Products

Insider Intelligence delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
Reports
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Forecasts
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Charts
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Briefings
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About Insider Intelligence

Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how Insider Intelligence came to be.
Learn More
Methodology
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about Insider Intelligence.
Contact Us
Newsroom
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Events
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Podcasts
Tune in to eMarketer's daily, weekly, and monthly podcasts.
Learn More

Taking a look at the 5-year outlook for Walmart Connect's ad business

Walmart will net $2.22 billion in US digital ad revenues this year, per our forecast. This makes it the only retail media ad business outside of Amazon to net more than $1 billion, ranking second among all retail media networks with 5.9% share of retail media ad spend this year.

Ad revenues remain a small fraction of Walmart’s retail business. The business has attractive margins but will need to reach even greater scale to meaningfully improve the company’s bottom-line performance.

The 5-Year Outlook

Walmart will gain share of the fast-growing retail media advertising market in the coming years. We forecast that Walmart’s US net ad revenues will nearly triple between 2021 and 2024 to $4.52 billion, accounting for 8.2% share of US retail media digital ad spending. Walmart will also emerge as a more important player in the wider digital ad ecosystem by the end of 2024, moving ahead of Snap, Twitter, and Yahoo into the No. 8 position with 1.5% of total US digital ad spending.

Walmart is well positioned for the future of digital advertising. The deprecation of cookies and third-party identifiers, plus growing privacy legislation and regulatory constraints, favor the key players in retail media. Any decline in the availability and effectiveness of third-party behavioral data makes first-party shopper data that much more valuable to advertisers.

Beyond the privacy backdrop, Walmart is poised to take advantage of retail media’s next three pillars of growth: upper-funnel ad formats, offline sales attribution data, and in-store digital media.

Its partnership with The Trade Desk has accelerated Walmart’s shift into upper-funnel ads using a proven DSP. Walmart’s offline sales data footprint could substantially change the ROAS equation, while its huge store footprint and hundreds of millions of monthly shoppers could prove that the store is the next major media channel for brands.

Walmart could benefit from digital or streaming video assets to fuel its advertising flywheel. This could explain Walmart’s interest in acquiring TikTok a couple years ago. And Walmart’s recent partnership with Paramount+, which bundles the ad-supported offering into Walmart+ memberships, could signal a more strategic ad targeting and measurement partnership, or even an eventual acquisition. As Walmart Connect matures, access to high-value streaming inventory will be critical to unlocking its full potential for brands.