Amazon, Walmart, and Target's advertising businesses are growing faster than traditional digital platforms. Retail media networks now command over $50 billion in annual ad spend as brands seek to reach high-intent shoppers.
Amazon Advertising grew 26% to reach $47 billion in annual revenue, making it the third-largest digital ad platform behind Google and Meta. The company's sponsored product ads appear directly in search results when consumers are ready to buy.
Walmart Connect, the retailer's advertising arm, more than doubled revenue to $3.4 billion. The platform leverages Walmart's extensive first-party data on 150 million weekly shoppers to offer precise targeting.
"Retail media is the closest thing to the perfect advertising environment," explained ad tech analyst Tom Richards. "You have shoppers with high purchase intent, rich first-party data, and closed-loop attribution showing exactly which ads drove sales."
Smaller retailers are joining the trend. Kroger, CVS, and Best Buy have all launched advertising platforms, creating new revenue streams while helping brands reach customers at the point of purchase.
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