2025年零售媒体程序化购买报告（英）

May 2025EXPLORING OPPORTUNITIES FOR RETAILERS, BRANDS, AND AGENCIESThe state of programmatic retail mediaContentsThe programmatic unlock: Bringing national budgets to retail mediaPage 2405About The Human InstinctPage 3510Page 9Programmatic retail media: Trends and insights04Our research methodology and samplePage 703About KoddiPage 3409GlossaryPage 3208Page 2Introduction01Key takeaways and predictionsPage 602Privacy, control, and relevancy in programmatic retail mediaPage 2806What this means for the future of retail mediaPage 3007koddi.comThe state of programmatic retail media 2025Introduction01Programmatic buying has long been a path to scale and efficiency in digital advertising. As new channels emerge and grow, they often join the programmatic ecosystem, just as traditional publishing did during the shift from print to digital formats, and more recently, as CTV evolved from linear formats. Today, it’s happening in retail media. As the worlds of programmatic and retail media begin to merge, retailers have a healthy degree of skepticism. Retail media began with Amazon and Walmart, which today, dominate retail media with $56.2B and $4.4B in annual ad revenue, respectively. In an attempt to replicate their success, over 200 retail media networks (RMNs) have emerged, often with their own unique ad formats, targeting parameters, and ad buying experiences. While Amazon and Walmart built custom, in-house ad platforms, most of the 200+ additional RMNs utilize third-party technology in an effort to launch, scale, and compete for ad spend quickly.Despite providing access to on-site, off-site, and in-store inventory within their own “walled gardens,” many RMNs still struggle to match the capabilities and demand commanded by the leading players. The current model—built around direct spend and bespoke self-serve platforms—is now slowing growth. According to eMarketer, Amazon and Walmart will account for a combined 84.2% of retail media ad spend in 2025, leaving hundreds of other retailers to compete for just 15.8%.To maintain a relevant, consumer-friendly shopping experience, many retailers initially avoided programmatic activation, defined as using demand-side platforms (DSPs) for buy-side access and supply-side platforms (SSPs) for supply aggregation. After all, sponsored media activation requires server-side integration, strict creative and brand controls, custom auction optimization, and relevancy algorithms tailored to retail-specific environments. At the time, the only way to guarantee yield performance and protect the user experience was to build proprietary solutions and rely on direct joint business plans (JBPs) or retailer-specific self-serve platforms.But today, advertisers express concerns about persistent friction in the retail media buying process. Despite retail media performance, fueled by access to high-fidelity first-party data and high user engagement and intent signals, brands want more. Advertisers want transaction level data they