At the Retail Media Summit held this week by the Path to Purchase Institute, Sonia Carreno, President of IAB Canada, shares pivotal insights into the development of retail media, often hailed as the “third wave” of media. Her session shed light on the remarkable growth and vast potential of Retail Media in Canada, drawing from collaborative research conducted by IAB Canada and Insider Intelligence.
The findings underscore retail media as the fastest-growing digital ad channel, poised to outpace search and social media. Projections for 2024 indicate that retail media ad spending will reach $3.15 billion in Canada, representing 25.9% growth. This trend will continue until 2026 when retail media ads are forecasted to account for 1 in 4 digital ad dollars in Canada.
Amazon leads the charge commanding an 80.3% of retail media ad revenues in Canada. This is largely driven by Amazon’s lead in eCommerce revenue share.
Retail Media opens new opportunities for marketers to reach their customers as cookie independence is on the horizon. Through retail media networks, marketers can tap a high-intent audience with a strong potential for conversions.
While most retail media ads are spent on Search and Display ads, marketers are seeking to refine their media mix this year. Media buyers are looking to increase budgets for video ad formats, recognizing their effectiveness in capturing shopper’s attention while browsing.
For a deeper dive into the findings, access the complete Insider Intelligence Canada Retail Media 2024 study by clicking here.
IAB Canada was the first global IAB to develop a guide to retail media. Access the guide here.