Retail media spend in India passed $1bn in 2022: Flipkart | WARC | The Feed
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Retail media spend in India passed $1bn in 2022: Flipkart
India’s e-commerce market is growing fast, according to a Flipkart executive, with advertising on the platforms that make up this ultra-competitive market all registering significant growth.
Sankalp Mehrotra, VP of monetisation at Flipkart, which is owned by the US retail behemoth Walmart, told the Economic Times that e-commerce “advertising was north of a billion dollars in 2022” across the board.
Mehrotra believes this represents a significant opportunity: “In [the] US, over 70% of product queries emanate from commerce. In India, that number is close to 35%. The headroom to grow is tremendous.”
The Economic Times pulls data from Tofler, a business intelligence platform, to sketch individual firms’ retail media growth over the past year, finding that:
- Flipkart India grew ad revenues 50%
- Amazon India grew ad revenues 63%
Retail media across the globe is set to grow 10.1%, per GroupM/WARC figures, to reach a total of $122bn.
Prospects for long-term growth are very strong: retail media accounts for over a fifth of the online ad market in 2022, and 14% of all advertising spend.
Its share of online ad spend is forecasted to rise to 21.8% in 2027, by which time the channel will be worth up to $168.3bn and the global ad market will attract a total of $1.1tn from marketers.
Sourced from the Economic Times, WARC
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