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.
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
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?
Vice President, Innovation and Growth, Commerce Media
Interviewed April 30, 2024
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