Amazon will pull in over 80% of US retail media search dollars this year, per our forecast. But Walmart will continue growing its share of non-Amazon retail media search ad spending over the next two years.

• Walmart’s (a distant) second to Amazon. It will account for nearly 4 in 10 non-Amazon retail media search ad dollars this year—more than any other single competitor. That translates to $2.42 billion in search ad revenues.
• But Walmart’s search business is growing faster than any other platform we track. Its search ad revenues will increase 30.4% this year—almost twice as fast as Target’s and Amazon’s.
• Walmart’s search ads match Amazon’s in breadth and consistency. Like Amazon, Walmart serves ads against the vast majority of search queries—99%, according to H1 2024 research from Crealytics. Crealytics also found that both Walmart and Amazon maintained better ad coverage for complicated, wordy searches compared with other retailers.
• And Walmart has the in-store advantage. It’s working to develop better omnichannel measurement solutions to connect online search ads to purchases made in its thousands of US stores.

Read the full report, Retail Media Search Forecast and Trends 2024.