What do you get when you cross a $35 billion ad platform with a 160 million viewer streaming service? A snapshot of Amazon’s US retail media connected TV (CTV) potential.
Luxury brand Movado is leveraging that potential to push video campaigns for Amazon Prime and Freevee viewers.
“We’re able to be a lot smarter in what we’re doing and see that efficiency that we’re looking for” in Amazon’s CTV advertising, said Alicia Reich, vice president of digital marketing at Movado Group, speaking at our recent “Attention!” summit.
Retail media is more than just search. Retail media will make up a $45.05 billion ad market in the US this year, according to our forecast, with most of those revenues—$34.59 billion—coming from Amazon.
“We’re seeing connected TV really fit more into a mid-funnel approach,” said Reich, who mentioned that CTV can also offer lower-funnel opportunities like remarketing. That sort of targeting is one reason why CTV advertising is growing in the US while linear declines.
Where’s the money? For Movado, retail media dollars are coming primarily from social, where the company has seen a decline over the past few years. As social media analytics become less clear, retail media’s rich data availability is becoming increasingly attractive.
This offer won’t last. Platforms leveraging CTV and retail media data are here to stay, but it will probably get more expensive. “More brands will participate. Costs will go up. And then we’ll have to optimize,” said Behzad Soltani, president commercial and CTO of Movado Group.
But as consumer data becomes more obscure due to iOS changes, cookie deprecation, and potential regulations, brands should take advantage of retail media. “I think the most important thing right now is, as advertisers and as brands, we need to prepare. We can’t wait,” Soltani said.
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