Amazon dominates retail media ad revenues, but Instacart looms large

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In 2021, Amazon’s US average revenue per user (ARPU) for its retail media network was nearly 4 times that of Instacart and close to 9 times that of Walmart.

Beyond the chart: As inflation and supply chain issues continue to compound, digital ad revenues can help retailers and marketplaces bolster the bottom line amid slowing ecommerce growth. In Q1 2022, Amazon’s ad revenues grew 25% year over year and exceeded those of its physical stores—and at a much higher margin, per its earnings release. Instacart, on the other hand, may boast much less ARPU than Amazon, but the delivery platform’s high rank shows it is successfully diversifying its revenues as other providers swarm into the grocery delivery space.

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