNs, compared to other media platforms like search, social, or video, may have more limited appeal to certain advertisers and categories. 2. Retail Media Network Customer Potential May Have Peaked...for Now ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 9 | Retail Media Networks: A Forced Marriage or Perfect Partnership? We asked respondents when they started using RMNs and were surprised to learn that for many advertisers in the survey, RMNs are an established marketing platform. Fifty-three percent of users indicated they began using RMNs before 2019. This response is likely influenced by longer advertiser usage of Amazon, which, according to Statista 4 , captured 77 percent of total RMN category revenues in 2021. While most advertisers surveyed are active in the category and have been for a number of years, continuing high growth rates by established RMNs and an explosion of new RMN entrants over the last two years — at least eleven since 2020 — are fueling considerable growth and buzz in the category. According to one advertiser interviewed in the study, “RMNs check a lot of boxes for advertisers. They have become foundational to integrated marketing plans.” 3. Retail Media Networks Are an Established Platform 4 Statista, “ Digital retail media advertising in the United States — statistics & facts. ” Statista Research Department. September 12, 2022. ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 10 | Retail Media Networks: A Forced Marriage or Perfect Partnership? The growth in advertiser investments and initiatives is being driven by support for a growing number of RMN options and new market entrants, as well as the need to support important sales channels and shopper marketing relationships. Fifty-six percent of advertisers responded that they are using five or more RMNs, with 40 percent using five to nine different RMNs, and 16 percent using 10 or more. In discussions with advertisers there was a clear sentiment expressed that using RMNs is often a “have to use” rather than a “choose to use” decision. Using RMNs is not a straight media buying decision. Many other factors, including sales, shopper marketing, trade, and Joint Business Planning goals, come into play and influence support of RMNs. There is, however, an underlying concern being expressed by advertisers regarding the balance of RMNs in their overall marketing mix. One advertiser told us, “As budgets get cut, RMN programs have remained largely intact. This is shifting the balance of our overall marketing budget from building brand equity to driving product sales.” 4. If You Build It, They Will Come ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 11 | Retail Media Networks: A Forced Marriage or Perfect Partnership? We asked respondents to indicate which specific RMNs they have used in the past year. Not surprisingly, the biggest platforms in terms of retailer revenue and audience size were the most used, with 82 percent of respondents using Amazon Advertising and/or Walmart Connect. A second tier of support was evident with Target Roundel, used by 65 percent of respondents, followed by Kroger Precision Marketing at 61 percent and Instacart at 53 percent of advertisers. Rounding out the top 10 were Dollar General (38 percent), Walgreens Advertising Group (27 percent), and Albertsons, Costco, and Sam’s Club (used by 20 to 24 percent of advertisers). Common to the top 10 most used RMNs was their importance to CPG brands, especially those in the food and grocery category, as retail distribution partners. Other types of stores, except for HEB and CVS, were each supported by less than 10 percent of advertisers in the survey. Overall usage by advertisers, and prioritization of usage, seems to align with the volume of brand revenue generated by each retailer RMN. 5. Size Matters in Usage of RMNs ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 12 | Retail Media Networks: A Forced Marriage or Perfect Partnership? When asked how many RMNs they expect to be using in the next two years, 58 percent of advertisers expect to be using more than they are using now. Forty-two percent expect to be using about the same as they are using now, and no advertiser indicated they would be using fewer RMNs in their marketing plans than they are using now. RMNs generate built-in demand for retailers due to the multi-level relationships and partnerships that exist between retailers and their customers. From the retailer’s perspective, if you build it, they will come. From the advertiser side, we heard feedback that although currently not optimal, they expect their activation and optimization of RMNs, and the ROI/ROAS generated, to improve. This could also be contributing to respondents’ expectations of using more RMNs in the next two years. A continued challenging economic outlook could also be playing to RMNs’ favor. One advertiser told us they “play defense as much as offense with retail media networks,” then added that in the face of “economic uncertainty and rising inflation, consumers can switch to private label, and the retailers own these. We use RMNs to protect our brands as much as build our brands.” 