According to a March 2024 survey conducted by Zogby Analytics and Feedvisor, 48% of US retail business decision-makers assert that video ads are the most effective advertising format on Amazon for driving return on ad spend. In comparison, 39% highlighted sponsored products as their preferred ad solution, indicating a clear trend toward the rising importance of video in retail media strategies.
As per our March 2024 forecast, video will constitute a significant portion of ad spending this year, projected to reach $108.15 billion, making up about 35.7% of the total US advertising expenditure. This indicates the growing recognition among advertisers of the power of video content in driving consumer engagement and sales.
With Amazon's retail media ad revenue expected to hit $41.95 billion in 2024, it will command over three-quarters of the overall retail media ad market share at 77%. This underscores Amazon's dominant position in the retail media landscape and highlights the strategic importance for advertisers to capitalize on its expansive reach.
The data presented in this report serves not only to inform advertisers about the current landscape but also encourages them to reassess their advertising strategies. The chart can guide advertisers in evaluating their Amazon ad spend and building a case for why diversifying their ad formats can be crucial for maximizing return on investment.
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