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Partners with global ad-tech and martech company Epsilon to launch Retail Media Network
business
SINGAPORE – SEPTEMBER 25, 2024Lotte Retail Group is accelerating its Retail Media Network (RMN) business to provide customized advertising solutions to customers.
Last month, Lotte Retail Group signed a Memorandum of Understanding (MOU) with Epsilon, a global ad-tech and martech company based in the United States, to launch a retail media service. Lotte Retail Group and Epsilon plan to jointly develop a retail media network system.
A retail media network is a business that provides advertising services not only through online shopping mall search bars and banners but also through various offline store channels. By combining Lotte Retail Group's online and offline channels with Epsilon's ad-tech and data utilization technology, it is expected to build a differentiated retail media business system.
Lotte Retail Group aims to provide highly personalized, customized advertising to customers by integrating the advertising environment in online shopping malls and offline stores that are scattered across different business units such as department stores, marts/supermarkets, Lotte On, Hi-Mart, and Seven Eleven. To this end, it will build an on-and-offline retail media network platform based on 40 commerce and service apps visited by an average of 25 million people per month and 15,000 offline stores nationwide.
For advertisers, it provides one-stop operational convenience that allows them to advertise on various channels owned by Lotte Retail Group through a single integrated platform. In addition, it will enable efficient cost allocation through precise targeting and media optimization based on customer behavior analysis and provide data analysis on ad performance such as the number of product exposures, purchases, and return on investment to create an environment where ads can be executed more effectively.
Kwon Won-sik, Executive Vice President and Head of the RMN Promotion Task Force at Lotte Retail Group, said, "The global RMN market is worth about 200 trillion won and has been growing rapidly every year. Many global retailers are pursuing RMN businesses to increase profitability. Lotte Retail Group plans to foster RMN as a new growth engine for continued growth."
Meanwhile, Epsilon operates over 40 offices worldwide and has partnered with hundreds of retailers around the world to pursue RMN businesses. It has various platforms and data that can provide end-to-end solutions from data to advertising business.
"We are excited to join forces with Lotte to launch their groundbreaking retail media network,” said John Giuliani, CEO at Epsilon. “Lotte is a known innovator in retail, so it’s no surprise that they have been on the forefront of developing this platform and experience in Korea. Our partnership combines our cutting-edge technology and data capabilities with Lotte 's retail prowess, setting the stage for a new era of personalized consumer engagement. We’re eager to help Lotte harness the power of data to deliver impactful, relevant marketing experiences. Together, we’re redefining the future of retail, and the possibilities are truly limitless."