6. RMNs Have Built-In Demand ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 13 | Retail Media Networks: A Forced Marriage or Perfect Partnership? When we asked advertisers to rank-order the most important goals of RMN campaigns, their expectation was clear: to drive conversion (i.e., sales). RMNs are clearly seen by brands to be a lower-funnel driver. Three-quarters of advertisers agreed that conversion was the most important goal of RMNs. In terms of generating brand awareness, only 18 percent of advertisers said this was the most important usage of RMNs. Seventy-nine percent ranked awareness as least important. It is interesting to note that 89 percent of respondents ranked consideration as moderately important. This suggests that RMNs have the potential to move up the marketing funnel in terms of the strategic role they can play for advertisers, but still have work to do. As one marketer put it, “For RMNs to be valuable at the top of the funnel, they have to do something extremely engaging and different, and right now none of them are.” 7. It’s All About the Sales ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 14 | Retail Media Networks: A Forced Marriage or Perfect Partnership? We asked respondents to share how their organization views their investment with RMNs, using a five-point scale ranging from “Valuable marketing tool” to “Cost of doing business.” Forty-two percent of respondents viewed their investment with RMNs in the dead center of the range of options. This should be concerning to RMNs and indicates that many brands are active but reluc- tant buyers. The responses also indicate that advertisers lean equally towards seeing RMNs as a “Valuable marketing tool” (31 percent) as well as “Cost of doing business” (28 percent). RMNs still have a job to do to prove their full value to marketers. This will be critical for RMNs if they expect to compete with and increase revenue from other non-RMN marketing platforms. 8. A Reluctant Buyer ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 15 | Retail Media Networks: A Forced Marriage or Perfect Partnership? Brands are highly confident that their investment in RMNs will pay higher dividends in the future. The majority of RMN buyers (52 percent) expect that RMNs will be viewed more positively as a “Valuable marketing tool” over the next two years and will become a critical and more effective marketing investment. That compares with 31 percent of respondents currently viewing RMNs that way. Advertisers we spoke with indicated there is much testing and calibration being done to improve and optimize the activation and performance of RMNs against brand business objectives and KPIs. Brands have high confidence in the potential for RMNs to be more powerful in the future, by a 4:1 vote of confidence (22 percent versus 5 percent) between those who absolutely perceive RMNs as a “Valuable marketing tool” and those who remain steadfast and unchanged that RMNs will remain a “Cost of doing business.” 9. An Optimistic Buyer ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 16 | Retail Media Networks: A Forced Marriage or Perfect Partnership? When asked how much influence retailers have in advertiser decisions to participate in RMNs, 47 percent of respondents indicated “A lot” or “Complete” and 41 percent replied “Some.” In total an overwhelming 88 percent of brands believe they are somewhat or heavily influenced by retailers to buy advertising on their RMNs. According to one advertiser, “It’s a power struggle right now.” For many brand marketers, RMNs are seen to be a “have to buy” versus a “want to buy.” This reflects the multi-level relationships and interdependence that exist between retailers and brand team marketers, sales, shopper marketing, trade, and promotion. There is an opportunity for RMNs to shift this perception with advertisers that they are a forced buy and continue to grow by proving their value and delivering results that are competitive with, or better than, other marketing platforms and options available to advertisers. 10. A Pressured Partnership ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 17 | Retail Media Networks: A Forced Marriage or Perfect Partnership? We asked brand advertisers to rank each of five different opportunities they saw for their organi- zation related to usage of RMNs in the future on a scale of “Not important” to “Very important.” At the top end of the range two opportunities clearly stood out as being “Very important” to advertisers: Leveraging first-party data (56 percent) and Directly driving sales (51 percent). These responses indicate that advertisers are heavily leaning into RMNs’ first-party data as a solution to the demise of the third-party cookie and view this as even more important in the future (albeit slightly) than directly driving sales from the RMN. This data also suggests that while other benefits like “Improved retailer relations,” “Integration of merchandising and marketing at a retailer,” and “Strengthening overall comms plan integration” remain important to advertisers in working with retailers, the priority expectation is access to data to identify and reach qualified users and prospects on and off the RMN platforms and driving measurable results. 