Retail Media Search Forecast and Trends 2024

Amazon and Walmart Are Search Advertising’s Growth Engines

Google’s share of search ad revenues will dwindle to a hair over 50% this year, down from about 55% two years earlier. Retail media search will capture the majority of new search ad dollars over the next few years. As the channel gains momentum, generative AI (genAI) and measurement are two areas to watch.

Key Question: Which retailers are capturing retail media search ad budgets, and what’s next in retail media search?

Key Stat: Traditional search ad spending growth will slow to just 0.9% YoY in 2028, while advertisers will continue to ramp up retail media search investment.

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    Table of Contents

    1. Executive Summary
    2. Search is the bedrock of retail media strategies
    3. Retail media will power growth in the search market
    4. Walmart is strengthening its No. 2 position behind Amazon
    1. Market leaders are incorporating genAI into search applications
    2. Measuring incrementality is still a work in progress
    3. What does this mean for retail media search advertisers?
    4. EMARKETER Interviews
    1. Sources
    2. Media Gallery

    Interviewed for This Report

    Michael Cohen
    Horizon Media
    Executive Vice President, Performance Media
    Interviewed April 29, 2024
    Elizabeth Marsten
    Vice President, Innovation and Growth, Commerce Media
    Interviewed April 30, 2024

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    Evelyn Mitchell-Wolf


    Sarah Marzano
    Principal Analyst, Retail Media
    Tracy Tang
    Senior Researcher
    Max Willens
    Senior Analyst