WARC has published its Future of Digital Commerce 2024 report and has included some insightful figures about the growth of retail media this year and across the rest of the decade.
According to WARC, Retail Media remains one of the fastest-growth channels globally. Global retail media ad spend will reach $153.3bn in 2024, up 13.7% year on- year. This marks a slight acceleration on the 13.0% growth recorded last year.
Some of the highlights include the following:
- WARC forecast Amazon revenue to reach $57.2bn this year, up 24.4%, before hitting $68.0bn in 2025 (+18.9%).
- This means Amazon’s share of global retail media spend will reach 37.3% in 2024
- However, retail media spend growth is forecast to slow to 10.6% in 2025, with spend reaching $169.5bn.
- WARC believe that advertisers are becoming more discerning in how they invest in retail media and quote the FMCG brand, Georgia-Pacific vetting 40 retail media networks, before consolidating 90% of spend with seven larger networks.
- WARC comment that the coming 12 months will likely see a race to increase off-site audience reach. As competition among retail media networks continues to intensify, audience scale is becoming a key advantage. Retailers are now aiming to grow their ad inventory by increasing advertising propositions offsite. Off-site ads link to a product page on the retailer website and are useful for both brand and performance marketing.
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