11. Data Is Critical ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 18 | Retail Media Networks: A Forced Marriage or Perfect Partnership? With most advertisers using between five and nine different RMNs in their overall marketing programs, not surprisingly, “Lack of standardization across platforms” was the biggest challenge for brands in terms of managing RMNs, with 57 percent of respondents considering this a big challenge. Feedback from brand marketers confirmed that there was frustration with the amount, quality, and consistency of data and reporting available from each RMN, with wide variations existing between different retailer offerings. This increases workload for the brand teams and makes cross-platform comparisons difficult. The second biggest challenge for advertisers, reported by 44 percent of respondents, was the “Walled-garden environment” brands experience in working with RMNs. Without full transparency about their activations, advertisers reported they were “driving blind” in some situations, making it challenging to optimize the deployment and results of their investments. Advertisers are all-in with RMNs. Potential usage considerations like “Costs,” “Internal organization/ structure,” and “Rapidly expanding choices/priorities” are not considered big challenges. Full trans- parency and consistency and standardization of reporting are preventing brands from fully optimizing their investments with RMNs. One advertiser told us, “There has to be a single source of truth for managing budgets across all marketing platforms. Walled gardens are getting in the way of doing that. Bespoke measurement doesn’t provide the evidence to shift funding from other sources. This is a problem for us and the RMN.” 12. Road Bumps on the Path to Purchase ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 19 | Retail Media Networks: A Forced Marriage or Perfect Partnership? ANA members were interested in benchmarking the various internal advertiser stakeholder groups (Shopper, Media, Brand Marketing, etc.) involved with handling RMNs, and which departments are active in managing and funding RMN activity. Shopper Marketing is the predominant depart- ment involved in handling/managing RMN programs for advertisers, with 64 percent of companies reporting Shopper Marketing involvement. Historically Shopper Marketing has been the key owner of the brand/retailer relationship and remains so, reflecting the evolution of RMNs as an even more targeted and sophisticated shopper tool. Media and E-commerce are the next most involved departments in managing RMNs, with 44 percent of advertisers reporting their participation in shared management of RMN programs. Strong media participation reflects the integration of RMN ad buys with overall digital and programmatic activity, and the growing integration of RMN first-party data as a complement to and in some cases replacement for the demise of third-party cookies. The strong involvement of E-commerce reflects the growing importance of retailer online sales contribution to overall brand sales. Brand Marketing was the least involved department responsible for actively managing RMN activity, suggesting that RMN programs remain heavily targeted to known, active, and/or current brand shoppers, and remain a lower-funnel tactic for advertisers. Based on the degree of involvement by Brand Marketing, RMNs still have a high hill to climb in attracting investment from brand budgets and upper-funnel marketing allocations. 13. RMNs Are a Team Game ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK 20 | Retail Media Networks: A Forced Marriage or Perfect Partnership? Given that brand management and activation of RMN programs is a team sport, we were interested in knowing the contribution of the different departments in managing the moving parts of RMN programs. We looked at each department’s involvement in terms of planning, purchase/placement, message creation, and measurement/analysis of RMN campaigns. Shopper Marketing was reported to be the most involved in end-to-end management of campaign development and execution, having their hands firmly on the wheel more than any other department through all steps of brand planning and activation. Both Media and E-commerce are heavily involved in the planning stages of RMN programs, and contribute significantly, along with Shopper Marketing, to campaign measurement and analysis. Brand Marketing was deeply involved in directing and managing creative messaging, although Shopper Marketing was also very involved with messaging development, perhaps reflecting the nuancing of messages to be specific to retailer channels as the online user transitions from consumer to active shopper. The heavy involvement of Shopper Marketing, E-commerce, and Media in managing RMN programs suggests again the platform is still perceived and activated as a lower-funnel tactic in the consumer path to purchase. 14. Shopper Marketing Is Driving the Advertiser Bus ANA RETAIL MEDIA NETWORK SURVEY RESULTS AND QUALITATIVE FEEDBACK