Retail Media Search Forecast and Trends 2024

Amazon and Walmart Are Search Advertising’s Growth Engines

Report by Evelyn Mitchell-Wolf  | Jun 17, 2024
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Executive Summary
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Table of Contents
Executive Summary
Search is the bedrock of retail media strategies
Retail media will power growth in the search market
Walmart is strengthening its No. 2 position behind Amazon
Market leaders are incorporating genAI into search applications
Measuring incrementality is still a work in progress
What does this mean for retail media search advertisers?
EMARKETER Interviews
Sources
Media Gallery
About This Report
Retail media search is gaining steam while Google and other traditional search players lag. Marketers will grapple with genAI and measurement challenges as they rely more heavily on retailers’ search ad offerings.
Topics
Search Ad Spending
Retail Media
United States
Table of Contents
Executive Summary
Search is the bedrock of retail media strategies
Retail media will power growth in the search market
Walmart is strengthening its No. 2 position behind Amazon
Market leaders are incorporating genAI into search applications
Measuring incrementality is still a work in progress
What does this mean for retail media search advertisers?
EMARKETER Interviews
Sources
Media Gallery

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?

Retail Media Search Ad Spending Growth Accelerates While Traditional Market Stalls
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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

    Charts in This Report

    Retail Media Search Ad Spending Growth Accelerates While Traditional Market StallsRetail Media Networks Will Account for Over a Quarter of Search Ad Dollars This Year
    Amazon Search Ads Fetch Top Dollar, Driving Up Retail Media Search Ad CostsWalmart Is on Track to Take Half of Non-Amazon Retail Media Search Ad Spending

    Interviewed for This Report

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

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    authors

    Evelyn Mitchell-Wolf

    Contributors

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