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Get marketing news you’ll actually want to read<\/h5>\n
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Who needs 12-foot-tall skeletons when you can sell ads?<\/p>\n
Walmart and Target both told investors this month that their billion-dollar retail media networks were doing just fine, and had grown by double digits in the most recent quarter.<\/p>\n
Open the books:<\/strong> Walmart\u2019s ad business grew 26% globally in Q2, while its US business, Walmart Connect, grew 30%, the company reported last week. In February, Walmart said its advertising business grew to $3.4 billion in FY 2024.<\/p>\nMeanwhile, Target\u2019s Roundel media network, which has been valued at roughly $1.5 billion, saw \u201cdouble-digit growth\u201d in the quarter and should end the year by growing in the \u201chigh teens\u201d after the ads business grew more than 20% last year, Target CEO Brian Cornell told investors Wednesday during the company\u2019s Q2 earnings call.<\/p>\n
The company\u2019s ad business has benefited from data collected by Target\u2019s rebranded loyalty program, Target Circle, Chief Commercial Officer Rick Gomez said.<\/p>\n
\u201cBecause of the invaluable insights we gained through Target Circle, we were able to offer four times more personalized offers as compared to a year ago,\u201d Gomez said. \u201cThose same insights fuel our Roundel media network.\u201d<\/p>\n
So what? <\/strong>Business is booming for retail media. It\u2019s responsible for one-fifth of all digital media spend this year, and the category is expected to grow to a $166 billion business by next year, according to eMarketer. Amid the growth, it\u2019s an increasingly crowded category, with competition from other retailers like Costco, services like Uber, and financial service providers like AmEx.<\/p>\nFWIW:<\/strong> Neither Home Depot nor Lowes, which both operate retail media networks, broke out their advertising businesses in their quarterly earnings \ud83d\ude14.<\/p>\n<\/div>\nRead the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Get marketing news you’ll actually want to read Marketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our weekday newsletter, virtual events, marketing conferences, and digital guides. Who needs 12-foot-tall skeletons when you can sell ads? Walmart and Target both told investors this month that their billion-dollar […]<\/p>\n","protected":false},"author":1,"featured_media":21469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[78],"tags":[],"class_list":{"0":"post-21468","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marketing"},"yoast_head":"\n
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